On June 18, 2021, the Federal Home Loan Bank of Chicago (FHLBank Chicago) announced the start of the 2021 Election of 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, 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 of Directors has determined that there will be a minimum of two public interest directors. The Bank currently has two public interest directors whose terms of service extend through 2022 and will meet this requirement.
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 of 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 Federal Housing Finance Agency.
The original and fully executed Independent Director Application Form along with a copy of your résumé must be received by FHLBank Chicago by Monday, July 19, 2021 by 5 p.m. CT. Should you choose to send your Certificate via mail, please use the address below and indicate “Nomination Enclosed.”
Vice President, Regulatory Affairs
433 West Van Buren Street, Suite 501S
Chicago, Illinois 60607
Click here to view the Independent Director Application Form.
If you have any questions, please contact Dana Gibbs at 312.565.5317 or