Federal Home Loan Bank of Chicago Announces Results of 2023 Director Election

  • October 23, 2023

The Federal Home Loan Bank of Chicago (FHLBank Chicago) is pleased to announce the results of its 2023 Director Election. Members elected one director from Illinois, one director from Wisconsin, and three independent directors who ran unopposed. Each director will serve a four-year term beginning January 1, 2024.

Illinois members re-elected David J. Loundy. Mr. Loundy is Chairman and CEO of Devon Bank, headquartered in Chicago. Before joining Devon Bank, David worked as a law professor and law school administrator, taught in an MBA program at DePaul University, and, for more than a decade, worked as a lawyer practicing in the fields of intellectual property and computer law. He is a past Chairman of the Illinois State Bar Association Intellectual Property Law Section, and a past Chairman of the Chicago Bar Association Computer Law Committee. He is currently a member of the Board of Directors of the Community Bankers Association of Illinois, and serves as a Director of the Community BancService Corporation and on their Innovation Committee. Mr. Loundy has also served on the Board of Directors for several community groups. He is also Chairman of Devon Bank’s “sponsored” public charity, The Loundy Charitable Foundation. Mr. Loundy has a Bachelor of Arts in telecommunications from Purdue University, and a Juris Doctorate from the University of Iowa College of Law. He has completed the Loyola University Family Business Center’s Next Generation Leadership Institute and its Stewardship Institute and completed various certifications in finance and financial analysis. Mr. Loundy has served on the FHLBank Chicago Board of Directors since 2020.

Wisconsin members elected Kenneth “Ken” D. Thompson. Mr. Thompson has been in the Madison banking industry for over 35 years, including 10 years at M&I Bank, before helping to start and grow Capitol Bank to $550 million in assets today. He was named President/CEO in 2003 and Chairman in 2018 and holds a Bachelor of Business Administration degree from UW-Stevens Point and earned his MBA from UW-Madison in 1997. Mr. Thompson completed the Graduate School of Banking in Madison in 2004. He served as past Chair of the Wisconsin Bankers Association and Director of the Realtors Association of South Central Wisconsin. Community involvement is greatly valued by Ken, displayed by several years of serving on the boards of a variety of local non-profits including Agrace HospiceCare, American Family Children’s Hospital, Catholic Charities, and the Breakfast Optimist Club of Madison. He also serves on the boards for Hy Cite Enterprises and Extreme Engineering, and is a graduate of Leadership Greater Madison.

For the three independent director seats, FHLBank Chicago members elected Kathy Burns. Phyllis Lockett and Lois Alison Scott were re-elected.

Kathy Burns is the Executive Chair and Independent Board member for Aclaimant, a risk management technology company. From 2017-2023, Ms. Burns was Chief Digital Officer for Ryan Specialty Group, CEO of The Connector, and interim CIO for RT Specialty, their largest business unit. From 2006-2017, she was a Board Member and CEO of Ventiv Technology, formerly Aon eSolutions. Ms. Burns was selected to the first class of Business Insurance’s “Women to Watch” and is a frequent speaker on the emerging role of technology in the insurance industry. Early in her career, she spent time at Marsh, Aon, and Crawford & Company in various leadership roles in Sales, Operations, and Account Management. Ms. Burns is a graduate of Northwestern University where she was a student athlete.

Phyllis Lockett is a serial social entrepreneur who has led transformation efforts in education, government and the civic arena. Ms. Lockett is currently the founder and CEO of LEAP Innovations, an organization headquartered in Chicago that works with schools to catalyze and ignite education innovation and prepare students for the changing world of work. As the president and CEO of New Schools for Chicago, she helped raise more than $70 million to support opening 80 new public schools. Her prior corporate experience includes sales, marketing and business development with IBM, Kraft Foods, and General Mills. Ms. Lockett also serves on the Board of Directors of the CME Group, Saga Education, and is an advisor to GSV Ventures. She is a Henry Crown Fellow with the Aspen Institute and a member of the Economic Club of Chicago, The Chicago Network, and The Commercial Club of Chicago. Ms. Lockett is a contributor to Forbes, where she writes about education innovation and the future of learning. She has served on the FHLBank Chicago Board of Directors since 2015.

Lois Alison Scott has served as President of Epoch Advisors since 2015. From 2011 to 2015, Ms. Scott served as the Chief Financial Officer for the City of Chicago, the first woman to ever serve in that capacity. In 2011, Ms. Scott co-founded and chaired the Municipal CFO Forum with the Harris School of the University of Chicago. She now chairs the Advisory Board of the Program for Excellence and Equity in Public Finance at Milken Institute. From 2002 to 2011, Ms. Scott was Chief Executive Officer of a financial advisory firm that served large corporate and governmental clients. Prior to that, she served as President and Vice Chair of a technology company that provided a family of services to schools. Ms. Scott started her career at First Chicago (now JPMorgan), where she was responsible for governmental, healthcare and higher education clients in an eight-state region. She also worked for Bank of America, Donaldson Lufkin & Jenrette and chaired the Management Committee of the Export-Import Bank of the U.S., after serving as a White House Fellow. From 2015 to August 2017, Ms. Scott served as a director on the board of MBIA, Inc. She served as Vice Chair and Audit Committee Chair of the Chicago Stock Exchange, where she was a director from 2016 to 2018 prior to its sale to the New York Stock Exchange. She currently serves on the board of the Kroll Bond Rating Agency, Enwave Energy and GreenGasUSA. Ms. Scott has served on the board of numerous nonprofit organizations focused on educational opportunity, economic empowerment, leadership development, and sustainable finance practices. Lois has served on the FHLBank Chicago Board of Directors since 2017. 

 View the FHLBank Chicago Board of Directors.

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Casey Reidy 
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Assistant Director, Communications