The Board of Directors of the Federal Home Loan Bank of Chicago (FHLBank Chicago) is responsible for overall management and oversight of FHLBank Chicago pursuant to the Federal Home Loan Bank Act. Like each of the other FHLBanks, our Board of Directors is composed of two types of directors: member and independent.
Director Election Info and Materials
To serve as an Independent Director, each Independent Director nominee must satisfy the following eligibility criteria at all times including, if elected, throughout their term of service as director:
- Be a citizen of the United States,
- Be a bona fide resident of Illinois or Wisconsin, and
- Meet one of the following qualifications based on the particular Independent Directorships sought:
- Independent Directorship: have knowledge of or experience in one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law.
- Public Interest Independent Directorship: have more than four years’ experience directly representing consumer or community interests in banking services, credit needs, housing, or consumer financial protections.
Please note that if a nominee is elected for an Independent Directorship, they will be prohibited from serving as an officer of any Federal Home Loan Bank or as a director, officer, or employee of any member of FHLBank Chicago or of any entity that receives advances from FHLBank Chicago, for the duration of their term of service on the FHLBank Chicago’s Board of Directors.
Residency requirements are subject to strict scrutiny and review, and supporting documentation may be requested to substantiate that the Independent Director applicant satisfies these residency requirements.
To serve as a Member Director, each Member Director nominee must satisfy the following eligibility criteria at all times including, if elected, throughout their term of service as director:
- Be a citizen of the United States, and
- Hold the position of officer or director at a current FHLBank Chicago member institution, located in Illinois or Wisconsin, that meets their current minimum regulatory capital requirements.
Nominees are expected to represent current member institutions that will continue to satisfy applicable minimum regulatory capital requirements. If the member director nominee also serves as an officer or director of another FHLBank Chicago member institution, that institution must also meet the applicable minimum regulatory capital requirements.
FHLBank Chicago conducts its elections electronically through Survey & Ballot Systems (SBS). Ballots are sent by email to participating member institutions following the election schedule.