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Reflections from the Advisory Council Leadership |
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For the Community Investment Advisory Council, 2018 represents both the culmination of many years’ work and the promise of good things to come. Diane Schobert, Chair, is wrapping up her ninth and final year on the Advisory Council (and her eighth as Chair), while Jackie L. Newman, Vice Chair, is looking forward to beginning her third year this January. This seems like a fitting moment to recognize the progress we’ve made and celebrate the partnerships that are bringing new growth and opportunities to our District.
"It’s been a privilege to serve on the Advisory Council for nearly a decade. We have 15 strong professionals around the table from across the District, and every one of them represents community investment from a different perspective. When I was appointed in 2010, members typically served a single three-year term. Today, many have served six, seven, or eight years or – like me – are completing their ninth and final year of service. These longer tenures have given us time to gain a deeper understanding of the FHLBank Chicago’s community investment programs and the ability to make a greater impact as an Advisory Council. Innovations like last year’s introduction of Community First® Capacity-Building Grant Program and this year’s debut of the Community Small Business Advances are possible because the FHLBank Chicago leadership listens to the needs of our communities, and we are proud to serve as their voice. It’s been gratifying to watch the Advisory Council’s relationships with the FHLBank Chicago’s staff and Board of Directors grow stronger every year, sparking conversations that inspire change for individual neighborhoods and whole communities throughout our District." Jackie Looks Forward "After two years on the Community Investment Advisory Council, I’m still in a position to learn. What I value most is the opportunity we have to meet with the FHLBank Chicago’s Board of Directors and work with the staff to understand their vision and priorities, to talk about what’s happening in our communities and what we’re doing to benefit our constituents, and to make sure we’re supporting the FHLBank Chicago’s objectives. Six years ago, the Federal Housing Finance Agency began discussing potential changes to regulations governing the Affordable Housing Program, which was approaching its 25th year. Since then, the Advisory Council has been discussing how to modernize the program and make it flexible enough to meet the diverse needs of communities across the nation. This year, we received the FHFA’s proposed rule and had the opportunity to comment. Council members reached out to their peers throughout Illinois and Wisconsin and worked closely with FHLBank Chicago staff to consider the proposed amendments and their potential effects within our District. The response across the Federal Home Loan Bank System was overwhelming, with more than 400 comments from FHLBanks, member financial institutions, trade associations, and partner organizations. Whatever strategic and performance objectives emerge from the final rule, we’ll continue to inform, support, and encourage the FHLBank Chicago’s Board and staff as they work to meet those goals. (Editorial note: The final rule has since been released as noted in this newsletter.) Also, in light of the storms, flooding, and other natural disasters taking place across the nation, the Advisory Council will continue to evaluate ways to provide the most effective response in affected areas within our District through the Community First Disaster Relief Fund." In service, Diane Schobert, Chair Jackie L. Newman, Vice Chair |
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| Federal Home Loan Bank of Chicago |
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| This newsletter contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as "anticipates," "believes," "expects," "could," "plans," "estimates," "may," "should," "will," or their negatives or other variations on these terms. We caution that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the risk factors set forth in our periodic filings with the Securities and Exchange Commission, which are available on our website at www.fhlbc.com. Copyright © 2018, Federal Home Loan Bank of Chicago. "Community First," "Downpayment Plus," "DPP," "Downpayment Plus Advantage," and "DPP Advantage" are registered trademarks of the Federal Home Loan Bank of Chicago. |