The Federal Home Loan Bank of Chicago is a $78.7 billion wholesale bank and one of 11 district banks chartered in 1932 by the U.S. Congress to improve the availability of funds to support home ownership. The FHLB Chicago is a member-owned cooperative serving members in our district of Illinois and Wisconsin. All federally insured depository institutions, insurance companies engaged in residential housing finance, credit unions, and community development financial institutions located in our district are eligible to apply for membership. Today, the FHLBank System, which is regulated by the Federal Housing Finance Agency, has more than 7,200 members.
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. The mission of the Federal Home Loan Bank of Chicago is to partner with our member shareholders in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for community investment activities.
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 secured loans, known as "advances," and standby letters of credit.
We also provide liquidity for home mortgage loans to members approved as participating financial institutions through the Mortgage Partnership Finance® (MPF®) Program. The MPF Program combines the retail expertise of community lenders with the wholesale advantages of the FHLBanks.