2020 FHLBank Chicago Director Elections - Independent Director Application

  • June 19, 2020

        On June 19, 2020, the Federal Home Loan Bank of Chicago (“FHLBank Chicago”) announced the start of the 2020 Election of the FHLBank Chicago Directors. If you are interested in serving as an “independent director,” please see below. Nomination forms for member directorships were emailed to each member of FHLBank Chicago eligible to vote in the election.

        As prescribed in 12 C.F.R. § 1261.5(c) each independent director nominee must be a citizen of the United States and a bona fide resident of Illinois or Wisconsin. No independent director may, during a term of service on FHLBank Chicago’s Board of Directors (“Board”), serve 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. 

        There are two types of independent directorships – “public interest” directorships and “other independent” directorships. FHLBank Chicago’s Board has determined that there will be two public interest directors and the current two public interest directors’ terms of service have not expired and are not up for re-election. Thus, FHLBank Chicago will only be accepting nominations for the “other independent” directorships.

        An independent director must possess the following qualifications:

            *          Other Independent Directorship: 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 Directorship: Must have more than four years experience representing consumer or community interests in banking services, credit needs, housing, or consumer financial protections.     

        Any interested party may recommend to FHLBank Chicago that it considers a particular individual as a nominee for an independent directorship, but FHLBank Chicago shall not nominate any individual unless the individual has delivered to FHLBank Chicago, on or before the date FHLBank Chicago has set for delivery of a nominating certificate, an executed Independent Director Application Form prescribed by the FHFA. The original and fully executed Independent Director Application Form along with a copy of your résumé must be received by FHLBank Chicago by Wednesday, July 22, 2020. Should you choose to send your Certificate via mail, please use the address below and indicate “Nomination Enclosed.”

                                                Dana Gibbs
                                                Federal Home Loan Bank of Chicago
                                                200 East Randolph Drive, Suite 1800
                                                Chicago, IL 60601

         Click here to view the Independent Director Application Form. 

        If you have any questions, please contact Dana Gibbs at (312) 565-5317 or directorelections@fhlbc.com.

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