Financial institutions that qualify for membership in FHLBank Chicago include:

• Banks
• Community development financial institutions (CDFIs)
• Credit unions
• Insurance companies

• Duly organized: The institution is chartered by a State or federal agency, or in the case of a CDFI, is incorporated under State or tribal law
• Subject to inspection and regulations: The institution is subject to inspection and regulation under the banking laws, or under similar laws, of any State or of the United States or, in the case of a CDFI, is certified by the CDFI Fund
• Makes test: The institution either originates or purchases long-term home mortgage loans
• Financial condition: Its financial condition is such that advances may be safely made to it
• Character of management: The character of its management is consistent with sound and economical home financing
• Home financing policy: Its home financing policy is consistent with sound and economical home financing

• 10 percent rule: An insured depository institution, other than a community financial institution, also must have at least 10 percent of its total assets in residential mortgage loans
• Non-federally insured credit unions: Non-federally-insured credit unions must provide FHLBank Chicago a copy of the letter from their state regulator that either the credit union meets the eligibility requirements of federal share insurance or that the regulator cannot or will not make a determination regarding the credit union's eligibility for federal share insurance
• Non-insured depository institution's commitment to housing: An applicant that is not an insured depository institution also must have mortgage-related assets that reflect a commitment to housing finance
• Definition of insurance company: An insurance company is eligible to apply for membership if it holds an insurance license or charter under the laws of a State and whose primary business is the underwriting of insurance for persons or entities that are not its affiliates