Federal Home Loan Bank of Chicago 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Entity Information [Line Items]
Entity Registrant Name	Federal Home Loan Bank of Chicago
Entity Central Index Key	1,331,451
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		20,326,577
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Statements of Condition

Statements of Condition - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 33	$ 499
Interest bearing deposits	650	650
Federal Funds sold	3,610	1,702
Securities purchased under agreements to resell	250	1,375
Investment securities -
Trading, $103 and $62 pledged	1,156	1,160
Available-for-sale	16,742	17,470
Held-to-maturity, $5,741 and $6,513 fair value	5,189	5,967
Investment securities	23,087	24,597
Advances, $605 and $511 carried at fair value	38,353	36,778
MPF Loans held in portfolio, net of allowance for credit losses of $(2) and $(3)	4,679	4,828
Derivative assets	3	2
Other assets	248	240
Assets	70,913	70,671
Deposits -
Noninterest bearing	44	41
Interest bearing, $17 and $12 from other FHLBs	454	497
Deposits	498	538
Consolidated obligations, net -
Discount notes, $2,237 and $9,006 carried at fair value	40,293	41,564
Bonds, $3,811 and $952 carried at fair value	24,021	22,582
Consolidated obligations, net	64,314	64,146
Derivative liabilities	60	55
Affordable Housing Program assessment payable	90	89
Mandatorily redeemable capital stock	302	8
Other liabilities	292	239
Subordinated notes	944	944
Liabilities	$ 66,500	66,019
Commitments and contingencies - see notes to the financial statements
Capital
Class B1 activity stock - putable $100 par value - 10 million and 13 million shares issued and outstanding	$ 1,050	1,313
Class B2 membership stock - putable $100 par value - 7 million and 6 million shares issued and outstanding	683	637
Capital stock	1,733	1,950
Retained earnings - unrestricted	2,453	2,407
Retained earnings - restricted	337	323
Retained earnings	2,790	2,730
Accumulated other comprehensive income (loss) (AOCI)	(110)	(28)
Capital	4,413	4,652
Liabilities and capital	$ 70,913	$ 70,671

Statements of Condition (Parent

Statements of Condition (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Trading securities pledged	$ 103	$ 62
Held-to-maturity fair value	5,741	6,513
Advances carried at fair value	605	511
Allowance for credit losses on MPF Loans	(2)	(3)
Interest bearing deposits from other FHLBs	17	12
Discount notes carried at fair value	2,237	9,006
Consolidated obligation bonds carried at fair value	$ 3,811	$ 952
Capital stock par value	$ 100	$ 100
Class B1 activity shares issued	10	13
Class B1 activity shares outstanding	10	13
Class B2 membership shares issued	7	6
Class B2 membership shares outstanding	7	6

Statements of Income

Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Interest income	$ 318	$ 321
Interest expense	198	191
Net interest income	120	130
Noninterest gain (loss) on -
Trading securities	1	(1)
Derivatives and hedging activities	(16)	(11)
Instruments held under fair value option	5	3
Other, net	7	4
Noninterest gain (loss)	(3)	(5)
Noninterest expense -
Compensation and benefits	23	19
Other operating expenses	15	11
Other	2	3
Noninterest expense	40	33
Income before assessments	77	92
Affordable Housing Program assessment	8	9
Net income	$ 69	$ 83

Statements of Comprehensive Inc

Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 69	$ 83
Other comprehensive income (loss) -
Net unrealized gain (loss) available-for-sale securities	(40)	(22)
Non-credit OTTI held-to-maturity securities	11	13
Net unrealized gain (loss) cash flow hedges	(53)	(28)
Post-retirement plans	0	(8)
Other comprehensive income (loss)	(82)	(45)
Comprehensive income	$ (13)	$ 38

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Capital Stock	Retained Earnings, Unrestricted	Retained Earnings, Restricted	Retained Earnings, Total	AOCI	Capital Stock - Putable - B1 Activity	Capital Stock - Putable - B2 Membership
Balance, beginning at Dec. 31, 2014	$ 4,525	$ 1,902	$ 2,152	$ 254	$ 2,406	$ 217	$ 827	$ 1,075
Shares, beginning at Dec. 31, 2014		19					8	11
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	38		67	16	83	(45)
Proceeds from issuance of capital stock	38	$ 38					$ 32	$ 6
Proceeds from issuance of capital stock (shares)		0					0	0
Repurchases of capital stock	(17)	$ (17)					$ (1)	$ (16)
Repurchases of capital stock (shares)		0					0	0
Capital stock reclassified to mandatorily redeemable capital stock	0
Transfers between classes of capital stock							$ (31)	$ 31
Transfers between classes of capital stock (shares)							0	0
Cash dividends - class B1	(4)		(4)		(4)
Cash dividends - class B2	(1)		(1)		(1)
Balance, ending at Mar. 31, 2015	4,579	$ 1,923	2,214	270	2,484	172	$ 827	$ 1,096
Shares, ending at Mar. 31, 2015		19					8	11
Balance, beginning at Dec. 31, 2015	4,652	$ 1,950	2,407	323	2,730	(28)	$ 1,313	$ 637
Shares, beginning at Dec. 31, 2015		19					13	6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	(13)		55	14	69	(82)
Proceeds from issuance of capital stock	184	$ 184					$ 183	$ 1
Proceeds from issuance of capital stock (shares)		2					2	0
Repurchases of capital stock	(107)	$ (107)					$ (104)	$ (3)
Repurchases of capital stock (shares)		(1)					(1)	0
Capital stock reclassified to mandatorily redeemable capital stock	(294)	$ (294)					$ (294)	$ 0
Capital stock reclassified to mandatorily redeemable capital stock (shares)		(3)					(3)	0
Transfers between classes of capital stock							$ (48)	$ 48
Transfers between classes of capital stock (shares)							(1)	1
Cash dividends - class B1	(8)		(8)		(8)
Cash dividends - class B2	(1)		(1)		(1)
Balance, ending at Mar. 31, 2016	$ 4,413	$ 1,733	$ 2,453	$ 337	$ 2,790	$ (110)	$ 1,050	$ 683
Shares, ending at Mar. 31, 2016		17					10	7

Statements of Stockholders' Eq7

Statements of Stockholders' Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Capital Stock - Putable - B1 Activity
Capital Unit [Line Items]
Cash dividend - annualized rate per $100 par value share	2.60%	2.25%
Capital Stock - Putable - B2 Membership
Capital Unit [Line Items]
Cash dividend - annualized rate per $100 par value share	0.60%	0.50%

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Operating
Net cash provided by (used in) operating activities		$ (9)	$ 121
Investing
Net change Federal Funds sold		(1,908)	(1,497)
Net change securities purchased under agreements to resell		1,125	2,000
Advances -
Principal collected		149,976	52,328
Issued		(151,432)	(51,723)
MPF Loans held in portfolio -
Principal collected		282	337
Purchases		(132)	(13)
Trading securities -
Proceeds from maturities and paydowns		103	3
Purchases		(100)	0
Held-to-maturity securities -
Short-term held-to-maturity securities, net	[1]	581	705
Proceeds from maturities and paydowns		232	232
Purchases		(11)	(6)
Available-for-sale securities -
Proceeds from maturities and paydowns		727	517
Purchases		(2)	0
Other investing activities		6	11
Net cash provided by (used in) investing activities		(553)	2,894
Financing
Net change deposits		(40)	(20)
Net proceeds from issuance of consolidated obligations -
Discount notes		42,844	149,597
Bonds		4,410	4,885
Payments for maturing and retiring consolidated obligations-
Discount notes		(44,124)	(150,180)
Bonds		(3,050)	(6,179)
Net proceeds (payments) on derivative contracts with financing element		(12)	(18)
Proceeds from issuance of capital stock		184	38
Repurchase of capital stock		(107)	(17)
Cash dividends paid		(9)	(5)
Net cash provided by (used in) financing activities		96	(1,899)
Net increase (decrease) in cash and due from banks		(466)	1,116
Cash and due from banks at beginning of period		499	342
Cash and due from banks at end of period		33	1,458
Noncash
Capital stock reclassified to mandatorily redeemable capital stock		$ 294	$ 0
[1]	Short-term held-to-maturity securities, net, consists of investment securities with a maturity of less than 90 days when purchased.

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Background and Basis of Presentation The Federal Home Loan Bank of Chicago is a federally chartered corporation and one of 11 Federal Home Loan Banks (the FHLBs) that, with the Office of Finance, comprise the Federal Home Loan Bank System (the System). The FHLBs are government-sponsored enterprises (GSE) of the United States of America and were organized under the Federal Home Loan Bank Act of 1932, as amended (FHLB Act), in order to improve the availability of funds to support home ownership. We are supervised and regulated by the Federal Housing Finance Agency (FHFA), an independent federal agency in the executive branch of the United States (U.S.) government. Each FHLB is a member-owned cooperative with members from a specifically defined geographic district. Our defined geographic district is Illinois and Wisconsin. All federally-insured depository institutions, insurance companies engaged in residential housing finance, credit unions and community development financial institutions located in our district are eligible to apply for membership with us. All our members are required to purchase our capital stock as a condition of membership. Our capital stock is not publicly traded, and is issued, repurchased or redeemed at par value, $100 per share, subject to certain statutory and regulatory limits. As a cooperative, we do business with our members, and former members (under limited circumstances). Specifically, we provide credit principally in the form of secured loans called advances. We also provide liquidity for home mortgage loans to members approved as Participating Financial Institutions (PFIs) through the Mortgage Partnership Finance ® (MPF ® ) Program. Our accounting and financial reporting policies conform to generally accepted accounting principles in the United States of America (GAAP). Amounts in prior periods may be reclassified to conform to the current presentation and if material are disclosed in the following notes. In the opinion of management, all normal recurring adjustments have been included for a fair statement of this interim financial information. These unaudited financial statements and the following footnotes should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2015 , included in our Annual Report on Form 10-K ( 2015 Form 10-K) starting on page F-1, as filed with the SEC. Unless otherwise specified, references to we, us, our, and the Bank are to the Federal Home Loan Bank of Chicago. “Mortgage Partnership Finance”, “MPF”, “MPF Xtra”, and "Community First" are registered trademarks of the Federal Home Loan Bank of Chicago. Use of Estimates The preparation of financial statements in accordance with GAAP requires us to make assumptions and estimates that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of income and expense. The most significant of these assumptions and estimates applies to fair value measurements and allowance for credit losses. Actual results could differ from these assumptions and estimates. Consolidation of Variable Interest Entities We would consolidate a variable interest entity if we determine that we are its primary beneficiary, which occurs when both conditions shown below are met. • We have the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance. • We have the obligation to absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits from the entity that could potentially be significant to the variable interest entity. We did not consolidate any of our investments in variable interest entities since we are not the primary beneficiary. We classify variable interest entities as investment securities in our statements of condition. Such investment securities include, but are not limited to, senior interests in private-label mortgage backed securities (MBS) and Federal Family Education Loan Program asset backed securities (FFELP ABS). Our maximum loss exposure for these investment securities is limited to their carrying amounts. We have no liabilities related to these investments in variable interest entities. We have not provided financial or other support (explicitly or implicitly) to these investment securities that we were not previously contractually required to provide, nor do we intend to provide such support in the future. Gross versus Net Presentation of Financial Instruments We present derivative assets and liabilities on a net basis in our statements of condition on the basis that the Bank's right of setoff with its clearing agents and/or its counterparties is enforceable at law. We include accrued interest receivable/payable and cash collateral, including initial and variation margin, in the carrying amount of a derivative. Derivatives are netted by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. Additionally, we clear certain derivatives transactions with clearinghouses classified as a Derivatives Clearing Organization (DCO) through a Futures Commission Merchant (FCM). If these netted amounts are positive, they are classified as a derivative asset and if negative, they are classified as a derivative liability. Any over-collateralization amount received by us is not offset against another derivative asset counterparty exposure for which there is no legal right of offset, while any over-collateralization delivered by us is not offset against another derivative liability counterparty exposure for which there is no legal right of offset. Refer to Note 9 - Derivatives and Hedging Activities for further details. Our policy is to report securities purchased under agreements to resell and securities sold under agreements to repurchase, if any, and securities borrowing transactions, if any, on a gross basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Our Summary of Significant Accounting Policies through December 31, 2015, can be found in Note 2 – Summary of Significant Accounting Policies to the financial statements in our 2015 Form 10-K. We adopted the following policies in 2016: Simplifying the Presentation of Debt Issuance Cost (i.e., Concession Fees) In April of 2015, the FASB issued new guidance requiring any concession fee to be presented as a direct deduction from the debt it relates to rather than separately presented as a deferred cost in Other Assets. We retrospectively adopted the new guidance January 1, 2016 by reclassifying deferred concession fees from Other Assets to its related debt, which includes our Consolidated obligations discount notes, Consolidated obligation bonds and Subordinated notes. This reclassification did not have a material effect on our financial condition, results of operations, cash flows, or percentage net interest yield on our consolidated obligations at the time of adoption. Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March of 2016, the FASB issued new guidance clarifying that a change in counterparty (novation) to a derivative instrument that has been designated as the hedging instrument in an existing hedging relationship would not, in and of itself, be considered a termination of the derivative instrument or be considered a change in the critical term of the hedging relationship. We early adopted this new guidance on a prospective basis effective January 1, 2016. The new guidance did not have a material effect on our financial condition, results of operations, or cash flows at the time of adoption.

Recently Issued but Not Yet Ado

Recently Issued but Not Yet Adopted Accounting Standards	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued but Not Yet Adopted Accounting Standards [Text Block]	Recently Issued but Not Yet Adopted Accounting Standards Contingent Put and Call Options in Debt Instruments In March of 2016, the FASB issued new guidance clarifying the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. Specifically, the FASB clarified that the determination as to whether an embedded call (put) option is clearly and closely related to its debt host contract, should be determined solely based on the four-step decision sequence outlined in existing GAAP. Entities no longer will be required to assess whether the event triggering the acceleration of the contingent call (put) option is related to interest rates or credit risk as opposed to some extraneous event or factor in order to determine whether an embedded contingent call (put) option is clearly and closely related to its debt host. We plan to adopt the new guidance on its effective date, which is January 1, 2017. The modified retrospective approach is required when adopting the new guidance. We do not expect the new guidance to have a material effect on our financial condition, results of operations, or cash flows at the time of adoption. Leases In February of 2016, the FASB issued new guidance pertaining to lease accounting. Outlined below are the key provisions relevant to us. These provisions provide guidance governing lessee accounting for operating leases. Currently, we record operating leases off-balance sheet rather than on-balance sheet in our statements of condition. • Recognize a right-of-use asset and a lease liability, initially measured at the present value of lease payments, in our statement of condition. • Recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis. • Classify all cash payments within operating activities in our statement of cash flows. • For leases with a term of 12 months or less, we would be permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The new guidance becomes effective January 1, 2019. A modified retrospective transition approach is required to be applied to leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are in the process of reviewing its expected effect on our financial condition, results of operations, and cash flows. Recognition and Measurement of Financial Assets and Financial Liabilities In January of 2016, the FASB issued new guidance pertaining to the recognition and measurement of financial assets and financial liabilities. The key provisions applicable to us include, but are not limited to the following: • The ability to elect the fair value option will continue to be permitted. • Requires recognizing the portion of the total change in fair value of a liability resulting from a change in the instrument-specific credit risk in other comprehensive income when we elect to carry that liability at fair value under the fair value option. • Requires separate presentation of financial assets and financial liabilities by measurement category, such as amortized cost, and form, such as securities or loans, on our statements of condition or the accompanying notes to the financial statements. • Eliminates the requirement to disclose the method(s) and assumptions used to estimate fair value of financial instruments measured at amortized cost on our statements of condition. The new guidance becomes effective January 1, 2018. We are in the process of reviewing its expected effect on our financial condition, results of operations, and cash flows. Revenue from Contracts with Customers In May of 2014, the FASB issued new guidance governing revenue recognition from contracts with customers. In August of 2015, the FASB deferred the effective date for the new revenue recognition guidance until January 1, 2018. In March of 2016, the FASB issued additional guidance related to distinguishing when an entity is acting as a principal versus an agent in contracts with customers. The distinction is relevant to reporting revenue gross (as principal) or net (as agent). In April of 2016, the FASB issued additional guidance for identifying performance obligations and licensing agreements for purposes of revenue recognition. Financial instruments and other contractual rights within the scope of other GAAP guidance are excluded from the scope of this new revenue recognition guidance. We have completed our review of the new guidance, including the guidance issued in March and April of 2016 described above. We concluded that since the majority of contracts with our members are excluded from the scope of this new guidance, the new guidance is not expected to have a material effect on our financial condition, results of operations, or cash flows at the time of adoption.

Interest Income and Interest Ex

Interest Income and Interest Expense	3 Months Ended
	Mar. 31, 2016
Interest Income (Expense), Net [Abstract]
Interest Income and Interest Expense Disclosure [Text Block]	Interest Income and Interest Expense The following table presents interest income and interest expense for the periods indicated: Three months ended March 31, 2016 2015 Interest income - Interest bearing deposits, Federal Funds sold and securities purchased under agreements to resell $ 5 $ 3 Investment securities - Trading 2 1 Available-for-sale 132 134 Held-to-maturity 59 69 Investment securities 193 204 Advances - Advance interest income 62 39 Advance prepayment fees, including related hedge adjustment gains (losses) of $0 and $1 1 6 Advances 63 45 MPF Loans held in portfolio 57 69 Interest income 318 321 Interest expense - Consolidated obligations - Discount notes 82 72 Bonds 102 105 Consolidated obligations 184 177 Subordinated notes 14 14 Interest expense 198 191 Net interest income $ 120 $ 130

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Investment Securities [Text Block]	Investment Securities We classify securities as either trading, held-to-maturity (HTM), or available-for-sale (AFS). Our security disclosures within these classifications are disaggregated by major security types as shown below. Our major security types are based on the nature and risks of the security. • U.S. Government & other government related may consist of the sovereign debt of the United States; debt issued by government sponsored enterprises (GSE); and non-mortgage-backed securities of the Small Business Administration and Tennessee Valley Authority. • Federal Family Education Loan Program - asset backed securities (FFELP ABS). • GSE residential mortgage-backed securities (MBS) issued by Fannie Mae and Freddie Mac. • Government-guaranteed MBS. • Private-label residential MBS. • State or local housing agency obligations. Pledged Collateral We disclose the amount of investment securities pledged as collateral pertaining to our derivatives activity parenthetically on our statements of condition. See Note 9 - Derivatives and Hedging Activities for further details. Trading Securities The following table presents the fair value of our trading securities. We did not hold a material amount of securities we issued through our MPF Government MBS product as of the dates presented. We had no material unrealized gains or losses on trading securities. As of March 31, 2016 December 31, 2015 U.S. Government & other government related $ 1,106 $ 1,108 Residential MBS: GSE 48 50 Government-guaranteed 2 2 Residential MBS 50 52 Trading securities $ 1,156 $ 1,160 Amortized Cost Basis and Fair Value – Available-for-Sale Securities (AFS) Amortized Cost Basis Gross Unrealized Gains in AOCI Gross Unrealized (Losses) in AOCI Carrying Amount and Fair Value As of March 31, 2016 U.S. Government & other government related $ 380 $ 24 $ (6 ) $ 398 State or local housing agency 20 — — 20 FFELP ABS 4,915 165 (27 ) 5,053 Residential MBS: GSE 9,063 414 (15 ) 9,462 Government-guaranteed 1,687 60 — 1,747 Private-label 59 3 — 62 Residential MBS 10,809 477 (15 ) 11,271 Available-for-sale securities $ 16,124 $ 666 $ (48 ) $ 16,742 As of December 31, 2015 U.S. Government & other government related $ 405 $ 21 $ (4 ) $ 422 State or local housing agency 18 — — 18 FFELP ABS 5,090 233 (24 ) 5,299 Residential MBS: GSE 9,427 383 (12 ) 9,798 Government-guaranteed 1,811 57 — 1,868 Private-label 61 4 — 65 Residential MBS 11,299 444 (12 ) 11,731 Available-for-sale securities $ 16,812 $ 698 $ (40 ) $ 17,470 We had no sales of AFS securities for the periods presented. Amortized Cost Basis, Carrying Amount, and Fair Value - Held-to-Maturity Securities (HTM) Amortized Cost Basis Non-credit OTTI Recognized in AOCI (Loss) Carrying Amount Gross Unrecognized Holding Gains Gross Unrecognized Holding (Losses) Fair Value As of March 31, 2016 U.S. Government & other government related $ 1,307 $ — $ 1,307 $ 80 $ — $ 1,387 State or local housing agency 15 — 15 — — 15 Residential MBS: GSE 2,093 — 2,093 151 — 2,244 Government-guaranteed 928 — 928 19 — 947 Private-label 1,052 (206 ) 846 303 (1 ) 1,148 Residential MBS 4,073 (206 ) 3,867 473 (1 ) 4,339 Held-to-maturity securities $ 5,395 $ (206 ) $ 5,189 $ 553 $ (1 ) $ 5,741 As of December 31, 2015 U.S. Government & other government related $ 1,932 $ — $ 1,932 $ 64 $ (1 ) $ 1,995 State or local housing agency 16 — 16 — — 16 Residential MBS: GSE 2,163 — 2,163 134 — 2,297 Government-guaranteed 969 — 969 16 — 985 Private-label 1,104 (217 ) 887 334 (1 ) 1,220 Residential MBS 4,236 (217 ) 4,019 484 (1 ) 4,502 Held-to-maturity securities $ 6,184 $ (217 ) $ 5,967 $ 548 $ (2 ) $ 6,513 We had no sales of HTM securities for the periods presented. Aging of Unrealized Temporary Losses The following tables present unrealized temporary losses on our AFS and HTM portfolio for periods less than 12 months and for 12 months or more. We recognized no OTTI charges on these unrealized loss positions because we expect to recover the entire amortized cost basis, we do not intend to sell these securities, and we believe it is more likely than not that we will not be required to sell them prior to recovering their amortized cost basis. In the tables below, in cases where the gross unrealized losses for an investment category are less than $1 million, the losses are not reported. Available-for-Sale Securities Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) As of March 31, 2016 U.S. Government & other government related $ 32 $ (2 ) $ 47 $ (4 ) $ 79 $ (6 ) FFELP ABS 60 (1 ) 762 (26 ) 822 (27 ) Residential MBS: GSE 1,544 (5 ) 1,014 (10 ) 2,558 (15 ) Government-guaranteed 25 — — — 25 — Private-label — — 21 — 21 — Residential MBS 1,569 (5 ) 1,035 (10 ) 2,604 (15 ) Available-for-sale securities $ 1,661 $ (8 ) $ 1,844 $ (40 ) $ 3,505 $ (48 ) As of December 31, 2015 U.S. Government & other government related $ 30 $ (1 ) $ 45 $ (3 ) $ 75 $ (4 ) State or local housing agency 4 — — — 4 — FFELP ABS 64 (1 ) 787 (23 ) 851 (24 ) Residential MBS: GSE 1,081 (3 ) 1,006 (9 ) 2,087 (12 ) Government-guaranteed 90 — — — 90 — Private-label — — 8 — 8 — Residential MBS 1,171 (3 ) 1,014 (9 ) 2,185 (12 ) Available-for-sale securities $ 1,269 $ (5 ) $ 1,846 $ (35 ) $ 3,115 $ (40 ) Held-to-Maturity Securities Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) As of March 31, 2016 U.S. Government & other government related $ — $ — $ 16 $ — $ 16 $ — State or local housing agency 1 — 9 — 10 — Residential MBS: GSE 4 — — — 4 — Government-guaranteed 141 — — — 141 — Private-label 6 — 1,098 (207 ) 1,104 (207 ) Residential MBS 151 — 1,098 (207 ) 1,249 (207 ) Held-to-maturity securities $ 152 $ — $ 1,123 $ (207 ) $ 1,275 $ (207 ) As of December 31, 2015 U.S. Government & other government related $ 606 $ — $ 16 $ (1 ) $ 622 $ (1 ) State or local housing agency 1 — 10 — 11 — Residential MBS: GSE 4 — — — 4 — Private-label — — 1,167 (218 ) 1,167 (218 ) Residential MBS 4 — 1,167 (218 ) 1,171 (218 ) Held-to-maturity securities $ 611 $ — $ 1,193 $ (219 ) $ 1,804 $ (219 ) Contractual Maturity Terms The following table presents the amortized cost basis and fair value of AFS and HTM securities by contractual maturity, excluding ABS and MBS securities. These securities are excluded because their expected maturities may differ from their contractual maturities if borrowers of the underlying loans elect to prepay their loans. Available-for-Sale Held-to-Maturity As of March 31, 2016 Amortized Cost Basis Carrying Amount and Fair Value Carrying Amount Fair Value Year of Maturity - Due in one year or less $ — $ — $ 123 $ 124 Due after one year through five years 65 68 314 329 Due after five years through ten years 28 29 76 78 Due after ten years 307 321 809 871 ABS and MBS without a single maturity date 15,724 16,324 3,867 4,339 Total securities $ 16,124 $ 16,742 $ 5,189 $ 5,741 Other-Than-Temporary Impairment Analysis Significant Inputs Used to Determine OTTI We assess an HTM or AFS private-label MBS security for OTTI whenever its fair value is less than its amortized cost basis as of the reporting date. Specifically, we generate cash flow projections utilizing key modeling assumptions, significant inputs, and methodologies provided by an FHLB System OTTI Committee, which was formed by the FHLBs to achieve consistency among the FHLBs in their OTTI analyses for private-label MBS. We then utilize these cash flow projections to determine OTTI on our private-label MBS; however, we are still responsible for making our own OTTI determination, which includes determining the reasonableness of assumptions, significant inputs, and methodologies used, and performing the required present value calculations using appropriate historical cost bases and yields. Cash Flow Analysis We perform a cash flow analysis for substantially all of these private-label securities utilizing two models provided by independent third parties as described below, • First model. This model considers borrower characteristics and the particular attributes of the loans underlying the securities, in conjunction with assumptions about future changes in home prices and interest rates, prepayment rates, default rates, and loss severities. A significant input to the first model is the forecast of future housing price changes for the relevant states and core based statistical areas (CBSAs), which are based upon an assessment of the individual housing markets. Outputs from this first model are then used as inputs by the second model as follows. • Second model. This model uses the month-by-month projections of future loan performance derived from the first model and allocates the projected loan level cash flows and losses to the various security classes in the securitization structure in accordance with its prescribed cash flow and loss allocation rules. At March 31, 2016, we had a short-term housing price forecast with projected changes ranging from -1.0% to +8.0% over the twelve month period beginning January 1, 2016 over all markets. For the vast majority of markets, the short-term forecast has changes ranging from +3.0% to +5.0% . Based on these inputs and assumptions, we had no OTTI for the periods presented. The following table presents the changes in the cumulative amount of previously recorded OTTI credit losses (recognized into earnings) on investment securities for the reporting periods indicated. Three months ended March 31, 2016 2015 Beginning Balance $ 568 $ 620 Reductions: Increases in expected future cash flows recorded as accretion into interest income (13 ) (15 ) Ending Balance $ 555 $ 605 On October 15, 2010, we instituted litigation relating to 64 private-label MBS bonds we purchased in an aggregate original principal amount of $4.29 billion . In April 2016, we received a payment of $37.5 million (partially offset by $5.0 million of related legal fees and other expenses) resulting from a settlement with some of the defendants. As of April 30, 2016, the remaining litigation covers four private-label MBS bonds in the aggregate original principal amount of $77.5 million .

Advances

Advances	3 Months Ended
	Mar. 31, 2016
Federal Home Loan Banks [Abstract]
Advances [Text Block]	Advances We offer a wide range of fixed- and variable-rate advance products with different maturities, interest rates, payment characteristics and optionality. The following table presents our advances by redemption terms. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay advances with or without penalties. As of March 31, 2016 Weighted Average Interest Rate Amount Due in one year or less 0.74 % $ 9,603 One to two years 0.84 % 7,851 Two to three years 0.70 % a 5,515 Three to four years 0.59 % a 7,037 Four to five years 0.77 % a 4,119 More than five years 1.71 % 3,935 Par value 0.83 % $ 38,060 a The weighted average interest rate is relatively lower when compared to other categories due to a majority of advances in this category consisting of variable rate advances which reset periodically at current interest rates. See Note 8 - Allowance for Credit Losses for information related to our credit risk on advances and allowance methodology for credit losses. The following table reconciles the par value of our advances to the carrying amount on our statements of condition as of the dates indicated. As of March 31, 2016 December 31, 2015 Par value $ 38,060 $ 36,605 Hedging adjustments 268 159 Other adjustments 25 14 Advances $ 38,353 $ 36,778 The following advance borrowers exceeded 10% of our total advances outstanding: As of March 31, 2016 Par Value % of Total Outstanding One Mortgage Partners Corp $ 11,000 a 29 % The Northern Trust Company 4,000 11 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

MPF Loans

MPF Loans	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
MPF Loans [Text Block]	MPF Loans Held in Portfolio We acquire MPF Loans from PFIs to hold in our portfolio, and in some cases we purchased participations in pools of eligible mortgage loans from other FHLBs (MPF Banks). MPF Loans are defined as fixed-rate conventional and government mortgage loans secured by one-to-four family residential properties with maturities ranging from 5 years to 30 years or participations in pools of eligible mortgage loans from other MPF Banks. The following table presents information on MPF Loans held in portfolio by contractual maturity at the time of purchase. As of March 31, 2016 December 31, 2015 Medium term (15 years or less) $ 580 $ 662 Long term (greater than 15 years) 4,046 4,112 Unpaid principal balance 4,626 4,774 Net premiums, credit enhancement and deferred loan fees 21 20 Hedging adjustments 34 37 MPF Loans held in portfolio, before allowance for credit losses 4,681 4,831 Allowance for credit losses on MPF Loans (2 ) (3 ) MPF Loans held in portfolio, net $ 4,679 $ 4,828 Conventional mortgage loans $ 3,453 $ 3,568 Government Loans 1,173 1,206 Unpaid principal balance $ 4,626 $ 4,774 See the MPF Risk Sharing Structure on page F-14 in our 2015 Form 10-K for information related to our credit losses on MPF Loans held in portfolio In addition to our portfolio MPF Products, PFIs sell eligible MPF Loans to us through the MPF Program infrastructure and we concurrently sell them to third party investors or hold MPF Loans in our held for sale portfolio in other assets for a short period of time until such loans are pooled into MBS.

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Allowance for Credit Losses [Text Block]	Allowance for Credit Losses See Note 2 - Summary of Significant Accounting Policies to the financial statements in our 2015 Form 10-K for further details pertaining to the methodologies and factors we consider when determining the amount to recognize as an allowance for credit losses, if any, for each portfolio segment identified below. We have identified our portfolio segments as shown below. • Member credit products (advances, letters of credit and other extensions of credit to borrowers); • Conventional MPF Loans held in portfolio; • Government Loans held in portfolio; and • Federal Funds Sold and Securities Purchased Under Agreements to Resell. Member Credit Products We have not recorded any allowance for credit losses for our member credit products portfolio segment based upon our credit analysis and the repayment history on member credit products. We had no member credit products that were past due, on nonaccrual status, involved in a troubled debt restructuring or otherwise considered impaired. We have not recorded a liability to reflect an allowance for credit losses for our member credit products with off-balance sheet credit exposures. Conventional MPF Loans Held in Portfolio For further detail of our MPF Risk Sharing Structure see page F-14 in our 2015 Form 10-K. The following table presents the changes in the allowance for credit losses attributable to our portfolio segment for conventional MPF Loans held in portfolio. Three months ended March 31, 2016 2015 Balance, beginning of period $ 3 $ 15 Losses charged to the allowance (1 ) (11 ) Balance, end of period $ 2 $ 4 The following table presents the recorded investment in conventional MPF Loans by impairment methodology. Recorded investment in a conventional MPF Loan is its amortized cost basis plus related accrued interest receivable, if any. Recorded investment is not net of its allowance for credit losses but is net of any direct charge-off on the conventional MPF Loan. As of March 31, 2016 December 31, 2015 Allowance for credit losses on conventional MPF Loans - Homogeneous pools of loans collectively evaluated for impairment $ 2 $ 3 Recorded investment in conventional MPF Loans - Individually evaluated for impairment $ 96 $ 107 Collectively evaluated for impairment 3,415 3,519 Recorded investment $ 3,511 $ 3,626 Government Loans Held in Portfolio Any losses incurred on Government Loans that are not recovered from the government insurer or guarantor are absorbed by the servicing PFI. We did not establish an allowance for credit losses of our portfolio segment for Government Loans included in our MPF Loan held in portfolio for the reporting periods presented based on our assessment of our servicing PFIs' ability to absorb such losses. Further, Government Loans were not placed on nonaccrual status or disclosed as troubled debt restructurings for the same reason. Credit Quality Indicators - MPF Loans The following table summarizes our recorded investment in MPF Loans by our key credit quality indicators, which include: • "Serious delinquency rate" consists of MPF Loans that are 90 days or more past due or in the process of foreclosure, as a percentage of the total recorded investment. • "Past due 90 days or more still accruing interest" consists of MPF Loans that are either government guaranteed or conventional mortgage loans that are well secured (by collateral that have a realizable value sufficient to discharge the debt or by the guarantee or insurance, such as PMI, of a financially responsible party) and in the process of collection. March 31, 2016 December 31, 2015 As of Conventional Government Total Conventional Government Total Past due 30-59 days $ 92 $ 52 $ 144 $ 99 $ 63 $ 162 Past due 60-89 days 28 16 44 32 21 53 Past due 90 days or more 91 16 107 100 15 115 Past due 211 84 295 231 99 330 Current 3,300 1,111 4,411 3,395 1,130 4,525 Recorded investment $ 3,511 $ 1,195 $ 4,706 $ 3,626 $ 1,229 $ 4,855 Also in process of foreclosure $ 49 $ 3 $ 52 $ 51 $ 3 $ 54 Serious delinquency rate 2.59 % 1.36 % 2.28 % 2.77 % 1.23 % 2.38 % Past due 90 days or more still accruing interest $ 8 $ 16 $ 24 $ 10 $ 15 $ 25 On nonaccrual status $ 96 $ — $ 96 $ 107 $ — $ 107 Individually Evaluated Impaired MPF Loans The following table summarizes the recorded investment, unpaid principal balance, and related allowance for credit losses attributable to individually evaluated impaired conventional MPF Loans. Conventional MPF Loans are individually evaluated for impairment when they are adversely classified. There is no allowance for credit losses attributable to conventional MPF Loans that are individually evaluated for impairment, since the related allowance for credit losses have been charged off. As of March 31, 2016 December 31, 2015 Recorded investment without an allowance for credit losses $ 96 $ 107 Unpaid principal balance without an allowance for credit losses 105 117 The following table summarizes the average recorded investment of impaired conventional MPF Loans. We do not recognize interest income on impaired loans. Three months ended March 31, 2016 2015 Average recorded investment without an allowance for credit losses $ 99 $ 148 Term Federal Funds Sold and Term Securities Purchased Under Agreements to Resell We only had credit risk exposure to overnight Federal Funds sold and Securities Purchased Under Agreements to Resell as of March 31, 2016 and December 31, 2015. We did not have any term Federal Funds sold and Securities Purchased Under Agreements to Resell arrangements. We did not establish an allowance for credit losses for our overnight Federal Funds sold since all Federal Funds sold were repaid according to their contractual terms. We also did not establish an allowance for credit losses for overnight Securities Purchased Under Agreements to Resell since all payments due under the contractual terms have been received and we hold sufficient underlying collateral.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities [Text Block]	Derivatives and Hedging Activities Refer to Note 2 - Summary of Significant Accounting Policies in our 2015 Form 10-K for our accounting policies for derivatives. We transact most of our derivatives with large banks and major broker-dealers. Some of these banks and broker-dealers or their affiliates buy, sell, and distribute consolidated obligations. Derivative transactions may be entered into through an over-the-counter bilateral agreement with an individual counterparty. Additionally, we clear some derivatives transactions with clearinghouses classified as a Derivatives Clearing Organization (DCO) through a Futures Commission Merchant (FCM). We are not a derivatives dealer and do not trade derivatives for speculative purposes. Managing Credit Risk on Derivative Agreements We are subject to credit risk due to the risk of nonperformance by counterparties to our derivative agreements. For bilateral derivative agreements, the degree of counterparty risk depends on the extent to which master netting arrangements, collateral requirements and other credit enhancements are included in such contracts to mitigate the risk. We manage counterparty credit risk through credit analysis, collateral requirements and adherence to the requirements set forth in our policies and FHFA regulations. We require collateral agreements on all derivatives that establish collateral delivery thresholds. Additionally, collateral related to derivatives with member institutions includes collateral assigned to us, as evidenced by a written security agreement, and held by the member institution for our benefit. Based on credit analyses and collateral requirements, we do not anticipate any credit losses on our derivative agreements. See Note 16 - Fair Value to the financial statements in our 2015 Form 10-K for discussion regarding our fair value methodology for derivative assets and liabilities, including an evaluation of the potential for the fair value of these instruments to be affected by counterparty credit risk. Our over-the-counter bilateral derivative agreements may contain provisions that require us to post additional collateral with our counterparties if there is deterioration in our credit rating, except for those derivative agreements with a zero unsecured collateral threshold for both parties, in which case positions are required to be fully collateralized regardless of credit rating. If our credit rating is lowered by a major credit rating agency, such as Standard and Poor's or Moody’s, we would be required to deliver additional collateral on derivatives in net liability positions. If our credit rating had been lowered from its current rating to the next lower rating, we would have been required to deliver up to an additional $42 million of collateral at fair value to our derivatives counterparties at March 31, 2016 . Cleared swaps are subject to initial and variation margin requirements established by the DCO and its clearing members. We post initial and variation margin through the clearing member, on behalf of the DCO, which could expose us to institutional credit risk in the event that a clearing member or the DCO fail to meet their obligations. Clearing derivatives through a DCO mitigates counterparty credit risk exposure because a central DCO counterparty is substituted for individual counterparties and collateral is posted daily for changes in the value of cleared derivatives through an FCM. The DCO determines initial margin requirements for cleared derivatives. In this regard, clearing agents may require additional initial margin to be posted based on credit considerations, including but not limited to, credit rating downgrades. We had no requirement to post additional initial margin by our clearing agents at March 31, 2016 . We present our derivative assets and liabilities on a net basis in our statements of condition. Refer to Note 1 - Background and Basis of Presentation for further discussion. In addition to the cash collateral as noted in the following table, we also pledged $103 million of investment securities that can be sold or repledged, as part of our initial margin related to cleared derivative transactions at March 31, 2016 . The following table presents our gross and net derivative assets and liabilities by contract type and amount for our derivative agreements. March 31, 2016 December 31, 2015 As of Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives in hedge accounting relationships- Interest rate swaps $ 24,177 $ 67 $ 1,264 $ 25,140 $ 30 $ 1,082 Derivatives not in hedge accounting relationships- Interest rate swaps 23,211 556 459 28,866 456 341 Interest rate swaptions 860 51 — 1,270 40 — Interest rate caps or floors 1,129 73 — 1,131 76 — Interest rate futures 17 — — 7 — — Mortgage delivery commitments 717 1 1 479 1 1 TBAs Ginnie Mae securitizations 111 — 1 114 — — Derivatives not in hedge accounting relationships 26,045 681 461 31,867 573 342 Gross derivative amount before adjustments $ 50,222 748 1,725 $ 57,007 603 1,424 Netting adjustments and cash collateral (745 ) a (1,665 ) a (601 ) a (1,369 ) a Derivatives on statements of condition $ 3 $ 60 $ 2 $ 55 a Amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed by us with the same clearing agent and/or counterparty. Cash collateral posted was $947 million and $793 million at March 31, 2016 , and December 31, 2015 , and cash collateral received was $28 million and $25 million . The following table presents our gross recognized amount of offsetting derivative assets and liabilities for derivatives with legal right of offset as well as derivatives without the legal right of offset. Derivative Assets Derivative Liabilities As of March 31, 2016 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 602 $ 145 $ 747 $ 1,167 $ 557 $ 1,724 Netting adjustments and cash collateral (600 ) (145 ) (745 ) (1,122 ) (543 ) (1,665 ) Derivatives with legal right of offset - net 2 — 2 45 14 59 Derivatives without legal right of offset 1 — 1 1 — 1 Derivatives on statements of condition 3 — 3 46 14 60 Noncash collateral received (pledged) and cannot be sold or repledged 1 — 1 — 14 14 Net amount $ 2 $ — $ 2 $ 46 $ — $ 46 As of December 31, 2015 Derivatives with legal right of offset - Gross recognized amount $ 509 $ 93 $ 602 $ 1,182 $ 241 $ 1,423 Netting adjustments and cash collateral (508 ) (93 ) (601 ) (1,140 ) (229 ) (1,369 ) Derivatives with legal right of offset - net 1 — 1 42 12 54 Derivatives without legal right of offset 1 — 1 1 — 1 Derivatives on statements of condition 2 — 2 43 12 55 Noncash collateral received (pledged) and cannot be sold or repledged — — — — 12 12 Net amount $ 2 $ — $ 2 $ 43 $ — $ 43 At March 31, 2016 , we had $88 million of additional net credit exposure on cleared derivatives due to our pledging of non-cash collateral to a DCO for initial margin, which exceeded our net derivative liability position. We had $50 million comparable exposure at December 31, 2015 . The following table presents the gains (losses) of derivatives and hedging activities as presented in the statements of income. Three months ended March 31, For the periods ending 2016 2015 Fair value hedges - Interest rate swaps $ (9 ) $ (19 ) Economic hedges - Interest rate swaps (27 ) (23 ) Interest rate swaptions 11 8 Interest rate caps or floors (3 ) (1 ) Net interest settlements 12 24 Mortgage delivery commitments 2 — TBAs Ginnie Mae securitizations (2 ) — Economic hedges (7 ) 8 Gains (losses) on derivatives and hedging activities $ (16 ) $ (11 ) Fair Value Hedges The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the effect of those derivatives on our net interest income. Net Interest Settlements Recorded in Net Interest Income r epresents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. Closed Hedge Adjustments Amortized into Net Interest Income represents the amortization of hedge adjustments included in the interest income/expense line item of the respective hedged item type. We had no gain (loss) for hedged firm commitments on forward-starting advances that no longer qualified as a fair value hedge. On Derivative On Hedged Item Total Ineffectiveness Recognized in Derivatives and Hedging Activities Net Interest Settlements Recorded in Net Interest Income Closed Hedge Adjustments Amortized into Net Interest Income Three months ended Available-for-sale securities $ (51 ) $ 48 $ (3 ) $ (30 ) $ (4 ) Advances (110 ) 109 (1 ) (20 ) — MPF Loans held for portfolio — — — — (2 ) Consolidated obligation bonds 68 (73 ) (5 ) 25 (3 ) Total $ (93 ) $ 84 $ (9 ) $ (25 ) $ (9 ) Three months ended Available-for-sale securities $ (36 ) $ 31 $ (5 ) $ (34 ) $ (10 ) Advances (61 ) 57 (4 ) (20 ) 1 MPF Loans held for portfolio — — — — (4 ) Consolidated obligation bonds 74 (84 ) (10 ) 58 — Total $ (23 ) $ 4 $ (19 ) $ 4 $ (13 ) Cash Flow Hedges The following table presents our gains (losses) on our cash-flow hedging relationships recorded in income and other comprehensive income (loss). In cases where amounts are insignificant in the aggregate, we do not report a balance. We reclassify amounts in AOCI into our statements of income in the same period or periods during which the hedged forecasted transaction affects our earnings. We had no discontinued hedges. The deferred net gains (losses) on derivative instruments in AOCI that are expected to be reclassified to earnings during the next twelve months were $(3) million as of March 31, 2016 . The maximum length of time over which we are hedging our exposure to the variability in future cash flows for forecasted transactions is 5 years . Net Interest Settlements Recorded in Net Interest Income represents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. We had no hedge ineffectiveness reclassified from AOCI to derivatives and hedging activities for the periods presented in the below table. Amortization of Effective Portion Reclassified From AOCI to Interest Total Reclassified From AOCI to Statements of Income Net Change in Other Comprehensive Income Effective Portion Recorded in AOCI Net Interest Settlements Recorded in Net Interest Income Three months ended Advances Interest rate floors $ 2 $ 2 $ (2 ) $ — $ — Discount notes Interest rate swaps — — (52 ) (52 ) (47 ) Bonds Interest rate swaps (1 ) (1 ) 1 — — Total $ 1 $ 1 $ (53 ) $ (52 ) $ (47 ) Three months ended Advances Interest rate floors $ 3 $ 3 $ (3 ) $ — $ — Discount notes Interest rate swaps (1 ) (1 ) (26 ) (27 ) (62 ) Bonds Interest rate swaps (1 ) (1 ) 1 — — Total $ 1 $ 1 $ (28 ) $ (27 ) $ (62 )

Consolidated Obligations

Consolidated Obligations	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Consolidated Obligations The FHLBs issue consolidated obligations through the Office of Finance as their agent. Consolidated obligations consist of discount notes and consolidated obligation bonds. Consolidated discount notes are issued to raise short-term funds, are issued at less than their face amount and redeemed at par value when they mature. The maturity of consolidated bonds may range from less than one year to over 20 years , but they are not subject to any statutory or regulatory limits on maturity. The following table presents our consolidated obligation bonds, for which we are the primary obligor, including callable bonds that are redeemable in whole, or in part, at our discretion on predetermined call dates. As of March 31, 2016 Contractual Maturity Weighted Average Interest Rate By Next Maturity or Call Date Due in one year or less $ 5,528 1.81 % $ 16,188 One to two years 5,148 2.19 % 3,973 Two to three years 3,342 1.27 % 1,120 Three to four years 3,694 1.49 % 1,516 Four to five years 2,655 1.68 % 101 Thereafter 3,677 3.43 % 1,146 Par value $ 24,044 2.00 % $ 24,044 The following table presents our consolidated obligation discount notes for which we are the primary obligor. All are due in one year or less. As of March 31, 2016 December 31, 2015 Carrying Amount $ 40,293 $ 41,564 Par Value 40,313 41,584 Weighted Average Interest Rate 0.38 % 0.22 % The following table presents consolidated obligation bonds outstanding by call feature: As of March 31, 2016 December 31, 2015 Noncallable $ 12,690 $ 10,148 Callable 11,354 12,536 Par value 24,044 22,684 Hedging adjustments (26 ) (101 ) Other adjustments 3 (1 ) Consolidated obligation bonds $ 24,021 $ 22,582 The following table summarizes the consolidated obligations of the FHLBs and those for which we are the primary obligor. We did not accrue a liability for our joint and several liability related to the other FHLBs’ share of the consolidated obligations as of March 31, 2016 , and December 31, 2015 . Refer to Note 17 - Commitments and Contingencies to the financial statements in our 2015 Form 10-K for further details. March 31, 2016 December 31, 2015 Par values as of Bonds Discount Notes Total Bonds Discount Notes Total FHLB System total consolidated obligations $ 459,139 $ 437,689 $ 896,828 $ 410,859 $ 494,343 $ 905,202 FHLB Chicago as primary obligor 24,044 40,313 64,357 22,684 41,584 64,268 As a percent of the FHLB System 5 % 9 % 7 % 6 % 8 % 7 %

Capital and Mandatorily Redeema

Capital and Mandatorily Redeemable Capital Stock (MRCS)	3 Months Ended
	Mar. 31, 2016
Capital [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Capital and Mandatorily Redeemable Capital Stock (MRCS) Under our Capital Plan our stock consists of two sub-classes of stock, Class B1 activity stock and Class B2 membership stock (together, Class B stock), both with a par value of $100 and redeemable on five years ' written notice, subject to certain conditions. Under the Capital Plan, each member is required to own capital stock in an amount equal to the greater of a membership stock requirement or an activity stock requirement. Class B1 activity stock is available for purchase only to support a member ' s activity stock requirement. Class B2 membership stock is available to be purchased to support a member ' s membership stock requirement and any activity stock requirement. Minimum Capital Requirements For details on our minimum capital requirements, including how the ratios below were calculated, see Minimum Capital Requirements on page F-42 of our 2015 Form 10-K. We complied with our minimum regulatory capital requirements as shown below. March 31, 2016 December 31, 2015 Requirement Actual Requirement Actual Risk-based capital $ 988 $ 4,825 $ 1,027 $ 4,688 Total regulatory capital $ 2,837 $ 4,825 $ 2,827 $ 4,688 Total regulatory capital ratio 4.00 % 6.81 % 4.00 % 6.63 % Leverage capital $ 3,546 $ 7,238 $ 3,534 $ 7,032 Leverage capital ratio 5.00 % 10.21 % 5.00 % 9.95 % Total regulatory capital and leverage capital includes mandatorily redeemable capital stock (MRCS) but does not include AOCI. Under the FHFA regulation on capital classifications and critical capital levels for the FHLBs, we are adequately capitalized. The following members' regulatory capital stock exceeded 10% of our total regulatory capital stock outstanding: As of March 31, 2016 Regulatory Capital Stock Outstanding % of Total Outstanding One Mortgage Partners Corp $ 250 a 12 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA. Transfer of Capital Stock to Mandatorily Redeemable Capital Stock (MRCS) During the first quarter of 2016, we transferred $294 million of our captive insurance company members' capital stock from equity to MRCS in liabilities on our statement of condition. The transfer was triggered by the issuance of the final FHFA rule on FHLB membership making captive insurance companies ineligible for FHLB membership, which was issued on January 20, 2016 and became effective February 19, 2016. Under this rule, our three captive insurance company members will have their memberships terminated by February 2021. The transfer from equity to MRCS in liabilities was required because the new rule creates an unconditional obligation requiring us to redeem our capital stock from our captive insurance company members after their membership terminates. We reclassify our capital stock from equity to MRCS in liabilities at fair value, which is its par value plus any dividends related to the capital stock. Par value represents fair value since our capital stock can only be acquired and redeemed or repurchased at par value. Further, our capital stock is not traded and no market mechanism exists for the exchange of stock outside our cooperative structure. Upon reclassification to MRCS, subsequent dividends are accrued at the expected dividend rate and reported as a component of interest expense in our statements of income. Excess Capital Stock In February 2016, we announced significant reductions in our membership stock and activity stock requirements, which went into effect on April 1, 2016. As a result of these changes, we held $593 million of excess capital stock on April 1, 2016. As of April 30, 2016, we held excess capital stock of $422 million . The reduction was a result of members requesting repurchase of their excess stock and members utilizing excess stock to support new advance borrowing activities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss) [Text Block]	Accumulated Other Comprehensive Income (Loss) The following table summarizes the income (loss) in AOCI for the reporting periods indicated. Net Unrealized Gain (Loss) Non-credit OTTI Net Unrealized on Cash Flow Hedges Available-for-sale Securities Held-to-maturity Securities Post-Retirement Plans AOCI Three months ended March 31, 2016 Beginning balance $ 658 $ (217 ) $ (463 ) $ (6 ) $ (28 ) Change in the period recorded to the statements of condition, before reclassifications to statements of income (40 ) 11 (52 ) — (81 ) Amounts reclassified in period to statements of income: Net interest income — — (1 ) — (1 ) Other comprehensive income in the period (40 ) 11 (53 ) — (82 ) Ending balance $ 618 $ (206 ) $ (516 ) $ (6 ) $ (110 ) Three months ended March 31, 2015 Beginning balance $ 1,060 $ (264 ) $ (580 ) $ 1 $ 217 Change in the period recorded to the statements of condition, before reclassifications to statements of income (22 ) 13 (27 ) (8 ) (44 ) Amounts reclassified in period to statements of income: Net interest income — — (1 ) — (1 ) Other comprehensive income in the period (22 ) 13 (28 ) (8 ) (45 ) Ending balance $ 1,038 $ (251 ) $ (608 ) $ (7 ) $ 172

Fair Value Accounting

Fair Value Accounting	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value Fair value represents the exit price that we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. Refer to Note 2 - Summary of Significant Accounting Policies to the financial statements in our 2015 Form 10-K for our fair value measurement policies. For a description of the valuation techniques and significant inputs see Note 16 - Fair Value to the financial statements in our 2015 Form 10-K. The following tables are a summary of the fair value estimates and related levels in the fair value hierarchy. The carrying amounts are as recorded in the statements of condition. These tables do not represent an estimate of our overall market value as a going concern; as they do not take into account future business opportunities and future net profitability of assets and liabilities. We had no transfers between levels in the fair value hierarchy for the periods shown. The following table shows the fair values of financial instruments that are measured at amortized cost on our statements of condition, except where we elected the fair value option. Financial instruments for which we elected the fair value option are measured at fair value on a recurring basis on our statements of condition and are parenthetically shown in the following table. Carrying Amount Fair Value Hierarchy Fair Value Level 1 Level 2 Level 3 March 31, 2016 Financial Assets - Cash and due from banks $ 33 $ 33 $ 33 $ — $ — Interest bearing deposits 650 650 650 — — Federal Funds sold 3,610 3,610 — 3,610 — Securities purchased under agreements to resell 250 250 — 250 — Held-to-maturity securities 5,189 5,741 — 4,593 1,148 Advances 38,353 38,311 — 38,311 — MPF Loans held in portfolio, net 4,679 4,999 — 4,965 34 Financial Liabilities - Deposits (498 ) (498 ) — (498 ) — Consolidated obligation discount notes (40,293 ) (40,299 ) — (40,299 ) — Consolidated obligation bonds (24,021 ) (24,500 ) — (24,500 ) — Mandatorily redeemable capital stock (302 ) (302 ) (302 ) — — Subordinated notes (944 ) (954 ) — (954 ) — December 31, 2015 Financial Assets - Cash and due from banks $ 499 $ 499 $ 499 $ — $ — Interest bearing deposits 650 650 650 — — Federal Funds sold 1,702 1,702 — 1,702 — Securities purchased under agreements to resell 1,375 1,375 — 1,375 — Held-to-maturity securities 5,967 6,513 — 5,293 1,220 Advances 36,778 36,736 — 36,736 — MPF Loans held in portfolio, net 4,828 5,190 — 5,155 35 Financial Liabilities - Deposits (538 ) (538 ) — (538 ) — Consolidated obligation discount notes (41,564 ) (41,563 ) — (41,563 ) — Consolidated obligation bonds (22,582 ) (22,986 ) — (22,931 ) (55 ) a Mandatorily redeemable capital stock (8 ) (8 ) (8 ) — — Subordinated notes (944 ) (966 ) — (966 ) — a Amount represents debt carried at fair value under a full fair value hedge strategy, not at fair value under the fair value option. The following table presents financial instruments measured at fair value on a recurring basis on our statements of condition. The Netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right of setoff, by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. See Note 9 - Derivatives and Hedging Activities . March 31, 2016 Level 2 Level 3 Netting Fair Value Financial assets - U.S. Government & other government related non-MBS $ 1,106 $ — $ 1,106 GSE residential MBS 48 — 48 U.S. Governmental-guaranteed residential MBS 2 — 2 Trading securities 1,156 — 1,156 U.S. Government & other government related non-MBS 398 — 398 State or local housing agency non-MBS 20 — 20 FFELP ABS 5,053 — 5,053 GSE residential MBS 9,462 — 9,462 U.S. Government-guaranteed residential MBS 1,747 — 1,747 Private-label residential MBS — 62 62 Available-for-sale securities 16,680 62 16,742 Advances 605 — 605 Derivative assets 748 — $ (745 ) 3 Other assets - Mortgage loans held for sale 62 — 62 Financial assets at fair value $ 19,251 $ 62 $ (745 ) $ 18,568 Level 3 as a percent of total assets at fair value 0.3 % Financial liabilities - Consolidated obligation discount notes $ (2,237 ) $ — $ (2,237 ) Consolidated obligation bonds (3,811 ) — (3,811 ) Derivative liabilities (1,725 ) — $ 1,665 (60 ) Financial liabilities at fair value $ (7,773 ) $ — $ 1,665 $ (6,108 ) Level 3 as a percent of total liabilities at fair value — % December 31, 2015 Financial assets - U.S. Government & other government related non-MBS $ 1,108 $ — $ 1,108 GSE residential MBS 50 — 50 U.S. Governmental-guaranteed residential MBS 2 — 2 Trading securities 1,160 — 1,160 U.S. Government & other government related non-MBS 422 — 422 State or local housing agency non-MBS 18 — 18 FFELP ABS 5,299 — 5,299 GSE residential MBS 9,798 — 9,798 U.S. Government-guaranteed residential MBS 1,868 — 1,868 Private-label residential MBS — 65 65 Available-for-sale securities 17,405 65 17,470 Advances 511 — 511 Derivative assets 598 5 $ (601 ) 2 Other assets - Mortgage loans held for sale 54 — 54 Financial assets at fair value $ 19,728 $ 70 $ (601 ) $ 19,197 Level 3 as a percent of total assets at fair value 0.4 % Financial liabilities - Consolidated obligation discount notes $ (9,006 ) $ — $ (9,006 ) Consolidated obligation bonds (952 ) (55 ) a (1,007 ) Derivative liabilities (1,424 ) — $ 1,369 (55 ) Financial liabilities at fair value $ (11,382 ) $ (55 ) $ 1,369 $ (10,068 ) Level 3 as a percent of total liabilities at fair value 0.5 % a Amount represents debt carried at fair value under a full fair value hedge strategy, not at fair value under the fair value option. Fair Value Option We elect the fair value option for financial instruments, such as advances, MPF Loans held for sale, discount notes, and consolidated obligation bonds, in cases where hedge accounting treatment may not be achieved. Specifically, hedge accounting may not be achieved in cases where it may be difficult to pass prospective or retrospective effectiveness testing under derivative hedge accounting guidance even though the derivatives used to hedge these financial instruments have matching terms. Accordingly, electing the fair value option allows us to better match the change in fair value of these financial instruments with the derivative economically hedging them. We made no adjustments to the fair values of these financial instruments for credit risk as of the reporting periods presented. The following table summarizes the net gain (loss) related to financial assets and liabilities for which we elected the fair value option. Three months ended March 31, 2016 2015 Advances $ 11 $ 1 Bonds (3 ) 2 Discount Notes (3 ) — Net gain (loss) instruments held under fair value option $ 5 $ 3 The following table reflects the difference between the aggregate unpaid principal balance (UPB) outstanding and the aggregate fair value for our long term financial instruments for which the fair value option has been elected. None of the advances were 90 days or more past due and none were on nonaccrual status. March 31, 2016 December 31, 2015 As of Advances Bonds Advances Bonds Unpaid Principal Balance $ 592 $ 3,808 $ 509 $ 953 Fair Value Over (Under) UPB 13 3 2 (1 ) Fair Value $ 605 $ 3,811 $ 511 $ 952

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies [Text Block]	Commitments and Contingencies The following table shows our commitments outstanding, which represent off-balance sheet obligations. March 31, 2016 December 31, 2015 As of Expire within one year Expire after one year Total Expire within one year Expire after one year Total Unsettled consolidated obligation bonds $ 1,075 $ — $ 1,075 $ 105 $ — $ 105 Unsettled consolidated obligation discount notes 599 — 599 — — — Member standby letters of credit 5,039 2,173 a 7,212 5,063 1,615 a 6,678 Housing authority standby bond purchase agreements 35 344 379 49 362 411 Advance commitments 151 1 152 163 5 168 MPF delivery commitments 399 — 399 279 — 279 Other commitments 61 1 62 48 3 51 Commitments $ 7,359 $ 2,519 $ 9,878 $ 5,707 $ 1,985 $ 7,692 a Contains $576 million and $637 million of member standby letters of credit at March 31, 2016 , and December 31, 2015 , which were renewable annually. For a description of previously defined terms see Note 17 - Commitments and Contingencies to the financial statements in our 2015 Form 10-K.

Transactions with Related Parti

Transactions with Related Parties and Other FHLBs	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Transactions with Related Parties and Other FHLBs [Text Block]	Transactions with Related Parties and Other FHLBs We define related parties as members that own 10% or more of our capital stock or members whose officers or directors also serve on our Board of Directors. Capital stock ownership is a prerequisite to transacting any member business with us. Members and former members own all of our capital stock. In the normal course of business, we extend credit to or enter into other transactions with these related parties. All transactions are done at market terms that are no more favorable than the terms of comparable transactions with other members who are not considered related parties. Members The following table summarizes balances we had with our members as defined above as related parties (including their affiliates). Members represented in these tables may change between periods presented, to the extent that our related parties change, based on changes in the composition of our Board membership or percentage of capital stock ownership over 10% as noted in Note 11 - Capital and Mandatorily Redeemable Capital Stock (MRCS). As of March 31, 2016 December 31, 2015 Assets - Interest bearing deposits $ 650 $ 650 Assets - Advances 11,158 15,168 Liabilities - Deposits 18 20 Equity - Capital Stock 267 467 Other FHLBs From time to time, we may loan to, or borrow from, other FHLBs. All transactions are done at market terms that are no more favorable than the terms of comparable transactions with other counterparties. These transactions are overnight, maturing the following business day. These transactions with other FHLBs, if any, are identified on the face of our Financial Statements .

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Debt, Policy [Policy Text Block]	Simplifying the Presentation of Debt Issuance Cost (i.e., Concession Fees) In April of 2015, the FASB issued new guidance requiring any concession fee to be presented as a direct deduction from the debt it relates to rather than separately presented as a deferred cost in Other Assets. We retrospectively adopted the new guidance January 1, 2016 by reclassifying deferred concession fees from Other Assets to its related debt, which includes our Consolidated obligations discount notes, Consolidated obligation bonds and Subordinated notes. This reclassification did not have a material effect on our financial condition, results of operations, cash flows, or percentage net interest yield on our consolidated obligations at the time of adoption.
Derivatives, Hedge Discontinuances, Termination of Hedging Instrument or Hedged Item [Policy Text Block]	Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships In March of 2016, the FASB issued new guidance clarifying that a change in counterparty (novation) to a derivative instrument that has been designated as the hedging instrument in an existing hedging relationship would not, in and of itself, be considered a termination of the derivative instrument or be considered a change in the critical term of the hedging relationship. We early adopted this new guidance on a prospective basis effective January 1, 2016. The new guidance did not have a material effect on our financial condition, results of operations, or cash flows at the time of adoption.

Interest Income and Interest 25

Interest Income and Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2016
Interest Income (Expense), Net [Abstract]
Interest Income and Interest Expense [Table Text Block]	The following table presents interest income and interest expense for the periods indicated: Three months ended March 31, 2016 2015 Interest income - Interest bearing deposits, Federal Funds sold and securities purchased under agreements to resell $ 5 $ 3 Investment securities - Trading 2 1 Available-for-sale 132 134 Held-to-maturity 59 69 Investment securities 193 204 Advances - Advance interest income 62 39 Advance prepayment fees, including related hedge adjustment gains (losses) of $0 and $1 1 6 Advances 63 45 MPF Loans held in portfolio 57 69 Interest income 318 321 Interest expense - Consolidated obligations - Discount notes 82 72 Bonds 102 105 Consolidated obligations 184 177 Subordinated notes 14 14 Interest expense 198 191 Net interest income $ 120 $ 130

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Trading Securities by Major Security Type [Table Text Block]	The following table presents the fair value of our trading securities. We did not hold a material amount of securities we issued through our MPF Government MBS product as of the dates presented. We had no material unrealized gains or losses on trading securities. As of March 31, 2016 December 31, 2015 U.S. Government & other government related $ 1,106 $ 1,108 Residential MBS: GSE 48 50 Government-guaranteed 2 2 Residential MBS 50 52 Trading securities $ 1,156 $ 1,160
Available-for-sale Securities by Major Security Type [Table Text Block]	Amortized Cost Basis and Fair Value – Available-for-Sale Securities (AFS) Amortized Cost Basis Gross Unrealized Gains in AOCI Gross Unrealized (Losses) in AOCI Carrying Amount and Fair Value As of March 31, 2016 U.S. Government & other government related $ 380 $ 24 $ (6 ) $ 398 State or local housing agency 20 — — 20 FFELP ABS 4,915 165 (27 ) 5,053 Residential MBS: GSE 9,063 414 (15 ) 9,462 Government-guaranteed 1,687 60 — 1,747 Private-label 59 3 — 62 Residential MBS 10,809 477 (15 ) 11,271 Available-for-sale securities $ 16,124 $ 666 $ (48 ) $ 16,742 As of December 31, 2015 U.S. Government & other government related $ 405 $ 21 $ (4 ) $ 422 State or local housing agency 18 — — 18 FFELP ABS 5,090 233 (24 ) 5,299 Residential MBS: GSE 9,427 383 (12 ) 9,798 Government-guaranteed 1,811 57 — 1,868 Private-label 61 4 — 65 Residential MBS 11,299 444 (12 ) 11,731 Available-for-sale securities $ 16,812 $ 698 $ (40 ) $ 17,470 We had no sales of AFS securities for the periods presented.
Held-to-maturity Securities by Major Security Type [Table Text Block]	Amortized Cost Basis, Carrying Amount, and Fair Value - Held-to-Maturity Securities (HTM) Amortized Cost Basis Non-credit OTTI Recognized in AOCI (Loss) Carrying Amount Gross Unrecognized Holding Gains Gross Unrecognized Holding (Losses) Fair Value As of March 31, 2016 U.S. Government & other government related $ 1,307 $ — $ 1,307 $ 80 $ — $ 1,387 State or local housing agency 15 — 15 — — 15 Residential MBS: GSE 2,093 — 2,093 151 — 2,244 Government-guaranteed 928 — 928 19 — 947 Private-label 1,052 (206 ) 846 303 (1 ) 1,148 Residential MBS 4,073 (206 ) 3,867 473 (1 ) 4,339 Held-to-maturity securities $ 5,395 $ (206 ) $ 5,189 $ 553 $ (1 ) $ 5,741 As of December 31, 2015 U.S. Government & other government related $ 1,932 $ — $ 1,932 $ 64 $ (1 ) $ 1,995 State or local housing agency 16 — 16 — — 16 Residential MBS: GSE 2,163 — 2,163 134 — 2,297 Government-guaranteed 969 — 969 16 — 985 Private-label 1,104 (217 ) 887 334 (1 ) 1,220 Residential MBS 4,236 (217 ) 4,019 484 (1 ) 4,502 Held-to-maturity securities $ 6,184 $ (217 ) $ 5,967 $ 548 $ (2 ) $ 6,513 We had no sales of HTM securities for the periods presented.
Securities in a Continuous Unrealized Loss Position [Table Text Block]	Available-for-Sale Securities Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) As of March 31, 2016 U.S. Government & other government related $ 32 $ (2 ) $ 47 $ (4 ) $ 79 $ (6 ) FFELP ABS 60 (1 ) 762 (26 ) 822 (27 ) Residential MBS: GSE 1,544 (5 ) 1,014 (10 ) 2,558 (15 ) Government-guaranteed 25 — — — 25 — Private-label — — 21 — 21 — Residential MBS 1,569 (5 ) 1,035 (10 ) 2,604 (15 ) Available-for-sale securities $ 1,661 $ (8 ) $ 1,844 $ (40 ) $ 3,505 $ (48 ) As of December 31, 2015 U.S. Government & other government related $ 30 $ (1 ) $ 45 $ (3 ) $ 75 $ (4 ) State or local housing agency 4 — — — 4 — FFELP ABS 64 (1 ) 787 (23 ) 851 (24 ) Residential MBS: GSE 1,081 (3 ) 1,006 (9 ) 2,087 (12 ) Government-guaranteed 90 — — — 90 — Private-label — — 8 — 8 — Residential MBS 1,171 (3 ) 1,014 (9 ) 2,185 (12 ) Available-for-sale securities $ 1,269 $ (5 ) $ 1,846 $ (35 ) $ 3,115 $ (40 ) Held-to-Maturity Securities Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) As of March 31, 2016 U.S. Government & other government related $ — $ — $ 16 $ — $ 16 $ — State or local housing agency 1 — 9 — 10 — Residential MBS: GSE 4 — — — 4 — Government-guaranteed 141 — — — 141 — Private-label 6 — 1,098 (207 ) 1,104 (207 ) Residential MBS 151 — 1,098 (207 ) 1,249 (207 ) Held-to-maturity securities $ 152 $ — $ 1,123 $ (207 ) $ 1,275 $ (207 ) As of December 31, 2015 U.S. Government & other government related $ 606 $ — $ 16 $ (1 ) $ 622 $ (1 ) State or local housing agency 1 — 10 — 11 — Residential MBS: GSE 4 — — — 4 — Private-label — — 1,167 (218 ) 1,167 (218 ) Residential MBS 4 — 1,167 (218 ) 1,171 (218 ) Held-to-maturity securities $ 611 $ — $ 1,193 $ (219 ) $ 1,804 $ (219 )
Securities by Contractual Maturity [Table Text Block]	The following table presents the amortized cost basis and fair value of AFS and HTM securities by contractual maturity, excluding ABS and MBS securities. These securities are excluded because their expected maturities may differ from their contractual maturities if borrowers of the underlying loans elect to prepay their loans. Available-for-Sale Held-to-Maturity As of March 31, 2016 Amortized Cost Basis Carrying Amount and Fair Value Carrying Amount Fair Value Year of Maturity - Due in one year or less $ — $ — $ 123 $ 124 Due after one year through five years 65 68 314 329 Due after five years through ten years 28 29 76 78 Due after ten years 307 321 809 871 ABS and MBS without a single maturity date 15,724 16,324 3,867 4,339 Total securities $ 16,124 $ 16,742 $ 5,189 $ 5,741
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Table Text Block]	The following table presents the changes in the cumulative amount of previously recorded OTTI credit losses (recognized into earnings) on investment securities for the reporting periods indicated. Three months ended March 31, 2016 2015 Beginning Balance $ 568 $ 620 Reductions: Increases in expected future cash flows recorded as accretion into interest income (13 ) (15 ) Ending Balance $ 555 $ 605

Advances (Tables)

Advances (Tables)	3 Months Ended
	Mar. 31, 2016
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances [Table Text Block]	The following table presents our advances by redemption terms. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay advances with or without penalties. As of March 31, 2016 Weighted Average Interest Rate Amount Due in one year or less 0.74 % $ 9,603 One to two years 0.84 % 7,851 Two to three years 0.70 % a 5,515 Three to four years 0.59 % a 7,037 Four to five years 0.77 % a 4,119 More than five years 1.71 % 3,935 Par value 0.83 % $ 38,060 a The weighted average interest rate is relatively lower when compared to other categories due to a majority of advances in this category consisting of variable rate advances which reset periodically at current interest rates. See Note 8 - Allowance for Credit Losses for information related to our credit risk on advances and allowance methodology for credit losses. The following table reconciles the par value of our advances to the carrying amount on our statements of condition as of the dates indicated. As of March 31, 2016 December 31, 2015 Par value $ 38,060 $ 36,605 Hedging adjustments 268 159 Other adjustments 25 14 Advances $ 38,353 $ 36,778
Credit Concentration Risk
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The following advance borrowers exceeded 10% of our total advances outstanding: As of March 31, 2016 Par Value % of Total Outstanding One Mortgage Partners Corp $ 11,000 a 29 % The Northern Trust Company 4,000 11 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

MPF Loans (Tables)

MPF Loans (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Mortgage Loans Held for Portfolio [Table Text Block]	The following table presents information on MPF Loans held in portfolio by contractual maturity at the time of purchase. As of March 31, 2016 December 31, 2015 Medium term (15 years or less) $ 580 $ 662 Long term (greater than 15 years) 4,046 4,112 Unpaid principal balance 4,626 4,774 Net premiums, credit enhancement and deferred loan fees 21 20 Hedging adjustments 34 37 MPF Loans held in portfolio, before allowance for credit losses 4,681 4,831 Allowance for credit losses on MPF Loans (2 ) (3 ) MPF Loans held in portfolio, net $ 4,679 $ 4,828 Conventional mortgage loans $ 3,453 $ 3,568 Government Loans 1,173 1,206 Unpaid principal balance $ 4,626 $ 4,774

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Allowance for Credit Losses on Financing Receivables [Table Text Block]	The following table presents the changes in the allowance for credit losses attributable to our portfolio segment for conventional MPF Loans held in portfolio. Three months ended March 31, 2016 2015 Balance, beginning of period $ 3 $ 15 Losses charged to the allowance (1 ) (11 ) Balance, end of period $ 2 $ 4 The following table presents the recorded investment in conventional MPF Loans by impairment methodology. Recorded investment in a conventional MPF Loan is its amortized cost basis plus related accrued interest receivable, if any. Recorded investment is not net of its allowance for credit losses but is net of any direct charge-off on the conventional MPF Loan. As of March 31, 2016 December 31, 2015 Allowance for credit losses on conventional MPF Loans - Homogeneous pools of loans collectively evaluated for impairment $ 2 $ 3 Recorded investment in conventional MPF Loans - Individually evaluated for impairment $ 96 $ 107 Collectively evaluated for impairment 3,415 3,519 Recorded investment $ 3,511 $ 3,626
Past Due Financing Receivables [Table Text Block]	The following table summarizes our recorded investment in MPF Loans by our key credit quality indicators, which include: • "Serious delinquency rate" consists of MPF Loans that are 90 days or more past due or in the process of foreclosure, as a percentage of the total recorded investment. • "Past due 90 days or more still accruing interest" consists of MPF Loans that are either government guaranteed or conventional mortgage loans that are well secured (by collateral that have a realizable value sufficient to discharge the debt or by the guarantee or insurance, such as PMI, of a financially responsible party) and in the process of collection. March 31, 2016 December 31, 2015 As of Conventional Government Total Conventional Government Total Past due 30-59 days $ 92 $ 52 $ 144 $ 99 $ 63 $ 162 Past due 60-89 days 28 16 44 32 21 53 Past due 90 days or more 91 16 107 100 15 115 Past due 211 84 295 231 99 330 Current 3,300 1,111 4,411 3,395 1,130 4,525 Recorded investment $ 3,511 $ 1,195 $ 4,706 $ 3,626 $ 1,229 $ 4,855 Also in process of foreclosure $ 49 $ 3 $ 52 $ 51 $ 3 $ 54 Serious delinquency rate 2.59 % 1.36 % 2.28 % 2.77 % 1.23 % 2.38 % Past due 90 days or more still accruing interest $ 8 $ 16 $ 24 $ 10 $ 15 $ 25 On nonaccrual status $ 96 $ — $ 96 $ 107 $ — $ 107
Impaired Financing Receivables [Table Text Block]	The following table summarizes the recorded investment, unpaid principal balance, and related allowance for credit losses attributable to individually evaluated impaired conventional MPF Loans. Conventional MPF Loans are individually evaluated for impairment when they are adversely classified. There is no allowance for credit losses attributable to conventional MPF Loans that are individually evaluated for impairment, since the related allowance for credit losses have been charged off. As of March 31, 2016 December 31, 2015 Recorded investment without an allowance for credit losses $ 96 $ 107 Unpaid principal balance without an allowance for credit losses 105 117 The following table summarizes the average recorded investment of impaired conventional MPF Loans. We do not recognize interest income on impaired loans. Three months ended March 31, 2016 2015 Average recorded investment without an allowance for credit losses $ 99 $ 148

Derivatives and Hedging Activ30

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table presents our gross and net derivative assets and liabilities by contract type and amount for our derivative agreements. March 31, 2016 December 31, 2015 As of Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives in hedge accounting relationships- Interest rate swaps $ 24,177 $ 67 $ 1,264 $ 25,140 $ 30 $ 1,082 Derivatives not in hedge accounting relationships- Interest rate swaps 23,211 556 459 28,866 456 341 Interest rate swaptions 860 51 — 1,270 40 — Interest rate caps or floors 1,129 73 — 1,131 76 — Interest rate futures 17 — — 7 — — Mortgage delivery commitments 717 1 1 479 1 1 TBAs Ginnie Mae securitizations 111 — 1 114 — — Derivatives not in hedge accounting relationships 26,045 681 461 31,867 573 342 Gross derivative amount before adjustments $ 50,222 748 1,725 $ 57,007 603 1,424 Netting adjustments and cash collateral (745 ) a (1,665 ) a (601 ) a (1,369 ) a Derivatives on statements of condition $ 3 $ 60 $ 2 $ 55 a Amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed by us with the same clearing agent and/or counterparty. Cash collateral posted was $947 million and $793 million at March 31, 2016 , and December 31, 2015 , and cash collateral received was $28 million and $25 million .
Balance Sheet Offsetting [Table Text Block]	The following table presents our gross recognized amount of offsetting derivative assets and liabilities for derivatives with legal right of offset as well as derivatives without the legal right of offset. Derivative Assets Derivative Liabilities As of March 31, 2016 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 602 $ 145 $ 747 $ 1,167 $ 557 $ 1,724 Netting adjustments and cash collateral (600 ) (145 ) (745 ) (1,122 ) (543 ) (1,665 ) Derivatives with legal right of offset - net 2 — 2 45 14 59 Derivatives without legal right of offset 1 — 1 1 — 1 Derivatives on statements of condition 3 — 3 46 14 60 Noncash collateral received (pledged) and cannot be sold or repledged 1 — 1 — 14 14 Net amount $ 2 $ — $ 2 $ 46 $ — $ 46 As of December 31, 2015 Derivatives with legal right of offset - Gross recognized amount $ 509 $ 93 $ 602 $ 1,182 $ 241 $ 1,423 Netting adjustments and cash collateral (508 ) (93 ) (601 ) (1,140 ) (229 ) (1,369 ) Derivatives with legal right of offset - net 1 — 1 42 12 54 Derivatives without legal right of offset 1 — 1 1 — 1 Derivatives on statements of condition 2 — 2 43 12 55 Noncash collateral received (pledged) and cannot be sold or repledged — — — — 12 12 Net amount $ 2 $ — $ 2 $ 43 $ — $ 43 At March 31, 2016 , we had $88 million of additional net credit exposure on cleared derivatives due to our pledging of non-cash collateral to a DCO for initial margin, which exceeded our net derivative liability position. We had $50 million comparable exposure at December 31, 2015 .
Derivatives And Hedging Activities as Presented in the Statements of Income [Table Text Block]	The following table presents the gains (losses) of derivatives and hedging activities as presented in the statements of income. Three months ended March 31, For the periods ending 2016 2015 Fair value hedges - Interest rate swaps $ (9 ) $ (19 ) Economic hedges - Interest rate swaps (27 ) (23 ) Interest rate swaptions 11 8 Interest rate caps or floors (3 ) (1 ) Net interest settlements 12 24 Mortgage delivery commitments 2 — TBAs Ginnie Mae securitizations (2 ) — Economic hedges (7 ) 8 Gains (losses) on derivatives and hedging activities $ (16 ) $ (11 )
Fair Value Hedges [Table Text Block]	The following table presents, by type of hedged item, the gains (losses) on derivatives and the related hedged items in fair value hedging relationships and the effect of those derivatives on our net interest income. Net Interest Settlements Recorded in Net Interest Income r epresents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. Closed Hedge Adjustments Amortized into Net Interest Income represents the amortization of hedge adjustments included in the interest income/expense line item of the respective hedged item type. We had no gain (loss) for hedged firm commitments on forward-starting advances that no longer qualified as a fair value hedge. On Derivative On Hedged Item Total Ineffectiveness Recognized in Derivatives and Hedging Activities Net Interest Settlements Recorded in Net Interest Income Closed Hedge Adjustments Amortized into Net Interest Income Three months ended Available-for-sale securities $ (51 ) $ 48 $ (3 ) $ (30 ) $ (4 ) Advances (110 ) 109 (1 ) (20 ) — MPF Loans held for portfolio — — — — (2 ) Consolidated obligation bonds 68 (73 ) (5 ) 25 (3 ) Total $ (93 ) $ 84 $ (9 ) $ (25 ) $ (9 ) Three months ended Available-for-sale securities $ (36 ) $ 31 $ (5 ) $ (34 ) $ (10 ) Advances (61 ) 57 (4 ) (20 ) 1 MPF Loans held for portfolio — — — — (4 ) Consolidated obligation bonds 74 (84 ) (10 ) 58 — Total $ (23 ) $ 4 $ (19 ) $ 4 $ (13 )
Cash Flow Hedges [Table Text Block]	The following table presents our gains (losses) on our cash-flow hedging relationships recorded in income and other comprehensive income (loss). In cases where amounts are insignificant in the aggregate, we do not report a balance. We reclassify amounts in AOCI into our statements of income in the same period or periods during which the hedged forecasted transaction affects our earnings. We had no discontinued hedges. The deferred net gains (losses) on derivative instruments in AOCI that are expected to be reclassified to earnings during the next twelve months were $(3) million as of March 31, 2016 . The maximum length of time over which we are hedging our exposure to the variability in future cash flows for forecasted transactions is 5 years . Net Interest Settlements Recorded in Net Interest Income represents the effect of net interest settlements attributable to open derivative hedging instruments on net interest income. The effect of derivatives on net interest income is included in the interest income/expense line item of the respective hedged item type. We had no hedge ineffectiveness reclassified from AOCI to derivatives and hedging activities for the periods presented in the below table. Amortization of Effective Portion Reclassified From AOCI to Interest Total Reclassified From AOCI to Statements of Income Net Change in Other Comprehensive Income Effective Portion Recorded in AOCI Net Interest Settlements Recorded in Net Interest Income Three months ended Advances Interest rate floors $ 2 $ 2 $ (2 ) $ — $ — Discount notes Interest rate swaps — — (52 ) (52 ) (47 ) Bonds Interest rate swaps (1 ) (1 ) 1 — — Total $ 1 $ 1 $ (53 ) $ (52 ) $ (47 ) Three months ended Advances Interest rate floors $ 3 $ 3 $ (3 ) $ — $ — Discount notes Interest rate swaps (1 ) (1 ) (26 ) (27 ) (62 ) Bonds Interest rate swaps (1 ) (1 ) 1 — — Total $ 1 $ 1 $ (28 ) $ (27 ) $ (62 )

Consolidated Obligations (Table

Consolidated Obligations (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table presents our consolidated obligation bonds, for which we are the primary obligor, including callable bonds that are redeemable in whole, or in part, at our discretion on predetermined call dates. As of March 31, 2016 Contractual Maturity Weighted Average Interest Rate By Next Maturity or Call Date Due in one year or less $ 5,528 1.81 % $ 16,188 One to two years 5,148 2.19 % 3,973 Two to three years 3,342 1.27 % 1,120 Three to four years 3,694 1.49 % 1,516 Four to five years 2,655 1.68 % 101 Thereafter 3,677 3.43 % 1,146 Par value $ 24,044 2.00 % $ 24,044
Schedule of Short-term Debt [Table Text Block]	The following table presents our consolidated obligation discount notes for which we are the primary obligor. All are due in one year or less. As of March 31, 2016 December 31, 2015 Carrying Amount $ 40,293 $ 41,564 Par Value 40,313 41,584 Weighted Average Interest Rate 0.38 % 0.22 %
Schedule of Long-term Debt Instruments [Table Text Block]	The following table presents consolidated obligation bonds outstanding by call feature: As of March 31, 2016 December 31, 2015 Noncallable $ 12,690 $ 10,148 Callable 11,354 12,536 Par value 24,044 22,684 Hedging adjustments (26 ) (101 ) Other adjustments 3 (1 ) Consolidated obligation bonds $ 24,021 $ 22,582
Schedule of Guarantor Obligations [Table Text Block]	The following table summarizes the consolidated obligations of the FHLBs and those for which we are the primary obligor. We did not accrue a liability for our joint and several liability related to the other FHLBs’ share of the consolidated obligations as of March 31, 2016 , and December 31, 2015 . Refer to Note 17 - Commitments and Contingencies to the financial statements in our 2015 Form 10-K for further details. March 31, 2016 December 31, 2015 Par values as of Bonds Discount Notes Total Bonds Discount Notes Total FHLB System total consolidated obligations $ 459,139 $ 437,689 $ 896,828 $ 410,859 $ 494,343 $ 905,202 FHLB Chicago as primary obligor 24,044 40,313 64,357 22,684 41,584 64,268 As a percent of the FHLB System 5 % 9 % 7 % 6 % 8 % 7 %

Capital and Mandatorily Redee32

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Tables)	3 Months Ended
	Mar. 31, 2016
Concentration Risk [Line Items]
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]	For details on our minimum capital requirements, including how the ratios below were calculated, see Minimum Capital Requirements on page F-42 of our 2015 Form 10-K. We complied with our minimum regulatory capital requirements as shown below. March 31, 2016 December 31, 2015 Requirement Actual Requirement Actual Risk-based capital $ 988 $ 4,825 $ 1,027 $ 4,688 Total regulatory capital $ 2,837 $ 4,825 $ 2,827 $ 4,688 Total regulatory capital ratio 4.00 % 6.81 % 4.00 % 6.63 % Leverage capital $ 3,546 $ 7,238 $ 3,534 $ 7,032 Leverage capital ratio 5.00 % 10.21 % 5.00 % 9.95 % Total regulatory capital and leverage capital includes mandatorily redeemable capital stock (MRCS) but does not include AOCI. Under the FHFA regulation on capital classifications and critical capital levels for the FHLBs, we are adequately capitalized.
Stockholders' Equity, Total [Member]
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	The following members' regulatory capital stock exceeded 10% of our total regulatory capital stock outstanding: As of March 31, 2016 Regulatory Capital Stock Outstanding % of Total Outstanding One Mortgage Partners Corp $ 250 a 12 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the income (loss) in AOCI for the reporting periods indicated. Net Unrealized Gain (Loss) Non-credit OTTI Net Unrealized on Cash Flow Hedges Available-for-sale Securities Held-to-maturity Securities Post-Retirement Plans AOCI Three months ended March 31, 2016 Beginning balance $ 658 $ (217 ) $ (463 ) $ (6 ) $ (28 ) Change in the period recorded to the statements of condition, before reclassifications to statements of income (40 ) 11 (52 ) — (81 ) Amounts reclassified in period to statements of income: Net interest income — — (1 ) — (1 ) Other comprehensive income in the period (40 ) 11 (53 ) — (82 ) Ending balance $ 618 $ (206 ) $ (516 ) $ (6 ) $ (110 ) Three months ended March 31, 2015 Beginning balance $ 1,060 $ (264 ) $ (580 ) $ 1 $ 217 Change in the period recorded to the statements of condition, before reclassifications to statements of income (22 ) 13 (27 ) (8 ) (44 ) Amounts reclassified in period to statements of income: Net interest income — — (1 ) — (1 ) Other comprehensive income in the period (22 ) 13 (28 ) (8 ) (45 ) Ending balance $ 1,038 $ (251 ) $ (608 ) $ (7 ) $ 172

Fair Value Accounting (Tables)

Fair Value Accounting (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurement [Table Text Block]	The following table shows the fair values of financial instruments that are measured at amortized cost on our statements of condition, except where we elected the fair value option. Financial instruments for which we elected the fair value option are measured at fair value on a recurring basis on our statements of condition and are parenthetically shown in the following table. Carrying Amount Fair Value Hierarchy Fair Value Level 1 Level 2 Level 3 March 31, 2016 Financial Assets - Cash and due from banks $ 33 $ 33 $ 33 $ — $ — Interest bearing deposits 650 650 650 — — Federal Funds sold 3,610 3,610 — 3,610 — Securities purchased under agreements to resell 250 250 — 250 — Held-to-maturity securities 5,189 5,741 — 4,593 1,148 Advances 38,353 38,311 — 38,311 — MPF Loans held in portfolio, net 4,679 4,999 — 4,965 34 Financial Liabilities - Deposits (498 ) (498 ) — (498 ) — Consolidated obligation discount notes (40,293 ) (40,299 ) — (40,299 ) — Consolidated obligation bonds (24,021 ) (24,500 ) — (24,500 ) — Mandatorily redeemable capital stock (302 ) (302 ) (302 ) — — Subordinated notes (944 ) (954 ) — (954 ) — December 31, 2015 Financial Assets - Cash and due from banks $ 499 $ 499 $ 499 $ — $ — Interest bearing deposits 650 650 650 — — Federal Funds sold 1,702 1,702 — 1,702 — Securities purchased under agreements to resell 1,375 1,375 — 1,375 — Held-to-maturity securities 5,967 6,513 — 5,293 1,220 Advances 36,778 36,736 — 36,736 — MPF Loans held in portfolio, net 4,828 5,190 — 5,155 35 Financial Liabilities - Deposits (538 ) (538 ) — (538 ) — Consolidated obligation discount notes (41,564 ) (41,563 ) — (41,563 ) — Consolidated obligation bonds (22,582 ) (22,986 ) — (22,931 ) (55 ) a Mandatorily redeemable capital stock (8 ) (8 ) (8 ) — — Subordinated notes (944 ) (966 ) — (966 ) — a Amount represents debt carried at fair value under a full fair value hedge strategy, not at fair value under the fair value option.
Assets and Liabilities Measured at Fair Value on a Recurring Basis [Table Text Block]	The following table presents financial instruments measured at fair value on a recurring basis on our statements of condition. The Netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right of setoff, by contract (e.g., master netting agreement) or otherwise, to discharge all or a portion of the debt owed to our counterparty by applying against the debt an amount that our counterparty owes to us. See Note 9 - Derivatives and Hedging Activities . March 31, 2016 Level 2 Level 3 Netting Fair Value Financial assets - U.S. Government & other government related non-MBS $ 1,106 $ — $ 1,106 GSE residential MBS 48 — 48 U.S. Governmental-guaranteed residential MBS 2 — 2 Trading securities 1,156 — 1,156 U.S. Government & other government related non-MBS 398 — 398 State or local housing agency non-MBS 20 — 20 FFELP ABS 5,053 — 5,053 GSE residential MBS 9,462 — 9,462 U.S. Government-guaranteed residential MBS 1,747 — 1,747 Private-label residential MBS — 62 62 Available-for-sale securities 16,680 62 16,742 Advances 605 — 605 Derivative assets 748 — $ (745 ) 3 Other assets - Mortgage loans held for sale 62 — 62 Financial assets at fair value $ 19,251 $ 62 $ (745 ) $ 18,568 Level 3 as a percent of total assets at fair value 0.3 % Financial liabilities - Consolidated obligation discount notes $ (2,237 ) $ — $ (2,237 ) Consolidated obligation bonds (3,811 ) — (3,811 ) Derivative liabilities (1,725 ) — $ 1,665 (60 ) Financial liabilities at fair value $ (7,773 ) $ — $ 1,665 $ (6,108 ) Level 3 as a percent of total liabilities at fair value — % December 31, 2015 Financial assets - U.S. Government & other government related non-MBS $ 1,108 $ — $ 1,108 GSE residential MBS 50 — 50 U.S. Governmental-guaranteed residential MBS 2 — 2 Trading securities 1,160 — 1,160 U.S. Government & other government related non-MBS 422 — 422 State or local housing agency non-MBS 18 — 18 FFELP ABS 5,299 — 5,299 GSE residential MBS 9,798 — 9,798 U.S. Government-guaranteed residential MBS 1,868 — 1,868 Private-label residential MBS — 65 65 Available-for-sale securities 17,405 65 17,470 Advances 511 — 511 Derivative assets 598 5 $ (601 ) 2 Other assets - Mortgage loans held for sale 54 — 54 Financial assets at fair value $ 19,728 $ 70 $ (601 ) $ 19,197 Level 3 as a percent of total assets at fair value 0.4 % Financial liabilities - Consolidated obligation discount notes $ (9,006 ) $ — $ (9,006 ) Consolidated obligation bonds (952 ) (55 ) a (1,007 ) Derivative liabilities (1,424 ) — $ 1,369 (55 ) Financial liabilities at fair value $ (11,382 ) $ (55 ) $ 1,369 $ (10,068 ) Level 3 as a percent of total liabilities at fair value 0.5 % a Amount represents debt carried at fair value under a full fair value hedge strategy, not at fair value under the fair value option.
Fair Value, Option, Quantitative Disclosures [Table Text Block]	The following table summarizes the net gain (loss) related to financial assets and liabilities for which we elected the fair value option. Three months ended March 31, 2016 2015 Advances $ 11 $ 1 Bonds (3 ) 2 Discount Notes (3 ) — Net gain (loss) instruments held under fair value option $ 5 $ 3 The following table reflects the difference between the aggregate unpaid principal balance (UPB) outstanding and the aggregate fair value for our long term financial instruments for which the fair value option has been elected. None of the advances were 90 days or more past due and none were on nonaccrual status. March 31, 2016 December 31, 2015 As of Advances Bonds Advances Bonds Unpaid Principal Balance $ 592 $ 3,808 $ 509 $ 953 Fair Value Over (Under) UPB 13 3 2 (1 ) Fair Value $ 605 $ 3,811 $ 511 $ 952

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Off-Balance Sheet Commitments [Table Text Block]	The following table shows our commitments outstanding, which represent off-balance sheet obligations. March 31, 2016 December 31, 2015 As of Expire within one year Expire after one year Total Expire within one year Expire after one year Total Unsettled consolidated obligation bonds $ 1,075 $ — $ 1,075 $ 105 $ — $ 105 Unsettled consolidated obligation discount notes 599 — 599 — — — Member standby letters of credit 5,039 2,173 a 7,212 5,063 1,615 a 6,678 Housing authority standby bond purchase agreements 35 344 379 49 362 411 Advance commitments 151 1 152 163 5 168 MPF delivery commitments 399 — 399 279 — 279 Other commitments 61 1 62 48 3 51 Commitments $ 7,359 $ 2,519 $ 9,878 $ 5,707 $ 1,985 $ 7,692 a Contains $576 million and $637 million of member standby letters of credit at March 31, 2016 , and December 31, 2015 , which were renewable annually.

Transactions with Related Par36

Transactions with Related Parties and Other FHLBs (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions, by Balance Sheet Grouping [Table Text Block]	The following table summarizes balances we had with our members as defined above as related parties (including their affiliates). Members represented in these tables may change between periods presented, to the extent that our related parties change, based on changes in the composition of our Board membership or percentage of capital stock ownership over 10% as noted in Note 11 - Capital and Mandatorily Redeemable Capital Stock (MRCS). As of March 31, 2016 December 31, 2015 Assets - Interest bearing deposits $ 650 $ 650 Assets - Advances 11,158 15,168 Liabilities - Deposits 18 20 Equity - Capital Stock 267 467

Interest Income and Interest 37

Interest Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest income -
Interest bearing deposits, Federal Funds sold and securities purchased under agreements to resell	$ 5	$ 3
Investment securities -
Trading	2	1
Available-for-sale	132	134
Held-to-maturity	59	69
Investment securities	193	204
Advances -
Advance interest income	62	39
Advance prepayment fees, including related hedge adjustment gains (losses) of $0 and $1	1	6
Advances	63	45
MPF Loans held in portfolio	57	69
Interest income	318	321
Consolidated obligations -
Discount notes	82	72
Bonds	102	105
Consolidated obligations	184	177
Subordinated notes	14	14
Interest expense	198	191
Net interest income	$ 120	$ 130

Interest Income and Interest 38

Interest Income and Interest Expense (Hedge adjustments on advance prepayment fees) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest Income (Expense), Net [Abstract]
Hedge adjustment gains (losses) related to advance prepayment fees	$ 0	$ 1

Investment Securities (Trading

Investment Securities (Trading Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 1,156	$ 1,160
U.S. Government & other government related
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	1,106	1,108
Residential MBS:
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	50	52
Residential MBS: | GSE
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	48	50
Residential MBS: | Government-guaranteed
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 2	$ 2

Investment Securities (Availabl

Investment Securities (Available-for-sale Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 16,124	$ 16,812
Gross Unrealized Gains in AOCI	666	698
Gross Unrealized (Losses) in AOCI	(48)	(40)
Carrying Amount and Fair Value	16,742	17,470
U.S. Government & other government related
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	380	405
Gross Unrealized Gains in AOCI	24	21
Gross Unrealized (Losses) in AOCI	(6)	(4)
Carrying Amount and Fair Value	398	422
State or local housing agency
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	20	18
Gross Unrealized Gains in AOCI	0	0
Gross Unrealized (Losses) in AOCI	0	0
Carrying Amount and Fair Value	20	18
FFELP ABS | FFELP ABS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	4,915	5,090
Gross Unrealized Gains in AOCI	165	233
Gross Unrealized (Losses) in AOCI	(27)	(24)
Carrying Amount and Fair Value	5,053	5,299
Residential MBS:
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	10,809	11,299
Gross Unrealized Gains in AOCI	477	444
Gross Unrealized (Losses) in AOCI	(15)	(12)
Carrying Amount and Fair Value	11,271	11,731
Residential MBS: | GSE
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	9,063	9,427
Gross Unrealized Gains in AOCI	414	383
Gross Unrealized (Losses) in AOCI	(15)	(12)
Carrying Amount and Fair Value	9,462	9,798
Residential MBS: | Government-guaranteed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,687	1,811
Gross Unrealized Gains in AOCI	60	57
Gross Unrealized (Losses) in AOCI	0	0
Carrying Amount and Fair Value	1,747	1,868
Residential MBS: | Private-label
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	59	61
Gross Unrealized Gains in AOCI	3	4
Gross Unrealized (Losses) in AOCI	0	0
Carrying Amount and Fair Value	$ 62	$ 65

Investment Securities (Held-to-

Investment Securities (Held-to-Maturities Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	$ 5,395	$ 6,184
Non-credit OTTI Recognized in AOCI (Loss)	(206)	(217)
Carrying Amount	5,189	5,967
Gross Unrecognized Holding Gains	553	548
Gross Unrecognized Holding (Losses)	(1)	(2)
Held-to-maturity fair value	5,741	6,513
U.S. Government & other government related
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	1,307	1,932
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	1,307	1,932
Gross Unrecognized Holding Gains	80	64
Gross Unrecognized Holding (Losses)	0	(1)
Held-to-maturity fair value	1,387	1,995
State or local housing agency
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	15	16
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	15	16
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding (Losses)	0	0
Held-to-maturity fair value	15	16
Residential MBS:
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	4,073	4,236
Non-credit OTTI Recognized in AOCI (Loss)	(206)	(217)
Carrying Amount	3,867	4,019
Gross Unrecognized Holding Gains	473	484
Gross Unrecognized Holding (Losses)	(1)	(1)
Held-to-maturity fair value	4,339	4,502
Residential MBS: | GSE
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	2,093	2,163
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	2,093	2,163
Gross Unrecognized Holding Gains	151	134
Gross Unrecognized Holding (Losses)	0	0
Held-to-maturity fair value	2,244	2,297
Residential MBS: | Government-guaranteed
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	928	969
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	928	969
Gross Unrecognized Holding Gains	19	16
Gross Unrecognized Holding (Losses)	0	0
Held-to-maturity fair value	947	985
Residential MBS: | Private-label
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	1,052	1,104
Non-credit OTTI Recognized in AOCI (Loss)	(206)	(217)
Carrying Amount	846	887
Gross Unrecognized Holding Gains	303	334
Gross Unrecognized Holding (Losses)	(1)	(1)
Held-to-maturity fair value	$ 1,148	$ 1,220

Investment Securities (Aging of

Investment Securities (Aging of Unrealized Temporary Losses on Available-for-sale Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Less than 12 Months
Fair Value	$ 1,661	$ 1,269
Gross Unrealized (Losses)	(8)	(5)
12 Months or More
Fair Value	1,844	1,846
Gross Unrealized (Losses)	(40)	(35)
Total
Fair Value	3,505	3,115
Gross Unrealized (Losses)	(48)	(40)
U.S. Government & other government related
Less than 12 Months
Fair Value	32	30
Gross Unrealized (Losses)	(2)	(1)
12 Months or More
Fair Value	47	45
Gross Unrealized (Losses)	(4)	(3)
Total
Fair Value	79	75
Gross Unrealized (Losses)	(6)	(4)
State or local housing agency
Less than 12 Months
Fair Value		4
Gross Unrealized (Losses)		0
12 Months or More
Fair Value		0
Gross Unrealized (Losses)		0
Total
Fair Value		4
Gross Unrealized (Losses)		0
FFELP ABS | FFELP ABS
Less than 12 Months
Fair Value	60	64
Gross Unrealized (Losses)	(1)	(1)
12 Months or More
Fair Value	762	787
Gross Unrealized (Losses)	(26)	(23)
Total
Fair Value	822	851
Gross Unrealized (Losses)	(27)	(24)
Residential MBS:
Less than 12 Months
Fair Value	1,569	1,171
Gross Unrealized (Losses)	(5)	(3)
12 Months or More
Fair Value	1,035	1,014
Gross Unrealized (Losses)	(10)	(9)
Total
Fair Value	2,604	2,185
Gross Unrealized (Losses)	(15)	(12)
Residential MBS: | GSE
Less than 12 Months
Fair Value	1,544	1,081
Gross Unrealized (Losses)	(5)	(3)
12 Months or More
Fair Value	1,014	1,006
Gross Unrealized (Losses)	(10)	(9)
Total
Fair Value	2,558	2,087
Gross Unrealized (Losses)	(15)	(12)
Residential MBS: | Government-guaranteed
Less than 12 Months
Fair Value	25	90
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	0	0
Gross Unrealized (Losses)	0	0
Total
Fair Value	25	90
Gross Unrealized (Losses)	0	0
Residential MBS: | Private-label
Less than 12 Months
Fair Value	0	0
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	21	8
Gross Unrealized (Losses)	0	0
Total
Fair Value	21	8
Gross Unrealized (Losses)	$ 0	$ 0

Investment Securities (Aging 43

Investment Securities (Aging of Unrealized Temporary Losses on Held-to-maturity Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Less than 12 Months
Fair Value	$ 152	$ 611
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1,123	1,193
Gross Unrealized (Losses)	(207)	(219)
Total
Fair Value	1,275	1,804
Gross Unrealized (Losses)	(207)	(219)
U.S. Government & other government related
Less than 12 Months
Fair Value	0	606
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	16	16
Gross Unrealized (Losses)	0	(1)
Total
Fair Value	16	622
Gross Unrealized (Losses)	0	(1)
State or local housing agency
Less than 12 Months
Fair Value	1	1
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	9	10
Gross Unrealized (Losses)	0	0
Total
Fair Value	10	11
Gross Unrealized (Losses)	0	0
Residential MBS:
Less than 12 Months
Fair Value	151	4
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1,098	1,167
Gross Unrealized (Losses)	(207)	(218)
Total
Fair Value	1,249	1,171
Gross Unrealized (Losses)	(207)	(218)
Residential MBS: | GSE
Less than 12 Months
Fair Value	4	4
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	0	0
Gross Unrealized (Losses)	0	0
Total
Fair Value	4	4
Gross Unrealized (Losses)	0	0
Residential MBS: | Government-guaranteed
Less than 12 Months
Fair Value	141
Gross Unrealized (Losses)	0
12 Months or More
Fair Value	0
Gross Unrealized (Losses)	0
Total
Fair Value	141
Gross Unrealized (Losses)	0
Residential MBS: | Private-label
Less than 12 Months
Fair Value	6	0
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1,098	1,167
Gross Unrealized (Losses)	(207)	(218)
Total
Fair Value	1,104	1,167
Gross Unrealized (Losses)	$ (207)	$ (218)

Investment Securities (Contract

Investment Securities (Contractual Maturity Terms) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost Basis	$ 0
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost Basis	65
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost Basis	28
Available-for-sale Securities, Debt Maturities, Rolling after Year Ten, Amortized Cost Basis	307
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	15,724
Amortized Cost Basis	16,124	$ 16,812
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value	0
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value	68
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value	29
Available-for-sale Securities, Debt Maturities, Rolling after Year Ten, Fair Value	321
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	16,324
Carrying Amount and Fair Value	16,742	17,470
Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost	123
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost	314
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost	76
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Amortized Cost	809
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	3,867
Carrying Amount	5,189	5,967
Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value	124
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value	329
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value	78
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value	871
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	4,339
Fair Value	$ 5,741	$ 6,513

Investment Securities (Signific

Investment Securities (Significant Inputs Used to Determine OTTI) (Details)	Mar. 31, 2016
Minimum
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Assumed Home Price Change Rate all markets	(1.00%)
Projected House Price Change Rate majority of markets	3.00%
Maximum
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Assumed Home Price Change Rate all markets	8.00%
Projected House Price Change Rate majority of markets	5.00%

Investment Securities (OTTI rol

Investment Securities (OTTI rollforward) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Beginning Balance	$ 568	$ 620
Reductions:
Increases in expected future cash flows recorded as accretion into interest income	(13)	(15)
Ending Balance	$ 555	$ 605

Investment Securities Ongoing L

Investment Securities Ongoing Litigation (Details) - Private-label - October 15 2010 Litigation [Member] $ in Millions	1 Months Ended
	Apr. 30, 2016USD ($)bonds	Oct. 15, 2010USD ($)bonds
Gain Contingencies [Line Items]
Number of Debt Securities | bonds		64
Marketable Securities, Original Principal Amount		$ 4,290
Subsequent Event [Member]
Gain Contingencies [Line Items]
Number of Debt Securities | bonds	4
Marketable Securities, Original Principal Amount	$ 77.5
Litigation Settlement, Amount	37.5
Litigation Settlement, Expense	$ 5

Advances By redemption terms (D

Advances By redemption terms (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Federal Home Loan Bank, Advances, Rolling Maturity [Abstract]
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Next Twelve Rolling Months		0.74%
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two		0.84%
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three	[1]	0.70%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four	[1]	0.59%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five	[1]	0.77%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five		1.71%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate		0.83%
Federal Home Loan Bank, Advances, Maturities Summary, in Next Rolling Twelve Months		$ 9,603
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Two		7,851
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three		5,515
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Four		7,037
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Five		4,119
Federal Home Loan Bank, Advances, Maturities Summary, after Rolling Year Five		3,935
Par value		$ 38,060	$ 36,605
[1]	The weighted average interest rate is relatively lower when compared to other categories due to a majority of advances in this category consisting of variable rate advances which reset periodically at current interest rates.

Advances Reconciliation of par

Advances Reconciliation of par values to carrying values (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Federal Home Loan Banks [Abstract]
Par value	$ 38,060	$ 36,605
Hedging adjustments	268	159
Other adjustments	25	14
Advances	$ 38,353	$ 36,778

Advances By counterparty concen

Advances By counterparty concentration (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Par value		$ 38,060	$ 36,605
One Mortgage Partners Corp
Concentration Risk [Line Items]
Par value	[1]	$ 11,000
One Mortgage Partners Corp | Credit Concentration Risk
Concentration Risk [Line Items]
% of Total Outstanding		29.00%
The Northern Trust Company
Concentration Risk [Line Items]
Par value		$ 4,000
The Northern Trust Company | Credit Concentration Risk
Concentration Risk [Line Items]
% of Total Outstanding		11.00%
[1]	One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

MPF Loans (Details)

MPF Loans (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 4,626	$ 4,774
Net premiums, credit enhancement and deferred loan fees	21	20
Hedging adjustments	34	37
MPF Loans held in portfolio, before allowance for credit losses	4,681	4,831
Allowance for credit losses on MPF Loans	(2)	(3)
MPF Loans held in portfolio, net	4,679	4,828
Medium term (15 years or less)
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	580	662
Long term (greater than 15 years)
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	4,046	4,112
Conventional mortgage loans
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	3,453	3,568
Government Loans
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 1,173	$ 1,206

Allowance for Credit Losses Rol

Allowance for Credit Losses Rollforward (Details) - Conventional - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance, beginning of period	$ 3	$ 15
Losses charged to the allowance	(1)	(11)
Balance, end of period	$ 2	$ 4

Allowance for Credit Losses Loa

Allowance for Credit Losses Loans evaluated for impairment (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Recorded investment	$ 4,706	$ 4,855
Conventional
Financing Receivable, Allowance for Credit Losses [Line Items]
Homogeneous pools of loans collectively evaluated for impairment	2	3
Individually evaluated for impairment	96	107
Collectively evaluated for impairment	3,415	3,519
Recorded investment	$ 3,511	$ 3,626

Allowance for Credit Losses (Cr

Allowance for Credit Losses (Credit Quality Indicators - MPF Loans) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Recorded Investment, Past Due [Line Items]
Past due	$ 295	$ 330
Current	4,411	4,525
Recorded investment	4,706	4,855
Also in process of foreclosure	$ 52	$ 54
Serious delinquency rate	2.28%	2.38%
Past due 90 days or more still accruing interest	$ 24	$ 25
On nonaccrual status	96	107
Past due 30-59 days
Recorded Investment, Past Due [Line Items]
Past due	144	162
Past due 60-89 days
Recorded Investment, Past Due [Line Items]
Past due	44	53
Past due 90 days or more
Recorded Investment, Past Due [Line Items]
Past due	107	115
Conventional
Recorded Investment, Past Due [Line Items]
Past due	211	231
Current	3,300	3,395
Recorded investment	3,511	3,626
Also in process of foreclosure	$ 49	$ 51
Serious delinquency rate	2.59%	2.77%
Past due 90 days or more still accruing interest	$ 8	$ 10
On nonaccrual status	96	107
Conventional | Past due 30-59 days
Recorded Investment, Past Due [Line Items]
Past due	92	99
Conventional | Past due 60-89 days
Recorded Investment, Past Due [Line Items]
Past due	28	32
Conventional | Past due 90 days or more
Recorded Investment, Past Due [Line Items]
Past due	91	100
Government
Recorded Investment, Past Due [Line Items]
Past due	84	99
Current	1,111	1,130
Recorded investment	1,195	1,229
Also in process of foreclosure	$ 3	$ 3
Serious delinquency rate	1.36%	1.23%
Past due 90 days or more still accruing interest	$ 16	$ 15
On nonaccrual status	0	0
Government | Past due 30-59 days
Recorded Investment, Past Due [Line Items]
Past due	52	63
Government | Past due 60-89 days
Recorded Investment, Past Due [Line Items]
Past due	16	21
Government | Past due 90 days or more
Recorded Investment, Past Due [Line Items]
Past due	$ 16	$ 15

Allowance for Credit Losses (Im

Allowance for Credit Losses (Impaired MPF Loans at period ends) (Details) - Conventional - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Recorded investment without an allowance for credit losses	$ 96	$ 107
Unpaid principal balance without an allowance for credit losses	$ 105	$ 117

Allowance for Credit Losses (56

Allowance for Credit Losses (Impaired MPF Loans during the periods) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Conventional
Financing Receivable, Impaired [Line Items]
Average recorded investment without an allowance for credit losses	$ 99	$ 148

Derivatives and Hedging Activ57

Derivatives and Hedging Activities (Narrative) (Details) $ in Millions	Mar. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Additional collateral due to derivatives counterparties if credit rating was lowered one level	$ 42
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty	$ 103

Derivatives and Hedging Activ58

Derivatives and Hedging Activities (Derivatives in statements of condition) (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Notional Amount		$ 50,222	$ 57,007
Netting adjustments and cash collateral derivative assets		(745)	(601)
Derivative assets on statements of condition		3	2
Netting adjustments and cash collateral derivative liabilities		(1,665)	(1,369)
Derivative liabilities on statements of condition		60	55
Cash collateral posted		947	793
Cash collateral received		28	25
Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		748	603
Netting adjustments and cash collateral derivative assets	[1]	(745)	(601)
Derivative assets on statements of condition		3	2
Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		1,725	1,424
Netting adjustments and cash collateral derivative liabilities	[1]	(1,665)	(1,369)
Derivative liabilities on statements of condition		60	55
Derivatives in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount		24,177	25,140
Derivatives in hedge accounting relationships- | Interest rate swaps | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		67	30
Derivatives in hedge accounting relationships- | Interest rate swaps | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		1,264	1,082
Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Notional Amount		26,045	31,867
Derivatives not in hedge accounting relationships- | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		681	573
Derivatives not in hedge accounting relationships- | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		461	342
Derivatives not in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount		23,211	28,866
Derivatives not in hedge accounting relationships- | Interest rate swaps | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		556	456
Derivatives not in hedge accounting relationships- | Interest rate swaps | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		459	341
Derivatives not in hedge accounting relationships- | Interest rate swaptions
Derivatives, Fair Value [Line Items]
Notional Amount		860	1,270
Derivatives not in hedge accounting relationships- | Interest rate swaptions | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		51	40
Derivatives not in hedge accounting relationships- | Interest rate swaptions | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivatives not in hedge accounting relationships- | Interest rate caps or floors
Derivatives, Fair Value [Line Items]
Notional Amount		1,129	1,131
Derivatives not in hedge accounting relationships- | Interest rate caps or floors | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		73	76
Derivatives not in hedge accounting relationships- | Interest rate caps or floors | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivatives not in hedge accounting relationships- | Interest rate futures
Derivatives, Fair Value [Line Items]
Notional Amount		17	7
Derivatives not in hedge accounting relationships- | Interest rate futures | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivatives not in hedge accounting relationships- | Interest rate futures | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Notional Amount		717	479
Derivatives not in hedge accounting relationships- | Mortgage delivery commitments | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		1	1
Derivatives not in hedge accounting relationships- | Mortgage delivery commitments | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		1	1
Derivatives not in hedge accounting relationships- | TBAs Ginnie Mae securitizations
Derivatives, Fair Value [Line Items]
Notional Amount		111	114
Derivatives not in hedge accounting relationships- | TBAs Ginnie Mae securitizations | Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivatives not in hedge accounting relationships- | TBAs Ginnie Mae securitizations | Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		$ 1	$ 0
[1]	Amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed by us with the same clearing agent and/or counterparty. Cash collateral posted was $947 million and $793 million at March 31, 2016, and December 31, 2015, and cash collateral received was $28 million and $25 million.

Derivatives and Hedging Activ59

Derivatives and Hedging Activities (Derivative instruments with legal right of offset) (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Derivatives with legal right of offset -
Netting adjustments and cash collateral derivative assets		$ (745)	$ (601)
Netting adjustments and cash collateral derivative liabilities		(1,665)	(1,369)
Derivative assets on statements of condition		3	2
Derivative liabilities on statements of condition		60	55
Credit Exposure On Overcollateralized Pledged Securities Exceeding Derivative Liability		88	50
Derivative Assets
Derivatives with legal right of offset -
Gross recognized amount		747	602
Netting adjustments and cash collateral derivative assets	[1]	(745)	(601)
Derivatives with legal right of offset - net		2	1
Derivatives without legal right of offset		1	1
Derivative assets on statements of condition		3	2
Noncash collateral received (pledged) and cannot be sold or repledged		1	0
Net amount		2	2
Derivative Assets | Bilateral
Derivatives with legal right of offset -
Gross recognized amount		602	509
Netting adjustments and cash collateral derivative assets		(600)	(508)
Derivatives with legal right of offset - net		2	1
Derivatives without legal right of offset		1	1
Derivative assets on statements of condition		3	2
Noncash collateral received (pledged) and cannot be sold or repledged		1	0
Net amount		2	2
Derivative Assets | Cleared
Derivatives with legal right of offset -
Gross recognized amount		145	93
Netting adjustments and cash collateral derivative assets		(145)	(93)
Derivatives with legal right of offset - net		0	0
Derivatives without legal right of offset		0	0
Derivative assets on statements of condition		0	0
Noncash collateral received (pledged) and cannot be sold or repledged		0	0
Net amount		0	0
Derivative Liabilities
Derivatives with legal right of offset -
Gross recognized amount		1,724	1,423
Netting adjustments and cash collateral derivative liabilities	[1]	(1,665)	(1,369)
Derivatives with legal right of offset - net		59	54
Derivatives without legal right of offset		1	1
Derivative liabilities on statements of condition		60	55
Noncash collateral received (pledged) and cannot be sold or repledged		14	12
Net amount		46	43
Derivative Liabilities | Bilateral
Derivatives with legal right of offset -
Gross recognized amount		1,167	1,182
Netting adjustments and cash collateral derivative liabilities		(1,122)	(1,140)
Derivatives with legal right of offset - net		45	42
Derivatives without legal right of offset		1	1
Derivative liabilities on statements of condition		46	43
Noncash collateral received (pledged) and cannot be sold or repledged		0	0
Net amount		46	43
Derivative Liabilities | Cleared
Derivatives with legal right of offset -
Gross recognized amount		557	241
Netting adjustments and cash collateral derivative liabilities		(543)	(229)
Derivatives with legal right of offset - net		14	12
Derivatives without legal right of offset		0	0
Derivative liabilities on statements of condition		14	12
Noncash collateral received (pledged) and cannot be sold or repledged		14	12
Net amount		$ 0	$ 0
[1]	Amounts represent the application of the netting requirements that allow us to settle positive and negative positions and also cash collateral and related accrued interest held or placed by us with the same clearing agent and/or counterparty. Cash collateral posted was $947 million and $793 million at March 31, 2016, and December 31, 2015, and cash collateral received was $28 million and $25 million.

Derivatives and Hedging Activ60

Derivatives and Hedging Activities (Derivatives in Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	$ (7)	$ 8
Gains (losses) on derivatives and hedging activities	(16)	(11)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedges	(9)	(19)
Economic hedges	(27)	(23)
Interest rate swaptions
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	11	8
Interest rate caps or floors
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	(3)	(1)
Net interest settlements
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	12	24
Mortgage delivery commitments
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	2	0
TBAs Ginnie Mae securitizations
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	$ (2)	$ 0

Derivatives and Hedging Activ61

Derivatives and Hedging Activities (Fair Value Hedges) (Details) - Fair Value Hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	$ (93)	$ (23)
On Hedged Item	84	4
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(9)	(19)
Net Interest Settlements Recorded in Net Interest Income	(25)	4
Closed Hedge Adjustments Amortized into Net Interest Income	(9)	(13)
Available-for-sale securities
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	(51)	(36)
On Hedged Item	48	31
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(3)	(5)
Net Interest Settlements Recorded in Net Interest Income	(30)	(34)
Closed Hedge Adjustments Amortized into Net Interest Income	(4)	(10)
Advances
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	(110)	(61)
On Hedged Item	109	57
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(1)	(4)
Net Interest Settlements Recorded in Net Interest Income	(20)	(20)
Closed Hedge Adjustments Amortized into Net Interest Income	0	1
MPF Loans held for portfolio
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	0	0
On Hedged Item	0	0
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	0	0
Net Interest Settlements Recorded in Net Interest Income	0	0
Closed Hedge Adjustments Amortized into Net Interest Income	(2)	(4)
Consolidated obligation bonds
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	68	74
On Hedged Item	(73)	(84)
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(5)	(10)
Net Interest Settlements Recorded in Net Interest Income	25	58
Closed Hedge Adjustments Amortized into Net Interest Income	$ (3)	$ 0

Derivatives and Hedging Activ62

Derivatives and Hedging Activities (Cash Flow Hedges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified Next 12 Months, Net	$ (3)
Maximum Hedging Period For Forecasted Cash Flows	5 years
Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Amortization of Effective Portion Reclassified From AOCI to Interest	$ 1	$ 1
Total Reclassified From AOCI to Statements of Income	1	1
Net Change in Other Comprehensive Income	(53)	(28)
Effective Portion Recorded in AOCI	(52)	(27)
Net Interest Settlements Recorded in Net Interest Income	(47)	(62)
Advances | Cash Flow Hedges | Interest rate floors
Derivative Instruments, Gain (Loss) [Line Items]
Amortization of Effective Portion Reclassified From AOCI to Interest	2	3
Total Reclassified From AOCI to Statements of Income	2	3
Net Change in Other Comprehensive Income	(2)	(3)
Effective Portion Recorded in AOCI	0	0
Net Interest Settlements Recorded in Net Interest Income	0	0
Discount Notes | Cash Flow Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amortization of Effective Portion Reclassified From AOCI to Interest	0	(1)
Total Reclassified From AOCI to Statements of Income	0	(1)
Net Change in Other Comprehensive Income	(52)	(26)
Effective Portion Recorded in AOCI	(52)	(27)
Net Interest Settlements Recorded in Net Interest Income	(47)	(62)
Consolidated obligation bonds | Cash Flow Hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amortization of Effective Portion Reclassified From AOCI to Interest	(1)	(1)
Total Reclassified From AOCI to Statements of Income	(1)	(1)
Net Change in Other Comprehensive Income	1	1
Effective Portion Recorded in AOCI	0	0
Net Interest Settlements Recorded in Net Interest Income	$ 0	$ 0

Consolidated Obligations (Bonds

Consolidated Obligations (Bonds by maturity date) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Consolidated obligation bonds
Contractual Maturity
Due in one year or less	$ 5,528
One to two years	5,148
Two to three years	3,342
Three to four years	3,694
Four to five years	2,655
Thereafter	3,677
Par value	$ 24,044	$ 22,684
Weighted Average Interest Rate
Due in one year or less	1.81%
One to two years	2.19%
Two to three years	1.27%
Three to four years	1.49%
Four to five years	1.68%
Thereafter	3.43%
Par value	2.00%
Consolidated obligation bonds | By Next Maturity or Call Date
Contractual Maturity
Due in one year or less	$ 16,188
One to two years	3,973
Two to three years	1,120
Three to four years	1,516
Four to five years	101
Thereafter	1,146
Par value	$ 24,044
Minimum
Extinguishment of Debt [Line Items]
Debt Instrument, Term	1 year
Maximum
Extinguishment of Debt [Line Items]
Debt Instrument, Term	20 years

Consolidated Obligations (Short

Consolidated Obligations (Short term discount notes) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Carrying Amount	$ 40,293	$ 41,564
Discount Notes
Short-term Debt [Line Items]
Carrying Amount	40,293	41,564
Par Value	$ 40,313	$ 41,584
Weighted Average Interest Rate	0.38%	0.22%

Consolidated Obligations (Bon65

Consolidated Obligations (Bonds by callable feature) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Consolidated obligation bonds	$ 24,021	$ 22,582
Consolidated obligation bonds
Debt Instrument [Line Items]
Par Value	24,044	22,684
Hedging adjustments	(26)	(101)
Other adjustments	3	(1)
Consolidated obligation bonds	24,021	22,582
Noncallable | Consolidated obligation bonds
Debt Instrument [Line Items]
Par Value	12,690	10,148
Callable | Consolidated obligation bonds
Debt Instrument [Line Items]
Par Value	$ 11,354	$ 12,536

Consolidated Obligations (Syste

Consolidated Obligations (Systemwide joint & several liability) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Consolidated obligation bonds
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 459,139	$ 410,859
FHLB Chicago as primary obligor	$ 24,044	$ 22,684
As a percent of the FHLB System	5.00%	6.00%
Discount Notes
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 437,689	$ 494,343
FHLB Chicago as primary obligor	$ 40,313	$ 41,584
As a percent of the FHLB System	9.00%	8.00%
Total
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 896,828	$ 905,202
FHLB Chicago as primary obligor	$ 64,357	$ 64,268
As a percent of the FHLB System	7.00%	7.00%

Capital and Mandatorily Redee67

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Capital rules) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Capital [Abstract]
Capital stock par value	$ 100	$ 100
Capital Stock, Redemption, Period of Written Notice	5 years

Capital and Mandatorily Redee68

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Regulatory capital requirements) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Federal Home Loan Banks [Abstract]
Risk Based Capital, Requirement	$ 988	$ 1,027
Risk Based Capital, Actual	4,825	4,688
Regulatory Capital, Requirement	2,837	2,827
Regulatory Capital, Actual	$ 4,825	$ 4,688
Regulatory Capital Ratio, Requirement	4.00%	4.00%
Regulatory Capital Ratio, Actual	6.81%	6.63%
Leverage Capital, Requirement	$ 3,546	$ 3,534
Leverage Capital, Actual	$ 7,238	$ 7,032
Leverage Ratio, Requirement	5.00%	5.00%
Leverage Ratio, Actual	10.21%	9.95%

Capital and Mandatorily Redee69

Capital and Mandatorily Redeemable Capital Stock (MRCS) Stockholder Concentration (Details) - One Mortgage Partners Corp $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Concentration Risk [Line Items]
Regulatory Capital Stock Outstanding	$ 250	[1]
Stockholders' Equity, Total [Member]
Concentration Risk [Line Items]
% of Total Outstanding	12.00%
[1]	One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

Capital and Mandatorily Redee70

Capital and Mandatorily Redeemable Capital Stock (MRCS) Transfer of Capital Stock to Mandatorily Redeemable Capital Stock (MRCS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Capital stock reclassified to mandatorily redeemable capital stock	$ 294	$ 0

Capital and Mandatorily Redee71

Capital and Mandatorily Redeemable Capital Stock (MRCS) Excess Capital Stock (Details) - USD ($) $ in Millions	Apr. 30, 2016	Apr. 01, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Excess Capital	$ 422	$ 593

Accumulated Other Comprehensi72

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (28)
Amounts reclassified in period to statements of income:
Ending balance	(110)
AOCI
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(28)	$ 217
Change in the period recorded to the statements of condition, before reclassifications to statements of income	(81)	(44)
Amounts reclassified in period to statements of income:
Net interest income	(1)	(1)
Other comprehensive income in the period	(82)	(45)
Ending balance	(110)	172
Net Unrealized Gain (Loss) | Available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	658	1,060
Change in the period recorded to the statements of condition, before reclassifications to statements of income	(40)	(22)
Amounts reclassified in period to statements of income:
Net interest income	0	0
Other comprehensive income in the period	(40)	(22)
Ending balance	618	1,038
Non-credit OTTI | Held-to-maturity Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(217)	(264)
Change in the period recorded to the statements of condition, before reclassifications to statements of income	11	13
Amounts reclassified in period to statements of income:
Net interest income	0	0
Other comprehensive income in the period	11	13
Ending balance	(206)	(251)
Net Unrealized on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(463)	(580)
Change in the period recorded to the statements of condition, before reclassifications to statements of income	(52)	(27)
Amounts reclassified in period to statements of income:
Net interest income	(1)	(1)
Other comprehensive income in the period	(53)	(28)
Ending balance	(516)	(608)
Post-Retirement Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(6)	1
Change in the period recorded to the statements of condition, before reclassifications to statements of income	0	(8)
Amounts reclassified in period to statements of income:
Net interest income	0	0
Other comprehensive income in the period	0	(8)
Ending balance	$ (6)	$ (7)

Fair Value Accounting (Carrying

Fair Value Accounting (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Financial Assets -
Cash and due from banks	$ 33	$ 499
Interest bearing deposits	650	650
Federal Funds sold	3,610	1,702
Securities purchased under agreements to resell	250	1,375
Held-to-maturity securities	5,741	6,513
Financial Liabilities -
Consolidated obligation discount notes	(2,237)	(9,006)
Consolidated obligation bonds	(3,811)	(952)
Carrying Amount
Financial Assets -
Cash and due from banks	33	499
Interest bearing deposits	650	650
Federal Funds sold	3,610	1,702
Securities purchased under agreements to resell	250	1,375
Held-to-maturity securities	5,189	5,967
Advances	38,353	36,778
MPF Loans held in portfolio, net	4,679	4,828
Financial Liabilities -
Deposits	(498)	(538)
Consolidated obligation discount notes	(40,293)	(41,564)
Consolidated obligation bonds	(24,021)	(22,582)
Mandatorily redeemable capital stock	(302)	(8)
Subordinated notes	(944)	(944)
Fair Value
Financial Assets -
Cash and due from banks	33	499
Interest bearing deposits	650	650
Federal Funds sold	3,610	1,702
Securities purchased under agreements to resell	250	1,375
Held-to-maturity securities	5,741	6,513
Advances	38,311	36,736
MPF Loans held in portfolio, net	4,999	5,190
Financial Liabilities -
Deposits	(498)	(538)
Consolidated obligation discount notes	(40,299)	(41,563)
Consolidated obligation bonds	(24,500)	(22,986)
Mandatorily redeemable capital stock	(302)	(8)
Subordinated notes	(954)	(966)
Level 1
Financial Assets -
Cash and due from banks	33	499
Interest bearing deposits	650	650
Federal Funds sold	0	0
Securities purchased under agreements to resell	0	0
Held-to-maturity securities	0	0
Advances	0	0
MPF Loans held in portfolio, net	0	0
Financial Liabilities -
Deposits	0	0
Consolidated obligation discount notes	0	0
Consolidated obligation bonds	0	0
Mandatorily redeemable capital stock	(302)	(8)
Subordinated notes	0	0
Level 2
Financial Assets -
Cash and due from banks	0	0
Interest bearing deposits	0	0
Federal Funds sold	3,610	1,702
Securities purchased under agreements to resell	250	1,375
Held-to-maturity securities	4,593	5,293
Advances	38,311	36,736
MPF Loans held in portfolio, net	4,965	5,155
Financial Liabilities -
Deposits	(498)	(538)
Consolidated obligation discount notes	(40,299)	(41,563)
Consolidated obligation bonds	(24,500)	(22,931)
Mandatorily redeemable capital stock	0	0
Subordinated notes	(954)	(966)
Level 3
Financial Assets -
Cash and due from banks	0	0
Interest bearing deposits	0	0
Federal Funds sold	0	0
Securities purchased under agreements to resell	0	0
Held-to-maturity securities	1,148	1,220
Advances	0	0
MPF Loans held in portfolio, net	34	35
Financial Liabilities -
Deposits	0	0
Consolidated obligation discount notes	0	0
Consolidated obligation bonds	0	(55)	[1]
Mandatorily redeemable capital stock	0	0
Subordinated notes	$ 0	$ 0
[1]	Amount represents debt carried at fair value under a full fair value hedge strategy, not at fair value under the fair value option.

Fair Value Accounting (Fair Val

Fair Value Accounting (Fair Value Measured on Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Financial Assets -
Advances	$ 605	$ 511
Derivative assets	3	2
Netting	(745)	(601)
Financial Liabilities -
Consolidated obligation discount notes	(2,237)	(9,006)
Consolidated obligation bonds	(3,811)	(952)
Derivative liabilities	(60)	(55)
Netting	1,665	1,369
Level 2
Financial Liabilities -
Consolidated obligation discount notes	(40,299)	(41,563)
Consolidated obligation bonds	(24,500)	(22,931)
Level 3
Financial Liabilities -
Consolidated obligation discount notes	0	0
Consolidated obligation bonds	0	(55)	[1]
Fair Value Recurring
Financial Assets -
Trading securities	1,156	1,160
Available-for-sale securities	16,742	17,470
Advances	605	511
Derivative assets	3	2
Other assets - Mortgage loans held for sale	62	54
Financial assets at fair value	18,568	19,197
Financial Liabilities -
Consolidated obligation discount notes	(2,237)	(9,006)
Consolidated obligation bonds	(3,811)	(1,007)
Derivative liabilities	(60)	(55)
Financial liabilities at fair value	(6,108)	(10,068)
Fair Value Recurring | U.S. Government & other government related non-MBS
Financial Assets -
Trading securities	1,106	1,108
Available-for-sale securities	398	422
Fair Value Recurring | State or local housing agency non-MBS
Financial Assets -
Available-for-sale securities	20	18
Fair Value Recurring | FFELP ABS | FFELP ABS
Financial Assets -
Available-for-sale securities	5,053	5,299
Fair Value Recurring | Residential MBS: | GSE residential MBS
Financial Assets -
Trading securities	48	50
Available-for-sale securities	9,462	9,798
Fair Value Recurring | Residential MBS: | U.S. Government-guaranteed residential MBS
Financial Assets -
Trading securities	2	2
Available-for-sale securities	1,747	1,868
Fair Value Recurring | Residential MBS: | Private-label residential MBS
Financial Assets -
Available-for-sale securities	62	65
Fair Value Recurring | Level 2
Financial Assets -
Trading securities	1,156	1,160
Available-for-sale securities	16,680	17,405
Advances	605	511
Derivative assets	748	598
Other assets - Mortgage loans held for sale	62	54
Financial assets at fair value	19,251	19,728
Financial Liabilities -
Consolidated obligation discount notes	(2,237)	(9,006)
Consolidated obligation bonds	(3,811)	(952)
Derivative liabilities	(1,725)	(1,424)
Financial liabilities at fair value	(7,773)	(11,382)
Fair Value Recurring | Level 2 | U.S. Government & other government related non-MBS
Financial Assets -
Trading securities	1,106	1,108
Available-for-sale securities	398	422
Fair Value Recurring | Level 2 | State or local housing agency non-MBS
Financial Assets -
Available-for-sale securities	20	18
Fair Value Recurring | Level 2 | FFELP ABS | FFELP ABS
Financial Assets -
Available-for-sale securities	5,053	5,299
Fair Value Recurring | Level 2 | Residential MBS: | GSE residential MBS
Financial Assets -
Trading securities	48	50
Available-for-sale securities	9,462	9,798
Fair Value Recurring | Level 2 | Residential MBS: | U.S. Government-guaranteed residential MBS
Financial Assets -
Trading securities	2	2
Available-for-sale securities	1,747	1,868
Fair Value Recurring | Level 2 | Residential MBS: | Private-label residential MBS
Financial Assets -
Available-for-sale securities	0	0
Fair Value Recurring | Level 3
Financial Assets -
Trading securities	0	0
Available-for-sale securities	62	65
Advances	0	0
Derivative assets	0	5
Other assets - Mortgage loans held for sale	0	0
Financial assets at fair value	$ 62	$ 70
Level 3 as a percent of total assets at fair value	0.30%	0.40%
Financial Liabilities -
Consolidated obligation discount notes	$ 0	$ 0
Consolidated obligation bonds	0	(55)	[1]
Derivative liabilities	0	0
Financial liabilities at fair value	$ 0	$ (55)
Level 3 as a percent of total liabilities at fair value	0.00%	0.50%
Fair Value Recurring | Level 3 | U.S. Government & other government related non-MBS
Financial Assets -
Trading securities	$ 0	$ 0
Available-for-sale securities	0	0
Fair Value Recurring | Level 3 | State or local housing agency non-MBS
Financial Assets -
Available-for-sale securities	0	0
Fair Value Recurring | Level 3 | FFELP ABS | FFELP ABS
Financial Assets -
Available-for-sale securities	0	0
Fair Value Recurring | Level 3 | Residential MBS: | GSE residential MBS
Financial Assets -
Trading securities	0	0
Available-for-sale securities	0	0
Fair Value Recurring | Level 3 | Residential MBS: | U.S. Government-guaranteed residential MBS
Financial Assets -
Trading securities	0	0
Available-for-sale securities	0	0
Fair Value Recurring | Level 3 | Residential MBS: | Private-label residential MBS
Financial Assets -
Available-for-sale securities	$ 62	$ 65
[1]	Amount represents debt carried at fair value under a full fair value hedge strategy, not at fair value under the fair value option.

Fair Value Accounting Fair Valu

Fair Value Accounting Fair Value Option Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	$ 5	$ 3
Advances
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	11	1
Consolidated obligation bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	(3)	2
Discount Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	$ (3)	$ 0

Fair Value Accounting (Fair V76

Fair Value Accounting (Fair Value Option Difference Between Fair Value and Unpaid Principal Balance) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid Principal Balance	$ 38,060	$ 36,605
Fair Value	605	511
Fair Value	3,811	952
Advances
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid Principal Balance	592	509
Fair Value Over (Under) UPB	13	2
Fair Value	605	511
Consolidated obligation bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid Principal Balance	3,808	953
Fair Value Over (Under) UPB	3	(1)
Fair Value	$ 3,811	$ 952

Commitments and Contingencies77

Commitments and Contingencies (Details) - USD ($) $ in Millions		Mar. 31, 2016	Dec. 31, 2015
Commitments
Expire within one year		$ 7,359	$ 5,707
Expire after one year		2,519	1,985
Total		9,878	7,692
Unsettled consolidated obligation bonds
Commitments
Expire within one year		1,075	105
Expire after one year		0	0
Total		1,075	105
Unsettled consolidated obligation discount notes
Commitments
Expire within one year		599	0
Expire after one year		0	0
Total		599	0
Member standby letters of credit
Commitments
Expire within one year		5,039	5,063
Expire after one year	[1]	2,173	1,615
Total		7,212	6,678
Portion of member standby letters of credit that expire after one year that were also renewable annually		576	637
Housing authority standby bond purchase agreements
Commitments
Expire within one year		35	49
Expire after one year		344	362
Total		379	411
Advance commitments
Commitments
Expire within one year		151	163
Expire after one year		1	5
Total		152	168
MPF delivery commitments
Commitments
Expire within one year		399	279
Expire after one year		0	0
Total		399	279
Other commitments
Commitments
Expire within one year		61	48
Expire after one year		1	3
Total		$ 62	$ 51
[1]	Contains $576 million and $637 million of member standby letters of credit at March 31, 2016, and December 31, 2015, which were renewable annually.

Transactions with Related Par78

Transactions with Related Parties and Other FHLBs (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts With Related Party Transactions [Line Items]
Assets - Interest bearing deposits	$ 650	$ 650
Assets - Advances	38,353	36,778
Equity - Capital Stock	1,733	1,950
Transactions with members
Accounts With Related Party Transactions [Line Items]
Assets - Interest bearing deposits	650	650
Assets - Advances	11,158	15,168
Liabilities - Deposits	18	20
Equity - Capital Stock	$ 267	$ 467