Public Policy and Advocacy
FHLBank Chicago works with our member financial institutions, their trade associations and other valued partners to influence laws and government actions to advance our mission, benefit our members, and improve the communities they serve.
FHLBanks: A Model That Works
Every community in America needs capital and credit flowing to it. That is the money that keeps communities vibrant and growing. Nearly every insured depository institution in the U.S. relies on low-cost funding from a regional FHLBank to support their local customers and economies. Many insurance companies and community development financial institutions (CDFIs) also use FHLBank funding to support their housing and community activities. By harnessing the collective power of our members, the FHLBanks bring efficiencies and cost savings to every city, town and county in the Nation.
The FHLBanks are a Congressional success story and has been a great deal for taxpayers. Created during the Great Depression to stabilize the thrift industry and promote homeownership, today the FHLBanks are a source of steady, reliable funding for housing and economic development projects of all types. FHLBanks contribute to the resilience and stability of the U.S. financial markets, particularly in times of economic uncertainty. The FHLBanks have never lost a dollar on the loans they have made and do not receive appropriations from Congress. They are a model that works.
Impact Across Illinois and Wisconsin
Our key advocacy goal is to help Members of Congress and other policy makers understand the positive impact our activities have on their constituents in our district of Illinois and Wisconsin. We host a variety of events, often in collaboration with our members and other partners, to highlight our works through economic and housing roundtables and other policy conversations.
Community Investment Activities
In addition to our day-to-day lending activities supporting housing and economic development through our members, FHLBank Chicago is among the largest private sources of affordable housing and community investment in Illinois and Wisconsin. The Affordable Housing Program, created by Congress, requires each FHLBank annually to devote at least 10% of its net income to support the affordable housing and community investment needs within their districts. FHLBank Chicago often goes much further than required by devoting tens of millions of dollars in the form of grants and loans for these programs. Along with our competitive grant process, we provide year-round downpayment assistance to help lower income households become homeowners. Also, we voluntarily provide a wide range of innovative products to amplify our members’ community investment activities and address their local housing needs. Further, we provide thought leadership, knowledge resources, and opportunities for collaboration between our members, industry partners and housing advocates to address critical housing and economic development needs throughout our district. Together these efforts not only expand access to safe, affordable housing, but also strengthen community stability, fuel broader economic development, and create a stronger financial future for families across Wisconsin and Illinois. That’s our true impact.
Who We Are
Our membership includes more than 600 financial institutions located in Illinois and Wisconsin, the vast majority of which are smaller community-based financial institutions with assets of less than $1.5 billion. As a privately-owned cooperative, our member-shareholders provide the capital that enables all of our financial activities and insulates American taxpayers from any losses.
FHLBank Chicago is a government-sponsored enterprise and part of the Federal Home Loan Bank System that includes the 11 Federal Home Loan Banks, the FHLBanks Office of Finance, the Federal Housing Finance Agency (FHFA) and importantly, the 6,400 member financial institutions. Each regional FHLBank operates as an independent private entity with its own CEO, and management teams, Board of Directors, and employees. The FHLBanks are supervised and regulated by the FHFA, a federal agency in the executive branch of the U.S. government.
Supporting Homeownership: Mortgage Partnership Finance® Program
Promoting homeownership for all Americans is at the heart of the FHLBanks’ mission. In the wake of the Savings and Loan Crisis of the 1980’s, FHLBank Chicago created the Mortgage Partnership Finance (MPF) Program as a better secondary market alternative for our mortgage originating members. Today, this innovative program is offered to members by six FHLBanks—Boston, Chicago, Dallas, Des Moines, Pittsburgh and Topeka.
Using a unique risk-sharing structure, the MPF Program empowers local community lenders to offer both conventional and government-backed fixed-rate mortgages to their customers at competitive rates while retaining the valuable customer relationships that come with servicing the loans. Since its creation, the MPF Program has been used to help more than 2 million American families and individuals achieve their dreams of homeownership.
Illinois and Wisconsin Impact Reports
Statewide
Illinois
Advocacy in Action
Telling our story to policymakers is key to our advocacy efforts. Below are examples of our economic and housing roundtables, Affordable Housing Program project tours, and other events designed to demonstrate to policymakers how we work with our member institutions to impact families and communities in their Congressional districts.
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- Advocacy
- 1 Min Read
Episode 3: Post-Election Analysis and Impact on the Banking Sector With Randy Hultgren
Partners in Advocacy
Effective advocacy requires a team effort. We can't do it alone, and we don't. To elevate our voice to policy makers and deliver consistent messages to Capitol Hill, we work closely with our members, their trade associations, the Council of FHLBanks in Washington, DC, and other industry partners to advocate for policies that support our housing and economic development mission.
Community Bankers Association of Illinois
Illinois Bankers Association
Wisconsin Bankers Association
Illinois Credit Union League
Wisconsin Credit Union League
Illinois REALTORS® Association
Home Builders and Remodelers Association of Illinois
Wisconsin REALTORS® Association
Wisconsin Builders Association
Council of FHLBanks
Meet Our Team
The team that leads our advocacy efforts have a long history of policy engagement and relationship building at all levels of government using a thoughtful and comprehensive approach.
We value your input and welcome your thoughts and questions. Please reach out to us.
David Feldhaus
In his role as Senior Vice President and Director of External Affairs, Dave leads all advocacy and government affairs efforts at the bank. His major focus is Congressional and Regulatory engagement in Washington DC and development of the banks advocacy strategy. He also serves as spokesman for public policy related issues on behalf of the bank. Previous to this role Dave served as Minority Counsel for the Committee on the Judiciary and Counsel and Legislative Assistant in the United States Senate. He studied at the U.S. Airforce Academy and is a graduate of the University of South Dakota and has his J.D. from the University of Kansas School of Law.
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Sharon Gorrell
In her role as Assistant Vice President and Senior Representative for External Affairs, Sharon’s key focuses are on in-district Congressional outreach in addition to managing the partnership effort with industry trade associations. Previously she was with Illinois REALTORS where she held several roles in policy and Government Affairs and served on key committees for housing and finance policy for the National Association of REALTORS. She is a graduate of Benedictine University and holds her Masters in Public Policy from Northwestern University Graduate School.
LinkedIn Profile