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Federal Home Loan Bank Of Chicago (1331451) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Federal Home Loan Bank Of Chicago

CIK: 1331451
memberletterlogo1a.jpg
Exhibit 99.1

February 4, 2021

To Our Members:

This past year was a difficult year as communities across Illinois and Wisconsin experienced a rise in COVID-19 cases, causing strains in businesses, communities, and local economies. These challenges will likely persist until vaccines become widely available. This makes the support your communities receive from each of you even more important, which means our role in serving you is essential.

Our commitment to provide you reliable, high value products, services, and solutions in support of your businesses has been uninterrupted by the COVID-19 pandemic, and we remain committed to support you and your communities through these times. In 2020, the Federal Home Loan Bank of Chicago (FHLBank Chicago) implemented a number of programs and accommodations to support you and your communities. We are pleased to share with you many of the year’s triumphs in which we came together to adapt to new ways of supporting your communities in extraordinary ways.

COVID-19 Relief
In April 2020, we announced our COVID-19 Relief Program consisting of zero-rate advances (Relief Advances) to strengthen your balance sheets and grants (Relief Grants) to provide needed support to your communities. This unique program, available from April 27, 2020 to May 22, 2020, achieved 98% member participation with $1.9 billion in Relief Advances drawn and $13.1 million in Relief Grants disbursed to over 5,000 small business and nonprofit beneficiaries. As the pandemic continued to impact communities across our District, we offered additional support through the Targeted Impact Fund. Through your participation between August 17, 2020 and November 13, 2020, $9.8 million in grant funding was awarded to more than 1,300 organizations supporting Black, Latino, Native American, elderly, rural, and low- and moderate-income populations hardest-hit by the pandemic and advancing equity in these underserved communities.

Member Product and Program Use
In 2020, 89% of our members and member associates used at least one of our core product offerings—advances, letters of credit, or Mortgage Partnership Finance® (MPF®) Program products—or participated in our competitive Affordable Housing Program (AHP) or Downpayment Plus® (DPP®) Programs. Below is a recap of member product and program use in 2020.

Advances outstanding: At year-end 2020, 505 members had advances of $46.7 billion, down 8% from year-end 2019. Many of our depository members experienced an inflow of deposits on their balance sheets along with reduced loan demand, while also having
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The following information was filed by Federal Home Loan Bank Of Chicago on Thursday, February 4, 2021 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-K Annual 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-K Annual Report

Document And Entity Information
Recently Issued But Not Yet Adopted Accounting Standards
Background And Basis Of Presentation
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 (By Counterparty Concentration) (Details)
Advances (By Payment Terms) (Details)
Advances (By Redemption Terms) (Details)
Advances (Tables)
Affordable Housing Program (Notes)
Affordable Housing Program (Tables)
Affordable Housing Program Affordable Housing Program Ahp (Details)
Affordable Housing Program Ahp Rollforward (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 (Details)
Allowance For Credit Losses Roll Forward (Details)
Capital And Mandatorily Redeemable Capital Stock (Mrcs)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) (Tables)
Capital And Mandatorily Redeemable Capital Stock (Mrcs) Capital Rules (Details)
Capital Concentration (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Consolidated Obligations
Consolidated Obligations (Bonds By Callable Feature) (Details)
Consolidated Obligations (Short Term Discount Notes) (Details)
Consolidated Obligations (Tables)
Consolidated Obligations Bonds By Maturity Date) (Details)
Consolidated Obligations Interest Rate Payment Terms (Details)
Consolidated Obligations Systemwide Joint And Several Liability (Details)
Covid-19 Forbearance (Details)
Cumulative Impact Effect Of Adopting Cecl Measurement Of Credit Losses Asu 2016-13 (Details)
Cumulative Impact Effect Of Adopting Targeted Improvements To Accounting For Hedge Activities Asu 2017-12 (Details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (Cash Flow Hedges) (Details)
Derivatives And Hedging Activities (Derivatives In Statement Of Income) (Details)
Derivatives And Hedging Activities (Derivatives In Statements Of Condition) (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)
Dividends (Details)
Employee Retirement Plans (Notes)
Employee Retirement Plans (Tables)
Employee Retirement Plans Multiemployer Pension Plan (Details)
Fair Value
Fair Value (Tables)
Fair Value Difference Between Fair Value And Unpaid Principal Balance - Fair Value Option (Details)
Fair Value Fair Value Estimates (Details)
Fair Value Gains (Losses) On Fair Value Option (Details)
Fair Value Level 3 Reconciliation Assets (Details)
Fico Resolution (Details)
Interest Income And Interest Expense
Interest Income And Interest Expense (Tables)
Interest Income And Interest Expense Interest Income And Expense (Details)
Investment Debt Securities
Investment Debt Securities (Available-For-Sale Debt Securities) (Details)
Investment Debt Securities (Held-To-Maturities Debt Securities) (Details)
Investment Debt Securities (Tables)
Investment Debt Securities (Trading Debt Securities) (Details)
Investment Debt Securities Aging Of Unrealized Temporary Losses (Details)
Investment Debt Securities Contractual Maturity (Details)
Investment Debt Securities Contractual Maturity Terms Available For Sale Securities (Details)
Investment Debt Securities Contractual Maturity Terms Held To Maturity Securities (Details)
Investment Debt Securities Contractual Maturity Terms Investments (Details)
Investment Debt Securities Contractual Maturity Terms Trading Securities (Details)
Investment Debt Securities Interest Rate Payment Terms (Details)
Investment Debt Securities Investment Securities Otti Rollforward (Details)
Joint Capital Enhancement Agreement (Details)
Mandatorily Redeemable Capital Stock (Mrcs) (Details)
Minimum Capital Requirements (Details)
Mpf Loans Held In Portfolio
Mpf Loans Held In Portfolio (Details)
Mpf Loans Held In Portfolio (Tables)
Operating Leases (Details)
Sale Of Debt Securities Classified As Htm (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Transactions With Related Parties And Other Fhlbs
Transactions With Related Parties And Other Fhlbs (Details)
Transactions With Related Parties And Other Fhlbs (Tables)
CIK: 1331451
Form Type: 10-K Annual Report
Accession Number: 0001331451-21-000051
Submitted to the SEC: Tue Mar 09 2021 2:19:52 PM EST
Accepted by the SEC: Tue Mar 09 2021
Period: Thursday, December 31, 2020
Industry: Federal And Federally Sponsored Credit Agencies

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