Federal Home Loan Bank Of Chicago 10-Q Quarterly Report November 2020

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

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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Federal Home Loan Bank Of Chicago's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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