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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Federal Home Loan Bank Of Chicago

CIK: 1331451
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Exhibit 99.1


October 29, 2020

To Our Members:

This has already been a difficult year and all signs point to the challenges continuing well into next year as communities across Illinois and Wisconsin are experiencing a rise in COVID-19 cases resulting in plans to reopen being reconsidered or rolled back. As we move into winter, it is likely that local economies will continue to be strained. And, while vaccines to aid in preventing the virus are in development, none are likely to be widely available until 2021. As you well know, such conditions make the support your communities receive from each of you even more essential.

You are the fabric of your communities and we are pleased that we have been and will be able to continue to support you as you provide assistance to your communities. We have been inspired by your response during this crisis and pleased that you have so effectively utilized our regular products and services and our special COVID-19 relief programs. Member participation in our COVID-19 Relief Program and Targeted Impact Fund has been significant; 98% of our members used Relief Advances, Relief Grants, or both, and as of October 19, 2020, 58% of our members have used the Targeted Impact Fund to support many of the beneficiaries most impacted by the pandemic. In fact, overall member utilization of Federal Home Loan Bank of Chicago (Bank or FHLBank Chicago) resources has never been greater, with nearly 90% of our members using one or more core products (advances, Mortgage Partnership Finance® Program products, letters of credit, Affordable Housing Program grants, or Downpayment Plus® Programs) to support your businesses and communities this year.

As your customers rely on you to provide essential products and services to them, you rely on us to support you in this very difficult time. During times of uncertainty, having a trusted advisor is more important than ever. As your member-owned, member-focused Bank, we stand by you as your partner, are committed to providing the products, solutions, and services you value most, and are prepared to do more as this crisis continues.
Targeted Impact Fund
As the COVID-19 pandemic unfolded, we saw the disproportionate impact the pandemic is having on certain populations across Illinois and Wisconsin. Our members have responded with compassion by participating in our Targeted Impact Fund to deploy direct support to those most in need. Through the Targeted Impact Fund, many of our members are accessing grants to provide aid to Black, Latino, and Native American communities as well as the elderly, rural, and low- and moderate-income areas, and to support organizations that promote equity and opportunity for these underserved populations.

As of October 19, 2020, Targeted Impact Fund highlights include:

58% of members have utilized the Targeted Impact Fund and 30% of participating members have provided matching funds
FHLBank Chicago has provided members nearly $6.4 million in grant dollars
Grant dollars have supported 1,077 beneficiaries across Illinois and Wisconsin
Grant dollars have been distributed to the beneficiary categories as shown in the table on the following page; note that some beneficiaries fall into more than one category

1

The following information was filed by Federal Home Loan Bank Of Chicago on Thursday, October 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Background And Basis Of Presentation
Condensed Statements Of Cash Flows
Statements Of Comprehensive Income
Statements Of Condition
Statements Of Income
Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Advances
Advances (Tables)
Advances By Counterparty Concentration (Details)
Advances By Redemption Terms (Details)
Advances Reconciliation Of Par Values To Carrying Values (Details)
Allowance For Credit Losses
Allowance For Credit Losses (Tables)
Allowance For Credit Losses Accrued Interest Receivable (Details)
Allowance For Credit Losses Community First Fund (Details)
Allowance For Credit Losses Credit Quality Indicators - Mpf Loans Held In Portfolio (Details)
Allowance For Credit Losses Plmbs (Details)
Allowance For Credit Losses Rollforward (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Capital Rules) (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Regulatory Capital Requirements) (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Tables)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Dividends (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Fico Dissolution (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Stockholder Concentration (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Bonds By Callable Feature) (Details)
Consolidated Obligations (Bonds By Maturity Date) (Details)
Consolidated Obligations (Short Term Discount Notes) (Details)
Consolidated Obligations (Systemwide Joint &Amp; Several Liability) (Details)
Consolidated Obligations (Tables)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Cash Flow Hedges) (Details)
Derivatives And Hedging Activities (Fair Value Hedges) (Details)
Derivatives And Hedging Activities (Narrative) (Details)
Derivatives And Hedging Activities (Tables)
Derivatives And Hedging Activities Cumulative Basis Adjustments For Fair Value Hedges (Details)
Derivatives And Hedging Activities Derivative Assets With Legal Right Of Offset (Details)
Derivatives And Hedging Activities Derivative Liabilities With Legal Right Of Offset (Details)
Derivatives And Hedging Activities Derivatives In Statement Of Income (Details)
Derivatives And Hedging Activities Derivatives In Statements Of Condition (Details)
Fair Value
Fair Value (Fair Value Option Difference Between Fair Value And Unpaid Principal Balance) (Details)
Fair Value (Tables)
Fair Value Fair Value Estimates (Details)
Fair Value Gains (Losses) On Fair Value Option (Details)
Interest Income And Interest Expense
Interest Income And Interest Expense (Details)
Interest Income And Interest Expense (Tables)
Investment Debt Securities
Investment Debt Securities (Available-For-Sale Debt Securities) (Details)
Investment Debt Securities (Held-To-Maturities Debt Securities) (Details)
Investment Debt Securities (Prior Years Otti Accretion) (Details)
Investment Debt Securities (Tables)
Investment Debt Securities (Trading Debt Scurities) (Details)
Investment Debt Securities Aging Of Unrealized Temporary Losses (Details)
Investment Debt Securities Contractual Maturities (Details)
Mpf Loans Held In Portfolio (Details)
Mpf Loans Held In Portfolio (Notes)
Mpf Loans Held In Portfolio (Tables)
Mpf Loans Held In Portfolio Covid-19 Forbearance (Details)
Recently Issued But Not Yet Adopted Accounting Standards
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Narrative (Details)
Transactions With Related Parties And Other Fhlbs
Transactions With Related Parties And Other Fhlbs (Details)
Transactions With Related Parties And Other Fhlbs (Tables)

Material Contracts, Statements, Certifications & more

Federal Home Loan Bank Of Chicago provided additional information to their SEC Filing as exhibits

CIK: 1331451
Form Type: 10-Q Quarterly Report
Accession Number: 0001331451-20-000178
Submitted to the SEC: Thu Nov 05 2020 10:40:55 AM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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