Governance
We are committed to building and maintaining an appropriate control environment for the risks undertaken by FHLBank Chicago.
FHLBank Chicago Policies
FHLBank Chicago has implemented policies to help us serve our members and their communities with honesty and maintain their trust.
Anti-Money Laundering, Bank Secrecy Act, and Suspicious Activity Reporting:
In compliance with the applicable Financial Crimes Enforcement Network regulations (31 C.F.R. Part 1030) and certain FHFA regulations, FHLBank Chicago has adopted its Anti-Money Laundering (AML), Bank Secrecy Act, and Suspicious Activity Reporting Policy (AML Policy). The AML Policy outlines our commitment to preventing, detecting and reporting suspicious activity in our business and operations.
Anti-Predatory Lending Policy:
FHLBank Chicago recognizes that predatory lending practices, including higher-priced mortgages, are inconsistent with advancing homeownership. To discourage predatory lending, we have established the Anti-Predatory Lending Policy that applies to both collateral pledged to us and mortgage loans we acquire through the MPF Program either from our own members or from members of other FHLBanks.
Code of Ethics and Whistleblower Policy and Procedures:
We are committed to the highest possible standards of honesty, integrity, impartiality and conduct. The for assessing, identifying and managing cybersecurity risks through a layered approach throughout our environment and in our service provider arrangements. maintenance of these high standards is essential to ensure the proper performance of FHLBank Chicago's business and foster confidence in FHLBank Chicago and the FHLBank System. To ensure that both our employees and our vendors operate following these ethical standards, FHLBank Chicago has adopted the Whistleblower Policy and Procedures and the Federal Home Loan Bank of Chicago Code of Ethics.
Governance and Controls Assurance Program:
We are committed to building and maintaining an appropriate control environment for the risks undertaken by FHLBank Chicago and appreciate the need for members and other business partners to receive assurance on these controls. Business stakeholders can request our GCAP document which provides an overview of our risk management, governance, and operational controls to assist them in managing their own vendor governance requirements and regulatory obligations. More about this program below.
Audit Committee Charter:
The purpose of the Audit Committee is to represent and assist the Board of Directors (Board) in discharging its oversight responsibilities relating to: the integrity of the Federal Home Loan Bank of Chicago (Bank)’s financial statements, accounting and financial reporting processes and systems; the internal controls over financial reporting and safeguarding the Bank’s assets; programs, policies, practices and systems designed to ensure compliance with applicable laws, regulations and other legal and regulatory requirements with respect to governance, compliance and risk management; practices with respect to risk assessment; the performance, qualifications and independence of the external auditor; the performance, independence, and objectivity of the internal audit function.
Governance and Control Assurance Program
FHLBank Chicago is committed to building and maintaining an appropriate control environment for the risks undertaken by FHLBank Chicago and appreciates the need for members and other business partners to receive assurance on these governance controls. Our Governance and Control Assurance Program (GCAP) oversees how FHLBank Chicago manages risks associated with technology and vendor relationships; members and other business partners can access our GCAP document which covers the majority of areas addressed in an SSAE18 report. Other financial and risk information is addressed in our Securities and Exchange Commission (SEC) filings, which can be found on the SEC’s reporting website. Any items requested that are not covered by the GCAP, our Member Products Guide, MPF Program Guides for Participating Financial Institutions (PFIs), or our SEC filings are proprietary and we do not disclose them to our business partners.
To obtain a copy of the GCAP document, please complete the form below.
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