The Federal Home Loan Bank of Chicago is a $73 billion wholesale bank and one of 11 district banks chartered in 1932 by the U.S. Congress to ensure a secure source of mortgage funds to thrifts, insurance companies, and housing finance institutions. In 1989, the charter was expanded to include commercial banks and credit unions through the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). Today, the FHLB System, which is regulated by the Federal Housing Finance Agency, is over 8,000 members strong.

The FHLB Chicago strives to be a valuable partner to our member financial institutions in Illinois and Wisconsin during all phases of financial and economic cycles. We serve our members by providing liquidity, funding, and asset-liability management capabilities on a secured basis. Through our Community Investment and Affordable Housing programs, we help our members to provide affordable housing and economic development in the communities they serve.

As a lender of low-cost, short- and long-term funding, we offer our members products with maturities ranging from one day to 30 years at competitive rates. These products take the form of fixed and adjustable rate loans, known as "advances," standby letters of credit, and off-balance sheet instruments.

The FHLB Chicago designed the means for members of the FHLBs to participate in the secondary market through the Mortgage Partnership Finance® Program (MPF®). The MPF® Program combines the retail expertise of community lenders with the wholesale advantages of the FHLBs. This unique relationship results in an efficient method of financing mortgage loans. Developed in 1997, the MPF Program is now offered by six FHLBs.

In September 2008, the FHLB Chicago introduced the MPF Xtra® product, representing the continuing commitment of the FHLBC to help our members make mortgage financing available in their communities.