FHLBank Chicago 2025 Impact Report

At FHLBank Chicago, we empower local financial institutions by providing essential liquidity and support for mortgage lending. Our commitment to community investment drives sustainable growth and enhances the quality of life in Illinois and Wisconsin.

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A Letter from Our CEO

Michael Ericson

Michael A. Ericson

President and CEO

Every day, I am reminded of the profound difference our work makes in the lives of families, small business owners, and entire communities across Illinois and Wisconsin. In 2025, that impact grew even stronger as FHLBank Chicago continued to partner with our members to expand opportunity and build lasting stability for the people they serve.

This year brought both challenges and tremendous progress. Housing affordability remains a pressing concern throughout our district, and our members continue to navigate a dynamic economic environment. Through it all, FHLBank Chicago remained a trusted partner, providing the liquidity, funding, and community investment resources our members need to make a meaningful difference in their communities. 

The numbers tell a compelling story. We welcomed eight new members to FHLBank Chicago and 28 financial institution participants to our national Mortgage Partnership Finance® (MPF®) Program. We supported the creation or preservation of over 14,700 jobs and over 14,800 housing units by funding $3.3 billion in discounted Community Advances. We also awarded or disbursed $106 million in community investment grants, aiding affordable housing for more than 1,600 individuals or families and providing downpayment assistance to over 4,500 homebuyers.

Behind every statistic is a tangible outcome—a family receiving the keys to their first home, a small business owner expanding to serve more customers, or a developer breaking ground on housing that will transform a neighborhood. These are the stories that drive our mission forward.

As I reflect on what we accomplished together this year, I am grateful for the partnership with our members, the expertise of our employees, and the guidance of our Board of Directors and Community Investment Advisory Council. Their collective commitment enables us to fulfill our mission and deliver on our promise to strengthen communities and expand access to quality, affordable housing.

Looking ahead, FHLBank Chicago remains focused on partnering with our members and investing in opportunities that create lasting impact. We will continue to innovate, collaborate, and champion our members and the communities we are privileged to serve.

Impact at a Glance

Advances & Letters of Credit

Our members use advances, such as fixed-rate or variable-rate advances and other specialty advance products, to support their funding needs while optimizing liquidity to fund lending in their communities. Our letters of credit enable members to leverage our high-grade credit ratings at a competitive price to support liquidity, asset-liability management, and to facilitate residential housing finance and community lending activities.
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Liquidity and Housing Products Supporting our Mission and Communities

MPF

We developed the MPF Program in 1997 to provide an additional source of liquidity to our members and to allow us to invest in mortgages to help fulfill our mission. The MPF Program is a secondary mortgage market business under which we purchase fixed-rate residential mortgage loans from our members, as well as FHLBank members across the United States that are approved participating financial institutions. FHLBank Chicago administers the MPF Program for six active participating FHLBanks—Boston, Chicago, Dallas, Des Moines, Pittsburgh and Topeka.
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MPF Impact Report Slide

Investing in Communities

Championing access to affordable housing and economic development is at the core of FHLBank Chicago’s housing leadership strategy. We offer a variety of dedicated products to expand access to quality affordable housing and economic opportunities for low- and moderate-income households throughout Illinois and Wisconsin, in partnership with our members.

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Investing in Communities Ring Chart

Investing in Communities

In 2025, we redesigned our three Community Advance products, creating a single product which expands member financing and activity eligibility and streamlines processes. Key improvements include expanded eligibility for housing and economic development activities, deeper interest rate discounts—up to 200 basis points for certain affordable housing and non-depository CDFI support—and an online application platform for easier transactions.
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Investing in Communities pt 2

Our Members

Each FHLBank is a privately capitalized, member-owned cooperative with members from a defined geographic district. Our district consists of the states of Illinois and Wisconsin, and our membership is comprised of commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions (CDFIs).
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Our Members by the Numbers

Our Workforce

We foster a collaborative culture where every employee feels supported, valued, and encouraged to grow. We are committed to continuous learning because it strengthens our ability to serve our members with insight and excellence. Our members serve multifaceted communities across Illinois and Wisconsin—from quiet rural areas to small town main streets and from bustling cities to the sprawling Northwoods. To best support these vibrant communities, we continually expand our capabilities and build strong, proactive partnerships grounded in trust and shared purpose.

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Empowering our People

Our Community Impact

Empowering communities through strategic investments and support.

637

total members across Illinois and Wisconsin

79%

of our members are smaller financial institutions with assets below $1.5 billion

89%

of our members utilized our products and programs in 2025

$21.9B

in Mortgage Partnership Finance Loans outstanding for FHLBank Chicago 

$61.1B

in advances outstanding at the end of 2025, 83% of our members used our advance products during the year

$12.9B

in Letters of Credit commitments, 34% of our members used letters of credit during the year

Discover the Transformative Impact of Our Community Investment Initiatives

Experience Our Impact

Explore Previous Reports

We publish our Impact Reports annually. Note that the 2025 Community Investment Advisory Council (CIAC) Annual Report, which includes a message from our CIAC chair and vice chair, as well as performance data on our mission programs, has been incorporated into our 2025 Impact Report.