Federal Home Loan Bank of Chicago 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	20,761,778
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Statements of Condition

Statements of Condition - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 375	$ 499
Interest bearing deposits	650	650
Federal Funds sold	3,573	1,702
Securities purchased under agreements to resell	1,750	1,375
Investment securities -
Trading, $101 and $62 pledged	1,200	1,160
Available-for-sale	16,248	17,470
Held-to-maturity, $6,090 and $6,513 fair value	5,543	5,967
Investment securities	22,991	24,597
Advances, $594 and $511 carried at fair value	46,424	36,778
MPF Loans held in portfolio, net of allowance for credit losses of $(3) and $(3)	4,667	4,828
Derivative assets	4	2
Other assets, $36 and $54 carried at fair value	228	240
Assets	80,662	70,671
Deposits -
Noninterest bearing	50	41
Interest bearing, $24 and $12 from other FHLBs	482	497
Deposits	532	538
Consolidated obligations, net -
Discount notes, $10,140 and $9,006 carried at fair value	45,876	41,564
Bonds, $5,960 and $952 carried at fair value	29,091	22,582
Consolidated obligations, net	74,967	64,146
Derivative liabilities	51	55
Affordable Housing Program assessment payable	93	89
Mandatorily redeemable capital stock	302	8
Other liabilities	210	239
Subordinated notes	0	944
Liabilities	76,155	66,019
Commitments and contingencies - see notes to the financial statements
Capital
Class B1 activity stock - putable $100 par value - 12 million and 13 million shares issued and outstanding	1,232	1,313
Class B2 membership stock - putable $100 par value - 5 million and 6 million shares issued and outstanding	542	637
Capital stock	1,774	1,950
Retained earnings - unrestricted	2,526	2,407
Retained earnings - restricted	358	323
Retained earnings	2,884	2,730
Accumulated other comprehensive income (loss) (AOCI)	(151)	(28)
Capital	4,507	4,652
Liabilities and capital	$ 80,662	$ 70,671

Statements of Condition (Parent

Statements of Condition (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Trading securities pledged	$ 101	$ 62
Held-to-maturity fair value	6,090	6,513
Advances carried at fair value	594	511
Allowance for credit losses on MPF Loans	(3)	(3)
Mortgage loans held for sale (in other assets) carried at fair value	36	54
Interest bearing deposits from other FHLBs	24	12
Discount notes carried at fair value	10,140	9,006
Consolidated obligation bonds carried at fair value	$ 5,960	$ 952
Capital stock par value	$ 100	$ 100
Class B1 activity shares issued	12	13
Class B1 activity shares outstanding	12	13
Class B2 membership shares issued	5	6
Class B2 membership shares outstanding	5	6

Statements of Income

Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Interest income	$ 317	$ 309	$ 635	$ 630
Interest expense	206	188	404	379
Net interest income	111	121	231	251
Provision for (reversal of) credit losses	0	4	0	4
Net interest income after provision for (reversal of) credit losses	111	117	231	247
Noninterest gain (loss) on -
Trading securities	(1)	0	0	(1)
Derivatives and hedging activities	2	9	(14)	(2)
Instruments held under fair value option	1	0	6	3
Litigation settlement awards	38	10	38	11
Other, net	10	5	17	8
Noninterest gain (loss)	50	24	47	19
Noninterest expense -
Compensation and benefits	22	18	45	37
Operating expenses	14	14	29	25
Other	10	1	12	4
Noninterest expense	46	33	86	66
Income before assessments	115	108	192	200
Affordable Housing Program assessment	11	11	19	20
Net income	$ 104	$ 97	$ 173	$ 180

Statements of Comprehensive Inc

Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 104	$ 97	$ 173	$ 180
Other comprehensive income (loss) -
Net unrealized gain (loss) available-for-sale securities	(60)	(113)	(100)	(135)
Non-credit OTTI held-to-maturity securities	10	13	21	26
Net unrealized gain (loss) cash flow hedges	8	67	(45)	39
Post-retirement plans	1	0	1	(8)
Other comprehensive income (loss)	(41)	(33)	(123)	(78)
Comprehensive income	$ 63	$ 64	$ 50	$ 102

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
Shares, beginning at Dec. 31, 2014		19					8	11
Balance, beginning at Dec. 31, 2014	$ 4,525	$ 1,902	$ 2,152	$ 254	$ 2,406	$ 217	$ 827	$ 1,075
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	102		144	36	180	(78)
Proceeds from issuance of capital stock (shares)		1					1	0
Proceeds from issuance of capital stock	131	$ 131					$ 119	$ 12
Repurchases of capital stock (shares)		(2)					0	(2)
Repurchases of capital stock	(197)	$ (197)					$ (2)	$ (195)
Capital stock reclassified to mandatorily redeemable capital stock (shares)		0					0	0
Capital stock reclassified to mandatorily redeemable capital stock (other liabilities)	(1)	$ (1)					$ 0	$ (1)
Transfers between classes of capital stock (shares)							0	0
Transfers between classes of capital stock							$ (3)	$ 3
Cash dividends - class B1	(8)		(8)		(8)
Cash dividends - class B2	(3)		(3)		(3)
Common Stock Dividend - Annualized Rate							2.25%	0.50%
Total change in period (shares)		(1)					1	(2)
Total change in period	24	$ (67)	133	36	169	(78)	$ 114	$ (181)
Shares, ending at Jun. 30, 2015		18					9	9
Balance, ending at Jun. 30, 2015	4,549	$ 1,835	2,285	290	2,575	139	$ 941	$ 894
Shares, beginning at Dec. 31, 2015		19					13	6
Balance, beginning at Dec. 31, 2015	4,652	$ 1,950	2,407	323	2,730	(28)	$ 1,313	$ 637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	50		138	35	173	(123)
Proceeds from issuance of capital stock (shares)		7					7	0
Proceeds from issuance of capital stock	707	$ 707					$ 702	$ 5
Repurchases of capital stock (shares)		(6)					(3)	(3)
Repurchases of capital stock	(584)	$ (584)					$ (319)	$ (265)
Capital stock reclassified to mandatorily redeemable capital stock (shares)		(3)					(3)	0
Capital stock reclassified to mandatorily redeemable capital stock (other liabilities)	(299)	$ (299)					$ (294)	$ (5)
Transfers between classes of capital stock (shares)							(2)	2
Transfers between classes of capital stock							$ (170)	$ 170
Cash dividends - class B1	(17)		(17)		(17)
Cash dividends - class B2	(2)		(2)		(2)
Common Stock Dividend - Annualized Rate							2.70%	0.60%
Total change in period (shares)		(2)					(1)	(1)
Total change in period	(145)	$ (176)	119	35	154	(123)	$ (81)	$ (95)
Shares, ending at Jun. 30, 2016		17					12	5
Balance, ending at Jun. 30, 2016	$ 4,507	$ 1,774	$ 2,526	$ 358	$ 2,884	$ (151)	$ 1,232	$ 542

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Net Shares Reclassified to Mandatorily Redeemable Capital Stock, Value		$ 299	$ 1
Operating
Net cash provided by (used in) operating activities		(8)	316
Investing
Net change Federal Funds sold		(1,871)	774
Net change securities purchased under agreements to resell		(375)	2,150
Advances -
Principal collected		381,703	150,185
Issued		(391,161)	(152,279)
MPF Loans held in portfolio -
Principal collected		570	720
Purchases		(409)	(44)
Trading securities -
Sales		1,006	0
Proceeds from maturities and paydowns		105	4
Purchases		(1,153)	0
Held-to-maturity securities -
Short-term held-to-maturity securities, net	[1]	5	138
Proceeds from maturities and paydowns		486	510
Purchases		(27)	(9)
Available-for-sale securities -
Proceeds from maturities and paydowns		1,159	974
Purchases		(2)	0
Other investing activities		20	27
Net cash provided by (used in) investing activities		(9,944)	3,150
Financing
Net change deposits		(6)	(28)
Net proceeds from issuance of consolidated obligations -
Discount notes		231,170	178,092
Bonds		14,341	7,426
Payments for maturing and retiring consolidated obligations-
Discount notes		(226,872)	(174,603)
Bonds		(7,932)	(13,035)
Net proceeds (payments) on derivative contracts with financing element		(26)	(30)
Payments for retiring of subordinated debt		(944)	0
Proceeds from issuance of capital stock		707	131
Repurchase of capital stock		(584)	(197)
Other financing activities		(7)	(2)
Cash dividends paid		(19)	(11)
Net cash provided by (used in) financing activities		9,828	(2,257)
Net increase (decrease) in cash and due from banks		(124)	1,209
Cash and due from banks at beginning of period		499	342
Cash and due from banks at end of period		$ 375	$ 1,551
[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	6 Months Ended
	Jun. 30, 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 Securities and Exchange Commission (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. Refer to the Glossary of Terms starting on page 62 for the definitions of certain terms used herein. 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	6 Months Ended
	Jun. 30, 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 at the time of adoption included 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	6 Months Ended
	Jun. 30, 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 Measurement of Credit Losses on Financial Instruments In June of 2016, the FASB amended existing GAAP guidance applicable to measuring credit losses on financial instruments. The amendment is expected to result in recognizing credit losses in the financial statements on a more timely basis by utilizing forward looking information. Outlined below are key provisions of the amendment. • Replaces the “incurred loss” impairment methodology applied under current GAAP with an “expected credit losses” methodology. • The expected credit losses methodology requires us to estimate all credit losses on financial instruments carried on an amortized cost basis and off-balance-sheet credit exposures over their contractual term. Such financial instruments include, but are not limited to, advances, MPF Loans held in portfolio, Held-to-maturity (HTM) securities, and standby letters of credit. • The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial instrument’s reported amount. • Aligns the income statement recognition of credit losses for securities with the reporting period in which changes in collectability occur by recording credit losses (and subsequent reversals) through an allowance rather than a write-down as currently required under GAAP. • Requires recognition of a credit loss on available-for-sale securities into the income statement if the present value of cash flows expected to be collected on the security is less than its amortized cost basis. Additionally, the allowance on available-for-sale (AFS) debt securities will be limited to the amount by which fair value is less than the amortized cost. • Expands upon the current credit quality disclosures by requiring further disaggregation of financial instruments by their year of origination. This disclosure is expected to help financial statement users better understand credit quality trends of asset portfolios. We are required to adopt the amendment effective January 1, 2020; however, we are permitted to early adopt the amendment effective January 1, 2019. A modified retrospective transition approach is required to be applied when measuring expected credit losses upon adoption with any cumulative-effect adjustment recorded to retained earnings as of the effective date. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before our effective date. This means write-downs recognized prior to our effective date on securities may not be reversed at the time of our adoption. Instead, improvements in expected cash flows that exist at the time we adopt will continue to be accreted into income over the remaining life of the security. Additionally, recoveries of amounts previously written off prior to the date of adoption will be recorded in earnings when received. We are in the process of reviewing the expected effect of this guidance on our financial condition, results of operations, and cash flows. 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. The new guidance clarifies that 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 when determining if the 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 do not expect the new guidance to have a significant effect on our financial condition, results of operations, and cash flows for the reasons outlined below. • Our existing off-balance sheet operating leases are not material. As a result, we expect to record an insignificant amount of operating leases in our statements of condition relative to our total assets and total liabilities at the time of adoption. • Our lease payments and interest expense on operating leases will continue to be reported in a single line item within our statements of income. • Our lease payments will continue to be reported within operating activities in our statements of 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 of this new guidance until January 1, 2018. Subsequently, the FASB has issued several pronouncements that provide additional guidance and clarifications to the revenue recognition guidance issued in May of 2014. The new revenue recognition guidance is not expected to have a material effect on our financial condition, results of operations, or cash flows at the time of adoption. This is because the majority of our financial instruments and other contractual rights are within the scope of other GAAP guidance; and accordingly, are excluded from the scope of this new revenue recognition guidance.

Interest Income and Interest Ex

Interest Income and Interest Expense	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Interest income - Investment securities - Trading $ 3 $ 1 $ 5 $ 2 Available-for-sale 119 130 251 264 Held-to-maturity 56 69 115 138 Investment securities 178 200 371 404 Advances - Advance interest income 68 42 130 81 Advance prepayment fees 6 — 7 6 Advances 74 42 137 87 MPF Loans held in portfolio 55 66 112 135 Other interest bearing assets 10 1 15 4 Interest income 317 309 635 630 Interest expense - Consolidated obligations - Discount notes 95 72 177 144 Bonds 98 103 200 208 Consolidated obligations 193 175 377 352 Subordinated notes 10 13 24 27 Other interest bearing liabilities 3 — 3 — Interest expense 206 188 404 379 Net interest income $ 111 $ 121 231 251 Provision for (reversal of) credit losses — 4 — 4 Net interest income after provision for (reversal of) credit losses $ 111 $ 117 $ 231 $ 247

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 U.S. Government & other government related $ 1,153 $ 1,108 Residential MBS: GSE 45 50 Government-guaranteed 2 2 Residential MBS 47 52 Trading securities $ 1,200 $ 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 June 30, 2016 U.S. Government & other government related $ 374 $ 24 $ (4 ) $ 394 State or local housing agency 20 1 — 21 FFELP ABS 4,740 128 (34 ) 4,834 Residential MBS: GSE 8,936 402 (16 ) 9,322 Government-guaranteed 1,568 52 — 1,620 Private-label 52 5 — 57 Residential MBS 10,556 459 (16 ) 10,999 Available-for-sale securities $ 15,690 $ 612 $ (54 ) $ 16,248 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 June 30, 2016 U.S. Government & other government related $ 1,835 $ — $ 1,835 $ 83 $ — $ 1,918 State or local housing agency 14 — 14 — — 14 Residential MBS: GSE 2,024 — 2,024 150 — 2,174 Government-guaranteed 883 — 883 17 — 900 Private-label 983 (196 ) 787 298 (1 ) 1,084 Residential MBS 3,890 (196 ) 3,694 465 (1 ) 4,158 Held-to-maturity securities $ 5,739 $ (196 ) $ 5,543 $ 548 $ (1 ) $ 6,090 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 June 30, 2016 U.S. Government & other government related $ 35 $ (1 ) $ 51 $ (3 ) $ 86 $ (4 ) FFELP ABS 57 (1 ) 733 (33 ) 790 (34 ) Residential MBS: GSE 1,533 (5 ) 1,012 (11 ) 2,545 (16 ) Government-guaranteed 24 — — — 24 — Private-label — — 8 — 8 — Residential MBS 1,557 (5 ) 1,020 (11 ) 2,577 (16 ) Available-for-sale securities $ 1,649 $ (7 ) $ 1,804 $ (47 ) $ 3,453 $ (54 ) 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 June 30, 2016 U.S. Government & other government related $ — $ — $ 16 $ — $ 16 $ — State or local housing agency — — 1 — 1 — Residential MBS: GSE 4 — — — 4 — Government-guaranteed 134 — — — 134 — Private-label 4 — 1,038 (197 ) 1,042 (197 ) Residential MBS 142 — 1,038 (197 ) 1,180 (197 ) Held-to-maturity securities $ 142 $ — $ 1,055 $ (197 ) $ 1,197 $ (197 ) 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 primarily presents the amortized cost basis and fair value of U.S. Government & other government related AFS and HTM securities by contractual maturity. ABS and MBS securities are excluded since 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 June 30, 2016 Amortized Cost Basis Carrying Amount and Fair Value Carrying Amount Fair Value Year of Maturity - Due in one year or less $ — $ — $ 694 $ 694 Due after one year through five years 64 67 303 318 Due after five years through ten years 30 32 89 91 Due after ten years 300 316 763 829 ABS and MBS without a single maturity date 15,296 15,833 3,694 4,158 Total securities $ 15,690 $ 16,248 $ 5,543 $ 6,090 Other-Than-Temporary Impairment Analysis We had no OTTI for the periods presented based on the significant inputs, key modeling assumptions, and methodologies outlined below. 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 determine OTTI, if any, by performing a cash flow analysis for substantially all of these private-label MBS securities utilizing two independent third party models, which are described further below. Our analysis generates cash flow projections utilizing significant inputs, key modeling assumptions, and methodologies provided by the FHLB System OTTI Committee, which was established to achieve consistent OTTI analyses for private-label MBS among FHLBs. We are still responsible, however, for making our own OTTI determination, which involves determining the reasonableness of these significant inputs, assumptions, and methodologies, as well as performing the required present value calculations using appropriate historical cost bases and yields. We then utilize these cash flow projections to determine if OTTI exists on our private-label MBS. • 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. As of June 30, 2016 , we had a short-term housing price forecast with projected changes ranging from -2.0% to +10.0% over the twelve month period beginning April 1, 2016, over all markets. For the vast majority of markets, the short-term forecast has changes ranging from +2.0% to +6.0% . 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Beginning Balance $ 555 $ 605 $ 568 $ 620 Reductions: Increases in expected future cash flows recorded as accretion into interest income (13 ) (14 ) (26 ) (29 ) Ending Balance $ 542 $ 591 $ 542 $ 591 Ongoing Litigation 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 June 30, 2016 , the remaining litigation covers four private-label MBS bonds in the aggregate original principal amount of $77.5 million .

Advances

Advances	6 Months Ended
	Jun. 30, 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 terms of maturity. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay advances with or without penalties. As of June 30, 2016 Weighted Average Contractual Interest Rate Amount Due in one year or less 0.59 % $ 15,928 One to two years 0.74 % 9,686 Two to three years 0.61 % a 4,966 Three to four years 0.54 % a 9,147 Four to five years 1.05 % a 2,255 More than five years 1.69 % 4,079 Par value 0.73 % $ 46,061 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 June 30, 2016 December 31, 2015 Par value $ 46,061 $ 36,605 Hedging adjustments 335 159 Other adjustments 28 14 Advances $ 46,424 $ 36,778 The following advance borrowers exceeded 10% of our total advances outstanding: As of June 30, 2016 Par Value % of Total Outstanding One Mortgage Partners Corp. $ 11,000 a 24 % The Northern Trust Company 6,000 13 % BMO Harris Bank, N.A. 4,875 11 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

MPF Loans

MPF Loans	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 Medium term (15 years or less) $ 507 $ 662 Long term (greater than 15 years) 4,103 4,112 Unpaid principal balance 4,610 4,774 Net premiums, credit enhancement and deferred loan fees 28 20 Hedging adjustments 32 37 MPF Loans held in portfolio, before allowance for credit losses 4,670 4,831 Allowance for credit losses on MPF Loans (3 ) (3 ) MPF Loans held in portfolio, net $ 4,667 $ 4,828 Conventional mortgage loans $ 3,467 $ 3,568 Government Loans 1,143 1,206 Unpaid principal balance $ 4,610 $ 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	6 Months Ended
	Jun. 30, 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 separate liability to reflect credit losses on our member credit products with off-balance sheet credit exposure. 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. There has been no material activity in our allowance for credit losses since December 31, 2015 . The following table presents the recorded investment and the allowance for credit losses 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 June 30, 2016 December 31, 2015 Recorded investment in conventional MPF Loans - Individually evaluated for impairment $ 87 $ 107 Collectively evaluated for impairment 3,442 3,519 Recorded investment $ 3,529 $ 3,626 Allowance for credit losses on conventional MPF Loans - Homogeneous pools of loans collectively evaluated for impairment $ 3 $ 3 Government Loans Held in Portfolio Servicing PFIs are responsible for absorbing any losses incurred on Government Loans held in portfolio that are not recovered from the government insurer or guarantor. We did not establish an allowance for credit losses on our Government Loans held in portfolio for the reporting periods presented based on our assessment that our servicing PFIs' have the 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 Held in Portfolio 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. MPF Loans that are both 90 days or more past due and in the process of foreclosure are only included once in our serious delinquency rate calculation. • "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. June 30, 2016 December 31, 2015 As of Conventional Government Total Conventional Government Total Past due 30-59 days $ 81 $ 50 $ 131 $ 99 $ 63 $ 162 Past due 60-89 days 26 17 43 32 21 53 Past due 90 days or more 80 18 98 100 15 115 Past due 187 85 272 231 99 330 Current 3,342 1,081 4,423 3,395 1,130 4,525 Recorded investment $ 3,529 $ 1,166 $ 4,695 $ 3,626 $ 1,229 $ 4,855 In process of foreclosure $ 42 $ 4 $ 46 $ 51 $ 3 $ 54 Serious delinquency rate 2.27 % 1.52 % 2.08 % 2.77 % 1.23 % 2.38 % Past due 90 days or more still accruing interest $ 6 $ 18 $ 24 $ 10 $ 15 $ 25 On nonaccrual status $ 87 $ — $ 87 $ 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 June 30, 2016 December 31, 2015 Recorded investment without an allowance for credit losses $ 87 $ 107 Unpaid principal balance without an allowance for credit losses 94 117 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Average recorded investment without allowance for credit losses $ 88 $ 131 $ 93 $ 140 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 June 30, 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	6 Months Ended
	Jun. 30, 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 $31 million of collateral at fair value to our derivatives counterparties at June 30, 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 June 30, 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 $101 million of investment securities that can be sold or repledged, as part of our initial margin related to cleared derivative transactions at June 30, 2016 . The following table presents our gross and net derivative assets and liabilities by contract type and amount for our derivative agreements. June 30, 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 $ 23,525 $ 62 $ 1,312 $ 25,140 $ 30 $ 1,082 Derivatives not in hedge accounting relationships- Interest rate swaps 33,655 581 500 28,866 456 341 Interest rate swaptions 820 58 — 1,270 40 — Interest rate caps or floors 1,129 65 — 1,131 76 — Interest rate futures 23 — — 7 — — Mortgage delivery commitments 1,001 3 2 479 1 1 TBAs Ginnie Mae securitizations 92 — 1 114 — — Derivatives not in hedge accounting relationships 36,720 707 503 31,867 573 342 Gross derivative amount before adjustments $ 60,245 769 1,815 $ 57,007 603 1,424 Netting adjustments and cash collateral (765 ) a (1,764 ) a (601 ) a (1,369 ) a Derivatives on statements of condition $ 4 $ 51 $ 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 $1.0 billion and $793 million at June 30, 2016 , and December 31, 2015 , and cash collateral received was $29 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 June 30, 2016 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 580 $ 186 $ 766 $ 1,166 $ 647 $ 1,813 Netting adjustments and cash collateral (579 ) (186 ) (765 ) (1,131 ) (633 ) (1,764 ) Derivatives with legal right of offset - net 1 — 1 35 14 49 Derivatives without legal right of offset 3 — 3 2 — 2 Derivatives on statements of condition 4 — 4 37 14 51 Cash collateral for initial margin (1 ) (1 ) Noncash collateral received (pledged) and cannot be sold or repledged 1 — 1 — 14 14 Net amount $ 3 $ 1 $ 4 $ 37 $ — $ 37 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 June 30, 2016 , we had $87 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 June 30, Six months ended June 30, For the periods ending 2016 2015 2016 2015 Fair value hedges - Interest rate swaps $ (3 ) $ 6 $ (12 ) $ (13 ) Cash flow hedges 4 1 4 1 Economic hedges - Interest rate swaps (12 ) (6 ) (39 ) (29 ) Interest rate swaptions 7 (5 ) 18 3 Interest rate caps or floors (8 ) (7 ) (11 ) (8 ) Interest rate future forwards (1 ) — (1 ) — Net interest settlements 16 20 28 44 Mortgage delivery commitments — — 2 — TBAs Ginnie Mae securitizations (1 ) — (3 ) — Economic hedges 1 2 (6 ) 10 Gains (losses) on derivatives and hedging activities $ 2 $ 9 $ (14 ) $ (2 ) Fair Value Hedges The following table presents our fair value hedging results by the type of hedged item. We had no gain (loss) for hedges that no longer qualified as a fair value hedge. Additionally, the table indicates where fair value hedging results are classified in our statements of income. In this regard, the Amount Recorded in Net Interest Income column includes the following: • The amortization of closed fair value hedging adjustments, which are included in the interest income/expense line item of the respective hedged item type. • The effect of net interest settlements attributable to open derivative hedging instruments, which are recorded directly to the interest income/expense line item of the respective hedged item type. On Derivative On Hedged Item Total Ineffectiveness Recognized in Derivatives and Hedging Activities Amount Recorded in Net Interest Income Three months ended June 30, 2016 Available-for-sale securities $ (4 ) $ 2 $ (2 ) $ (28 ) Advances (68 ) 68 — (20 ) MPF Loans held for portfolio — — — (3 ) Consolidated obligation bonds 8 (9 ) (1 ) 17 Total $ (64 ) $ 61 $ (3 ) $ (34 ) Three months ended June 30, 2015 Available-for-sale securities $ 48 $ (45 ) $ 3 $ (34 ) Advances 89 (86 ) 3 (22 ) MPF Loans held for portfolio — — — (3 ) Consolidated obligation bonds (44 ) 44 — 57 Total $ 93 $ (87 ) $ 6 $ (2 ) Six months ended June 30, 2016 Available-for-sale securities $ (55 ) $ 50 $ (5 ) $ (62 ) Advances (178 ) 177 (1 ) (40 ) MPF Loans held for portfolio — — — (5 ) Consolidated obligation bonds 76 (82 ) (6 ) 39 Total $ (157 ) $ 145 $ (12 ) $ (68 ) Six months ended June 30, 2015 Available-for-sale securities $ 12 $ (14 ) $ (2 ) $ (78 ) Advances 28 (29 ) (1 ) (41 ) MPF Loans held for portfolio — — — (7 ) Consolidated obligation bonds 30 (40 ) (10 ) 115 Total $ 70 $ (83 ) $ (13 ) $ (11 ) Cash Flow Hedges We reclassify amounts in AOCI into our statements of income in the same 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 $(8) million as of June 30, 2016 . The maximum length of time over which we are hedging our exposure to the variability in future cash flows for forecasted transactions is 4 years . The following table presents our cash flow hedging results by type of hedged item. Additionally, the table indicates where cash flow hedging results are classified in our statements of income. In this regard, the Amount Recorded in Net Interest Income column includes the following: • The amortization of closed cash flow hedging adjustments, which are reclassified from AOCI into the interest income/expense line item of the respective hedged item type. • The effect of net interest settlements attributable to open derivative hedging instruments, which are recorded directly to the interest income/expense line item of the respective hedged item type. Ineffective Portion Recorded in Derivatives and Hedging Activities Effective Portion Recorded in AOCI Amount Recorded in Net Interest Income Three months ended June 30, 2016 Advances Interest rate floors $ — $ — $ 4 Discount notes Interest rate swaps 4 14 (51 ) Bonds Interest rate swaps — — (1 ) Total $ 4 $ 14 $ (48 ) Three months ended June 30, 2015 Advances Interest rate floors $ — $ — $ 3 Discount notes Interest rate swaps 1 70 (62 ) Bonds Interest rate swaps — — (1 ) Total $ 1 $ 70 $ (60 ) Six months ended June 30, 2016 Advances Interest rate floors $ — $ — $ 6 Discount notes Interest rate swaps 4 (38 ) (98 ) Bonds Interest rate swaps — — (2 ) Total $ 4 $ (38 ) $ (94 ) Six months ended June 30, 2015 Advances Interest rate floors $ — $ — $ 6 Discount notes Interest rate swaps 1 43 (125 ) Bonds Interest rate swaps — — (2 ) Total $ 1 $ 43 $ (121 )

Consolidated Obligations

Consolidated Obligations	6 Months Ended
	Jun. 30, 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 June 30, 2016 Contractual Maturity Weighted Average Interest Rate By Maturity or Next Call Date Due in one year or less $ 12,279 0.88 % $ 22,060 One to two years 4,885 1.74 % 3,425 Two to three years 3,395 1.35 % 1,995 Three to four years 2,213 1.48 % 403 Four to five years 3,271 2.06 % 363 Thereafter 3,052 3.33 % 849 Par value $ 29,095 1.51 % $ 29,095 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 June 30, 2016 December 31, 2015 Carrying Amount $ 45,876 $ 41,564 Par Value 45,906 41,584 Weighted Average Interest Rate 0.39 % 0.22 % The following table presents consolidated obligation bonds outstanding by call feature: As of June 30, 2016 December 31, 2015 Noncallable $ 18,393 $ 10,148 Callable 10,702 12,536 Par value 29,095 22,684 Hedging adjustments (13 ) (101 ) Other adjustments 9 (1 ) Consolidated obligation bonds $ 29,091 $ 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 June 30, 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. June 30, 2016 December 31, 2015 Par values as of Bonds Discount Notes Total Bonds Discount Notes Total FHLB System total consolidated obligations $ 492,431 $ 471,379 $ 963,810 $ 410,859 $ 494,343 $ 905,202 FHLB Chicago as primary obligor 29,095 45,906 75,001 22,684 41,584 64,268 As a percent of the FHLB System 6 % 10 % 8 % 6 % 8 % 7 %

Capital and Mandatorily Redeema

Capital and Mandatorily Redeemable Capital Stock (MRCS)	6 Months Ended
	Jun. 30, 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. June 30, 2016 December 31, 2015 Requirement Actual Requirement Actual Risk-based capital $ 984 $ 4,960 $ 1,027 $ 4,688 Total regulatory capital $ 3,226 $ 4,960 $ 2,827 $ 4,688 Total regulatory capital ratio 4.00 % 6.15 % 4.00 % 6.63 % Leverage capital $ 4,033 $ 7,440 $ 3,534 $ 7,032 Leverage capital ratio 5.00 % 9.22 % 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 June 30, 2016 Regulatory Capital Stock Outstanding % of Total Outstanding One Mortgage Partners Corp. $ 245 a 12 % The Northern Trust Company $ 220 11 % BMO Harris Bank, N.A. $ 219 11 % 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 June 30, 2016, we held excess capital stock of $391 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)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss) [Text Block]	Accumulated Other Comprehensive Income (Loss) The following table summarizes the gains (losses) in AOCI for the reporting periods indicated. Net Unrealized - Non-credit OTTI - Net Unrealized - Cash Flow Hedges Available-for-sale Securities Held-to-maturity Securities Post-Retirement Plans AOCI Three months ended June 30, 2016 Beginning balance $ 618 $ (206 ) $ (516 ) $ (6 ) $ (110 ) Change in the period recorded to the statements of condition, before reclassifications to statements of income (60 ) 10 14 1 (35 ) Amounts reclassified in period to statements of income: Net interest income — — (2 ) — (2 ) Non-interest gain (loss) — — (4 ) — (4 ) Other comprehensive income in the period (60 ) 10 8 1 (41 ) Ending balance $ 558 $ (196 ) $ (508 ) $ (5 ) $ (151 ) Three months ended June 30, 2015 Beginning balance $ 1,038 $ (251 ) $ (608 ) $ (7 ) $ 172 Change in the period recorded to the statements of condition, before reclassifications to statements of income (113 ) 13 70 — (30 ) Amounts reclassified in period to statements of income: Net interest income — — (2 ) — (2 ) Non-interest gain (loss) — — (1 ) — (1 ) Other comprehensive income in the period (113 ) 13 67 — (33 ) Ending balance $ 925 $ (238 ) $ (541 ) $ (7 ) $ 139 Six months ended June 30, 2016 Beginning balance $ 658 $ (217 ) $ (463 ) $ (6 ) $ (28 ) Change in the period recorded to the statements of condition, before reclassifications to statements of income (100 ) 21 (38 ) 1 (116 ) Amounts reclassified in period to statements of income: Net interest income — — (3 ) — (3 ) Non-interest gain (loss) — — (4 ) — (4 ) Other comprehensive income in the period (100 ) 21 (45 ) 1 (123 ) Ending balance $ 558 $ (196 ) $ (508 ) $ (5 ) $ (151 ) Six months ended June 30, 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 (135 ) 26 43 (8 ) (74 ) Amounts reclassified in period to statements of income: Net interest income — — (3 ) — (3 ) Non-interest gain (loss) — — (1 ) — (1 ) Other comprehensive income in the period (135 ) 26 39 (8 ) (78 ) Ending balance $ 925 $ (238 ) $ (541 ) $ (7 ) $ 139

Fair Value Accounting

Fair Value Accounting	6 Months Ended
	Jun. 30, 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 June 30, 2016 Financial Assets - Cash and due from banks $ 375 $ 375 $ 375 $ — $ — Interest bearing deposits 650 650 650 — — Federal Funds sold 3,573 3,573 — 3,573 — Securities purchased under agreements to resell 1,750 1,750 — 1,750 — Held-to-maturity securities 5,543 6,090 — 5,006 1,084 Advances 46,424 46,384 — 46,384 — MPF Loans held in portfolio, net 4,667 4,996 — 4,958 38 Financial Liabilities - Deposits (532 ) (532 ) — (532 ) — Consolidated obligation discount notes (45,876 ) (45,881 ) — (45,881 ) — Consolidated obligation bonds (29,091 ) (29,576 ) — (29,576 ) — Mandatorily redeemable capital stock (302 ) (302 ) (302 ) — — 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 shown in the table reflects our policy of presenting derivative assets and liabilities on a net basis in our statements of condition. See Note 1 - Background and Basis of Presentation and Note 9 - Derivatives and Hedging Activities for further details. Advances, consolidated obligation discount notes and bonds, and mortgage loans held for sale that are measured at fair value on a recurring basis resulted from our electing the fair value option. June 30, 2016 Level 2 Level 3 Netting Fair Value Financial assets - U.S. Government & other government related non-MBS $ 1,153 $ — $ 1,153 GSE residential MBS 45 — 45 U.S. Governmental-guaranteed residential MBS 2 — 2 Trading securities 1,200 — 1,200 U.S. Government & other government related non-MBS 394 — 394 State or local housing agency non-MBS 21 — 21 FFELP ABS 4,834 — 4,834 GSE residential MBS 9,322 — 9,322 U.S. Government-guaranteed residential MBS 1,620 — 1,620 Private-label residential MBS — 57 57 Available-for-sale securities 16,191 57 16,248 Advances 594 — 594 Derivative assets 769 — $ (765 ) 4 Other assets - Mortgage loans held for sale 36 — 36 Financial assets at fair value $ 18,790 $ 57 $ (765 ) $ 18,082 Level 3 as a percent of total assets at fair value 0.3 % Financial liabilities - Consolidated obligation discount notes $ (10,140 ) $ — $ (10,140 ) Consolidated obligation bonds (5,960 ) — (5,960 ) Derivative liabilities (1,815 ) — $ 1,764 (51 ) Financial liabilities at fair value $ (17,915 ) $ — $ 1,764 $ (16,151 ) 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. 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 June 30, Six months ended June 30, 2016 2015 2015 2014 Advances $ 5 $ — $ 16 $ 1 Bonds (2 ) 2 (5 ) 4 Discount notes (2 ) (2 ) (5 ) (2 ) Net gain (loss) instruments held under fair value option $ 1 $ — $ 6 $ 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. June 30, 2016 December 31, 2015 As of Advances Consolidated Obligation Bonds Advances Consolidated Obligation Bonds Unpaid principal balance $ 576 $ 5,949 $ 509 $ 953 Fair value over (under) UPB 18 11 2 (1 ) Fair value $ 594 $ 5,960 $ 511 $ 952

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. June 30, 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 $ 714 $ — $ 714 $ 105 $ — $ 105 Unsettled consolidated obligation discount notes 43 — 43 — — — Member standby letters of credit 6,355 2,067 a 8,422 5,063 1,615 a 6,678 Housing authority standby bond purchase agreements 50 265 315 49 362 411 Advance commitments 187 — 187 163 5 168 MPF delivery commitments 558 — 558 279 — 279 Other commitments 44 1 45 48 3 51 Commitments $ 7,951 $ 2,333 $ 10,284 $ 5,707 $ 1,985 $ 7,692 a Contains $369 million and $637 million of member standby letters of credit at June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 Assets - Interest bearing deposits $ 650 $ 650 Assets - Advances 22,016 15,168 Assets - Advance Interest Receivable 9 5 Liabilities - Deposits 26 20 Equity - Capital Stock 703 467 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 Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 at the time of adoption included 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 24

Interest Income and Interest Expense (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Interest income - Investment securities - Trading $ 3 $ 1 $ 5 $ 2 Available-for-sale 119 130 251 264 Held-to-maturity 56 69 115 138 Investment securities 178 200 371 404 Advances - Advance interest income 68 42 130 81 Advance prepayment fees 6 — 7 6 Advances 74 42 137 87 MPF Loans held in portfolio 55 66 112 135 Other interest bearing assets 10 1 15 4 Interest income 317 309 635 630 Interest expense - Consolidated obligations - Discount notes 95 72 177 144 Bonds 98 103 200 208 Consolidated obligations 193 175 377 352 Subordinated notes 10 13 24 27 Other interest bearing liabilities 3 — 3 — Interest expense 206 188 404 379 Net interest income $ 111 $ 121 231 251 Provision for (reversal of) credit losses — 4 — 4 Net interest income after provision for (reversal of) credit losses $ 111 $ 117 $ 231 $ 247

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 U.S. Government & other government related $ 1,153 $ 1,108 Residential MBS: GSE 45 50 Government-guaranteed 2 2 Residential MBS 47 52 Trading securities $ 1,200 $ 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 June 30, 2016 U.S. Government & other government related $ 374 $ 24 $ (4 ) $ 394 State or local housing agency 20 1 — 21 FFELP ABS 4,740 128 (34 ) 4,834 Residential MBS: GSE 8,936 402 (16 ) 9,322 Government-guaranteed 1,568 52 — 1,620 Private-label 52 5 — 57 Residential MBS 10,556 459 (16 ) 10,999 Available-for-sale securities $ 15,690 $ 612 $ (54 ) $ 16,248 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 June 30, 2016 U.S. Government & other government related $ 1,835 $ — $ 1,835 $ 83 $ — $ 1,918 State or local housing agency 14 — 14 — — 14 Residential MBS: GSE 2,024 — 2,024 150 — 2,174 Government-guaranteed 883 — 883 17 — 900 Private-label 983 (196 ) 787 298 (1 ) 1,084 Residential MBS 3,890 (196 ) 3,694 465 (1 ) 4,158 Held-to-maturity securities $ 5,739 $ (196 ) $ 5,543 $ 548 $ (1 ) $ 6,090 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]	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 June 30, 2016 U.S. Government & other government related $ 35 $ (1 ) $ 51 $ (3 ) $ 86 $ (4 ) FFELP ABS 57 (1 ) 733 (33 ) 790 (34 ) Residential MBS: GSE 1,533 (5 ) 1,012 (11 ) 2,545 (16 ) Government-guaranteed 24 — — — 24 — Private-label — — 8 — 8 — Residential MBS 1,557 (5 ) 1,020 (11 ) 2,577 (16 ) Available-for-sale securities $ 1,649 $ (7 ) $ 1,804 $ (47 ) $ 3,453 $ (54 ) 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 June 30, 2016 U.S. Government & other government related $ — $ — $ 16 $ — $ 16 $ — State or local housing agency — — 1 — 1 — Residential MBS: GSE 4 — — — 4 — Government-guaranteed 134 — — — 134 — Private-label 4 — 1,038 (197 ) 1,042 (197 ) Residential MBS 142 — 1,038 (197 ) 1,180 (197 ) Held-to-maturity securities $ 142 $ — $ 1,055 $ (197 ) $ 1,197 $ (197 ) 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 primarily presents the amortized cost basis and fair value of U.S. Government & other government related AFS and HTM securities by contractual maturity. ABS and MBS securities are excluded since 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 June 30, 2016 Amortized Cost Basis Carrying Amount and Fair Value Carrying Amount Fair Value Year of Maturity - Due in one year or less $ — $ — $ 694 $ 694 Due after one year through five years 64 67 303 318 Due after five years through ten years 30 32 89 91 Due after ten years 300 316 763 829 ABS and MBS without a single maturity date 15,296 15,833 3,694 4,158 Total securities $ 15,690 $ 16,248 $ 5,543 $ 6,090
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 June 30, Six months ended June 30, 2016 2015 2016 2015 Beginning Balance $ 555 $ 605 $ 568 $ 620 Reductions: Increases in expected future cash flows recorded as accretion into interest income (13 ) (14 ) (26 ) (29 ) Ending Balance $ 542 $ 591 $ 542 $ 591

Advances (Tables)

Advances (Tables)	6 Months Ended
	Jun. 30, 2016
Concentration Risk [Line Items]
Federal Home Loan Bank, Advances [Table Text Block]	The following table presents our advances by terms of maturity. Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay advances with or without penalties. As of June 30, 2016 Weighted Average Contractual Interest Rate Amount Due in one year or less 0.59 % $ 15,928 One to two years 0.74 % 9,686 Two to three years 0.61 % a 4,966 Three to four years 0.54 % a 9,147 Four to five years 1.05 % a 2,255 More than five years 1.69 % 4,079 Par value 0.73 % $ 46,061 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 June 30, 2016 December 31, 2015 Par value $ 46,061 $ 36,605 Hedging adjustments 335 159 Other adjustments 28 14 Advances $ 46,424 $ 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 June 30, 2016 Par Value % of Total Outstanding One Mortgage Partners Corp. $ 11,000 a 24 % The Northern Trust Company 6,000 13 % BMO Harris Bank, N.A. 4,875 11 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

MPF Loans (Tables)

MPF Loans (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 Medium term (15 years or less) $ 507 $ 662 Long term (greater than 15 years) 4,103 4,112 Unpaid principal balance 4,610 4,774 Net premiums, credit enhancement and deferred loan fees 28 20 Hedging adjustments 32 37 MPF Loans held in portfolio, before allowance for credit losses 4,670 4,831 Allowance for credit losses on MPF Loans (3 ) (3 ) MPF Loans held in portfolio, net $ 4,667 $ 4,828 Conventional mortgage loans $ 3,467 $ 3,568 Government Loans 1,143 1,206 Unpaid principal balance $ 4,610 $ 4,774

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Allowance for Credit Losses on Financing Receivables [Table Text Block]	For further detail of our MPF Risk Sharing Structure see page F-14 in our 2015 Form 10-K. There has been no material activity in our allowance for credit losses since December 31, 2015 . The following table presents the recorded investment and the allowance for credit losses 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 June 30, 2016 December 31, 2015 Recorded investment in conventional MPF Loans - Individually evaluated for impairment $ 87 $ 107 Collectively evaluated for impairment 3,442 3,519 Recorded investment $ 3,529 $ 3,626 Allowance for credit losses on conventional MPF Loans - Homogeneous pools of loans collectively evaluated for impairment $ 3 $ 3
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. MPF Loans that are both 90 days or more past due and in the process of foreclosure are only included once in our serious delinquency rate calculation. • "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. June 30, 2016 December 31, 2015 As of Conventional Government Total Conventional Government Total Past due 30-59 days $ 81 $ 50 $ 131 $ 99 $ 63 $ 162 Past due 60-89 days 26 17 43 32 21 53 Past due 90 days or more 80 18 98 100 15 115 Past due 187 85 272 231 99 330 Current 3,342 1,081 4,423 3,395 1,130 4,525 Recorded investment $ 3,529 $ 1,166 $ 4,695 $ 3,626 $ 1,229 $ 4,855 In process of foreclosure $ 42 $ 4 $ 46 $ 51 $ 3 $ 54 Serious delinquency rate 2.27 % 1.52 % 2.08 % 2.77 % 1.23 % 2.38 % Past due 90 days or more still accruing interest $ 6 $ 18 $ 24 $ 10 $ 15 $ 25 On nonaccrual status $ 87 $ — $ 87 $ 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 June 30, 2016 December 31, 2015 Recorded investment without an allowance for credit losses $ 87 $ 107 Unpaid principal balance without an allowance for credit losses 94 117 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 June 30, Six months ended June 30, 2016 2015 2016 2015 Average recorded investment without allowance for credit losses $ 88 $ 131 $ 93 $ 140

Derivatives and Hedging Activ29

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 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 $ 23,525 $ 62 $ 1,312 $ 25,140 $ 30 $ 1,082 Derivatives not in hedge accounting relationships- Interest rate swaps 33,655 581 500 28,866 456 341 Interest rate swaptions 820 58 — 1,270 40 — Interest rate caps or floors 1,129 65 — 1,131 76 — Interest rate futures 23 — — 7 — — Mortgage delivery commitments 1,001 3 2 479 1 1 TBAs Ginnie Mae securitizations 92 — 1 114 — — Derivatives not in hedge accounting relationships 36,720 707 503 31,867 573 342 Gross derivative amount before adjustments $ 60,245 769 1,815 $ 57,007 603 1,424 Netting adjustments and cash collateral (765 ) a (1,764 ) a (601 ) a (1,369 ) a Derivatives on statements of condition $ 4 $ 51 $ 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 $1.0 billion and $793 million at June 30, 2016 , and December 31, 2015 , and cash collateral received was $29 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 June 30, 2016 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 580 $ 186 $ 766 $ 1,166 $ 647 $ 1,813 Netting adjustments and cash collateral (579 ) (186 ) (765 ) (1,131 ) (633 ) (1,764 ) Derivatives with legal right of offset - net 1 — 1 35 14 49 Derivatives without legal right of offset 3 — 3 2 — 2 Derivatives on statements of condition 4 — 4 37 14 51 Cash collateral for initial margin (1 ) (1 ) Noncash collateral received (pledged) and cannot be sold or repledged 1 — 1 — 14 14 Net amount $ 3 $ 1 $ 4 $ 37 $ — $ 37 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 June 30, 2016 , we had $87 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 June 30, Six months ended June 30, For the periods ending 2016 2015 2016 2015 Fair value hedges - Interest rate swaps $ (3 ) $ 6 $ (12 ) $ (13 ) Cash flow hedges 4 1 4 1 Economic hedges - Interest rate swaps (12 ) (6 ) (39 ) (29 ) Interest rate swaptions 7 (5 ) 18 3 Interest rate caps or floors (8 ) (7 ) (11 ) (8 ) Interest rate future forwards (1 ) — (1 ) — Net interest settlements 16 20 28 44 Mortgage delivery commitments — — 2 — TBAs Ginnie Mae securitizations (1 ) — (3 ) — Economic hedges 1 2 (6 ) 10 Gains (losses) on derivatives and hedging activities $ 2 $ 9 $ (14 ) $ (2 )
Fair Value Hedges [Table Text Block]	The following table presents our fair value hedging results by the type of hedged item. We had no gain (loss) for hedges that no longer qualified as a fair value hedge. Additionally, the table indicates where fair value hedging results are classified in our statements of income. In this regard, the Amount Recorded in Net Interest Income column includes the following: • The amortization of closed fair value hedging adjustments, which are included in the interest income/expense line item of the respective hedged item type. • The effect of net interest settlements attributable to open derivative hedging instruments, which are recorded directly to the interest income/expense line item of the respective hedged item type. On Derivative On Hedged Item Total Ineffectiveness Recognized in Derivatives and Hedging Activities Amount Recorded in Net Interest Income Three months ended June 30, 2016 Available-for-sale securities $ (4 ) $ 2 $ (2 ) $ (28 ) Advances (68 ) 68 — (20 ) MPF Loans held for portfolio — — — (3 ) Consolidated obligation bonds 8 (9 ) (1 ) 17 Total $ (64 ) $ 61 $ (3 ) $ (34 ) Three months ended June 30, 2015 Available-for-sale securities $ 48 $ (45 ) $ 3 $ (34 ) Advances 89 (86 ) 3 (22 ) MPF Loans held for portfolio — — — (3 ) Consolidated obligation bonds (44 ) 44 — 57 Total $ 93 $ (87 ) $ 6 $ (2 ) Six months ended June 30, 2016 Available-for-sale securities $ (55 ) $ 50 $ (5 ) $ (62 ) Advances (178 ) 177 (1 ) (40 ) MPF Loans held for portfolio — — — (5 ) Consolidated obligation bonds 76 (82 ) (6 ) 39 Total $ (157 ) $ 145 $ (12 ) $ (68 ) Six months ended June 30, 2015 Available-for-sale securities $ 12 $ (14 ) $ (2 ) $ (78 ) Advances 28 (29 ) (1 ) (41 ) MPF Loans held for portfolio — — — (7 ) Consolidated obligation bonds 30 (40 ) (10 ) 115 Total $ 70 $ (83 ) $ (13 ) $ (11 )
Cash Flow Hedges [Table Text Block]	The following table presents our cash flow hedging results by type of hedged item. Additionally, the table indicates where cash flow hedging results are classified in our statements of income. In this regard, the Amount Recorded in Net Interest Income column includes the following: • The amortization of closed cash flow hedging adjustments, which are reclassified from AOCI into the interest income/expense line item of the respective hedged item type. • The effect of net interest settlements attributable to open derivative hedging instruments, which are recorded directly to the interest income/expense line item of the respective hedged item type. Ineffective Portion Recorded in Derivatives and Hedging Activities Effective Portion Recorded in AOCI Amount Recorded in Net Interest Income Three months ended June 30, 2016 Advances Interest rate floors $ — $ — $ 4 Discount notes Interest rate swaps 4 14 (51 ) Bonds Interest rate swaps — — (1 ) Total $ 4 $ 14 $ (48 ) Three months ended June 30, 2015 Advances Interest rate floors $ — $ — $ 3 Discount notes Interest rate swaps 1 70 (62 ) Bonds Interest rate swaps — — (1 ) Total $ 1 $ 70 $ (60 ) Six months ended June 30, 2016 Advances Interest rate floors $ — $ — $ 6 Discount notes Interest rate swaps 4 (38 ) (98 ) Bonds Interest rate swaps — — (2 ) Total $ 4 $ (38 ) $ (94 ) Six months ended June 30, 2015 Advances Interest rate floors $ — $ — $ 6 Discount notes Interest rate swaps 1 43 (125 ) Bonds Interest rate swaps — — (2 ) Total $ 1 $ 43 $ (121 )

Consolidated Obligations (Table

Consolidated Obligations (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 Contractual Maturity Weighted Average Interest Rate By Maturity or Next Call Date Due in one year or less $ 12,279 0.88 % $ 22,060 One to two years 4,885 1.74 % 3,425 Two to three years 3,395 1.35 % 1,995 Three to four years 2,213 1.48 % 403 Four to five years 3,271 2.06 % 363 Thereafter 3,052 3.33 % 849 Par value $ 29,095 1.51 % $ 29,095
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 June 30, 2016 December 31, 2015 Carrying Amount $ 45,876 $ 41,564 Par Value 45,906 41,584 Weighted Average Interest Rate 0.39 % 0.22 %
Schedule of Long-term Debt Instruments [Table Text Block]	The following table presents consolidated obligation bonds outstanding by call feature: As of June 30, 2016 December 31, 2015 Noncallable $ 18,393 $ 10,148 Callable 10,702 12,536 Par value 29,095 22,684 Hedging adjustments (13 ) (101 ) Other adjustments 9 (1 ) Consolidated obligation bonds $ 29,091 $ 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 June 30, 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. June 30, 2016 December 31, 2015 Par values as of Bonds Discount Notes Total Bonds Discount Notes Total FHLB System total consolidated obligations $ 492,431 $ 471,379 $ 963,810 $ 410,859 $ 494,343 $ 905,202 FHLB Chicago as primary obligor 29,095 45,906 75,001 22,684 41,584 64,268 As a percent of the FHLB System 6 % 10 % 8 % 6 % 8 % 7 %

Capital and Mandatorily Redee31

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2016 December 31, 2015 Requirement Actual Requirement Actual Risk-based capital $ 984 $ 4,960 $ 1,027 $ 4,688 Total regulatory capital $ 3,226 $ 4,960 $ 2,827 $ 4,688 Total regulatory capital ratio 4.00 % 6.15 % 4.00 % 6.63 % Leverage capital $ 4,033 $ 7,440 $ 3,534 $ 7,032 Leverage capital ratio 5.00 % 9.22 % 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 June 30, 2016 Regulatory Capital Stock Outstanding % of Total Outstanding One Mortgage Partners Corp. $ 245 a 12 % The Northern Trust Company $ 220 11 % BMO Harris Bank, N.A. $ 219 11 % a One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The following table summarizes the gains (losses) in AOCI for the reporting periods indicated. Net Unrealized - Non-credit OTTI - Net Unrealized - Cash Flow Hedges Available-for-sale Securities Held-to-maturity Securities Post-Retirement Plans AOCI Three months ended June 30, 2016 Beginning balance $ 618 $ (206 ) $ (516 ) $ (6 ) $ (110 ) Change in the period recorded to the statements of condition, before reclassifications to statements of income (60 ) 10 14 1 (35 ) Amounts reclassified in period to statements of income: Net interest income — — (2 ) — (2 ) Non-interest gain (loss) — — (4 ) — (4 ) Other comprehensive income in the period (60 ) 10 8 1 (41 ) Ending balance $ 558 $ (196 ) $ (508 ) $ (5 ) $ (151 ) Three months ended June 30, 2015 Beginning balance $ 1,038 $ (251 ) $ (608 ) $ (7 ) $ 172 Change in the period recorded to the statements of condition, before reclassifications to statements of income (113 ) 13 70 — (30 ) Amounts reclassified in period to statements of income: Net interest income — — (2 ) — (2 ) Non-interest gain (loss) — — (1 ) — (1 ) Other comprehensive income in the period (113 ) 13 67 — (33 ) Ending balance $ 925 $ (238 ) $ (541 ) $ (7 ) $ 139 Six months ended June 30, 2016 Beginning balance $ 658 $ (217 ) $ (463 ) $ (6 ) $ (28 ) Change in the period recorded to the statements of condition, before reclassifications to statements of income (100 ) 21 (38 ) 1 (116 ) Amounts reclassified in period to statements of income: Net interest income — — (3 ) — (3 ) Non-interest gain (loss) — — (4 ) — (4 ) Other comprehensive income in the period (100 ) 21 (45 ) 1 (123 ) Ending balance $ 558 $ (196 ) $ (508 ) $ (5 ) $ (151 ) Six months ended June 30, 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 (135 ) 26 43 (8 ) (74 ) Amounts reclassified in period to statements of income: Net interest income — — (3 ) — (3 ) Non-interest gain (loss) — — (1 ) — (1 ) Other comprehensive income in the period (135 ) 26 39 (8 ) (78 ) Ending balance $ 925 $ (238 ) $ (541 ) $ (7 ) $ 139

Fair Value Accounting (Tables)

Fair Value Accounting (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 Financial Assets - Cash and due from banks $ 375 $ 375 $ 375 $ — $ — Interest bearing deposits 650 650 650 — — Federal Funds sold 3,573 3,573 — 3,573 — Securities purchased under agreements to resell 1,750 1,750 — 1,750 — Held-to-maturity securities 5,543 6,090 — 5,006 1,084 Advances 46,424 46,384 — 46,384 — MPF Loans held in portfolio, net 4,667 4,996 — 4,958 38 Financial Liabilities - Deposits (532 ) (532 ) — (532 ) — Consolidated obligation discount notes (45,876 ) (45,881 ) — (45,881 ) — Consolidated obligation bonds (29,091 ) (29,576 ) — (29,576 ) — Mandatorily redeemable capital stock (302 ) (302 ) (302 ) — — 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 shown in the table reflects our policy of presenting derivative assets and liabilities on a net basis in our statements of condition. See Note 1 - Background and Basis of Presentation and Note 9 - Derivatives and Hedging Activities for further details. Advances, consolidated obligation discount notes and bonds, and mortgage loans held for sale that are measured at fair value on a recurring basis resulted from our electing the fair value option. June 30, 2016 Level 2 Level 3 Netting Fair Value Financial assets - U.S. Government & other government related non-MBS $ 1,153 $ — $ 1,153 GSE residential MBS 45 — 45 U.S. Governmental-guaranteed residential MBS 2 — 2 Trading securities 1,200 — 1,200 U.S. Government & other government related non-MBS 394 — 394 State or local housing agency non-MBS 21 — 21 FFELP ABS 4,834 — 4,834 GSE residential MBS 9,322 — 9,322 U.S. Government-guaranteed residential MBS 1,620 — 1,620 Private-label residential MBS — 57 57 Available-for-sale securities 16,191 57 16,248 Advances 594 — 594 Derivative assets 769 — $ (765 ) 4 Other assets - Mortgage loans held for sale 36 — 36 Financial assets at fair value $ 18,790 $ 57 $ (765 ) $ 18,082 Level 3 as a percent of total assets at fair value 0.3 % Financial liabilities - Consolidated obligation discount notes $ (10,140 ) $ — $ (10,140 ) Consolidated obligation bonds (5,960 ) — (5,960 ) Derivative liabilities (1,815 ) — $ 1,764 (51 ) Financial liabilities at fair value $ (17,915 ) $ — $ 1,764 $ (16,151 ) 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 June 30, Six months ended June 30, 2016 2015 2015 2014 Advances $ 5 $ — $ 16 $ 1 Bonds (2 ) 2 (5 ) 4 Discount notes (2 ) (2 ) (5 ) (2 ) Net gain (loss) instruments held under fair value option $ 1 $ — $ 6 $ 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. June 30, 2016 December 31, 2015 As of Advances Consolidated Obligation Bonds Advances Consolidated Obligation Bonds Unpaid principal balance $ 576 $ 5,949 $ 509 $ 953 Fair value over (under) UPB 18 11 2 (1 ) Fair value $ 594 $ 5,960 $ 511 $ 952

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 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 $ 714 $ — $ 714 $ 105 $ — $ 105 Unsettled consolidated obligation discount notes 43 — 43 — — — Member standby letters of credit 6,355 2,067 a 8,422 5,063 1,615 a 6,678 Housing authority standby bond purchase agreements 50 265 315 49 362 411 Advance commitments 187 — 187 163 5 168 MPF delivery commitments 558 — 558 279 — 279 Other commitments 44 1 45 48 3 51 Commitments $ 7,951 $ 2,333 $ 10,284 $ 5,707 $ 1,985 $ 7,692 a Contains $369 million and $637 million of member standby letters of credit at June 30, 2016 , and December 31, 2015 , which were renewable annually.

Transactions with Related Par35

Transactions with Related Parties and Other FHLBs (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 December 31, 2015 Assets - Interest bearing deposits $ 650 $ 650 Assets - Advances 22,016 15,168 Assets - Advance Interest Receivable 9 5 Liabilities - Deposits 26 20 Equity - Capital Stock 703 467

Interest Income and Interest 36

Interest Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investment securities -
Trading	$ 3	$ 1	$ 5	$ 2
Available-for-sale	119	130	251	264
Held-to-maturity	56	69	115	138
Investment securities	178	200	371	404
Advances -
Advance interest income	68	42	130	81
Advance prepayment fees	6	0	7	6
Advances	74	42	137	87
MPF Loans held in portfolio	55	66	112	135
Other interest bearing assets	10	1	15	4
Interest income	317	309	635	630
Consolidated obligations -
Discount notes	95	72	177	144
Bonds	98	103	200	208
Consolidated obligations	193	175	377	352
Subordinated notes	10	13	24	27
Other interest bearing liabilities	3	0	3	0
Interest expense	206	188	404	379
Net interest income	111	121	231	251
Provision for (reversal of) credit losses	0	4	0	4
Net interest income after provision for (reversal of) credit losses	$ 111	$ 117	$ 231	$ 247

Investment Securities (Trading

Investment Securities (Trading Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	$ 1,200	$ 1,160
U.S. Government & other government related
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	1,153	1,108
Residential MBS:
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	47	52
Residential MBS: | GSE
Schedule of Trading Securities and Other Trading Assets [Line Items]
Trading securities	45	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	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	$ 15,690	$ 16,812
Gross Unrealized Gains in AOCI	612	698
Gross Unrealized (Losses) in AOCI	(54)	(40)
Carrying Amount and Fair Value	16,248	17,470
U.S. Government & other government related
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	374	405
Gross Unrealized Gains in AOCI	24	21
Gross Unrealized (Losses) in AOCI	(4)	(4)
Carrying Amount and Fair Value	394	422
State or local housing agency
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	20	18
Gross Unrealized Gains in AOCI	1	0
Gross Unrealized (Losses) in AOCI	0	0
Carrying Amount and Fair Value	21	18
FFELP ABS | FFELP ABS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	4,740	5,090
Gross Unrealized Gains in AOCI	128	233
Gross Unrealized (Losses) in AOCI	(34)	(24)
Carrying Amount and Fair Value	4,834	5,299
Residential MBS:
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	10,556	11,299
Gross Unrealized Gains in AOCI	459	444
Gross Unrealized (Losses) in AOCI	(16)	(12)
Carrying Amount and Fair Value	10,999	11,731
Residential MBS: | GSE
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	8,936	9,427
Gross Unrealized Gains in AOCI	402	383
Gross Unrealized (Losses) in AOCI	(16)	(12)
Carrying Amount and Fair Value	9,322	9,798
Residential MBS: | Government-guaranteed
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	1,568	1,811
Gross Unrealized Gains in AOCI	52	57
Gross Unrealized (Losses) in AOCI	0	0
Carrying Amount and Fair Value	1,620	1,868
Residential MBS: | Private-label
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost Basis	52	61
Gross Unrealized Gains in AOCI	5	4
Gross Unrealized (Losses) in AOCI	0	0
Carrying Amount and Fair Value	$ 57	$ 65

Investment Securities (Held-to-

Investment Securities (Held-to-Maturities Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	$ 5,739	$ 6,184
Non-credit OTTI Recognized in AOCI (Loss)	(196)	(217)
Carrying Amount	5,543	5,967
Gross Unrecognized Holding Gains	548	548
Gross Unrecognized Holding (Losses)	(1)	(2)
Held-to-maturity fair value	6,090	6,513
U.S. Government & other government related
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	1,835	1,932
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	1,835	1,932
Gross Unrecognized Holding Gains	83	64
Gross Unrecognized Holding (Losses)	0	(1)
Held-to-maturity fair value	1,918	1,995
State or local housing agency
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	14	16
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	14	16
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding (Losses)	0	0
Held-to-maturity fair value	14	16
Residential MBS:
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	3,890	4,236
Non-credit OTTI Recognized in AOCI (Loss)	(196)	(217)
Carrying Amount	3,694	4,019
Gross Unrecognized Holding Gains	465	484
Gross Unrecognized Holding (Losses)	(1)	(1)
Held-to-maturity fair value	4,158	4,502
Residential MBS: | GSE
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	2,024	2,163
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	2,024	2,163
Gross Unrecognized Holding Gains	150	134
Gross Unrecognized Holding (Losses)	0	0
Held-to-maturity fair value	2,174	2,297
Residential MBS: | Government-guaranteed
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	883	969
Non-credit OTTI Recognized in AOCI (Loss)	0	0
Carrying Amount	883	969
Gross Unrecognized Holding Gains	17	16
Gross Unrecognized Holding (Losses)	0	0
Held-to-maturity fair value	900	985
Residential MBS: | Private-label
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost Basis	983	1,104
Non-credit OTTI Recognized in AOCI (Loss)	(196)	(217)
Carrying Amount	787	887
Gross Unrecognized Holding Gains	298	334
Gross Unrecognized Holding (Losses)	(1)	(1)
Held-to-maturity fair value	$ 1,084	$ 1,220

Investment Securities (Aging of

Investment Securities (Aging of Unrealized Temporary Losses on Available-for-sale Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Less than 12 Months
Fair Value	$ 1,649	$ 1,269
Gross Unrealized (Losses)	(7)	(5)
12 Months or More
Fair Value	1,804	1,846
Gross Unrealized (Losses)	(47)	(35)
Total
Fair Value	3,453	3,115
Gross Unrealized (Losses)	(54)	(40)
U.S. Government & other government related
Less than 12 Months
Fair Value	35	30
Gross Unrealized (Losses)	(1)	(1)
12 Months or More
Fair Value	51	45
Gross Unrealized (Losses)	(3)	(3)
Total
Fair Value	86	75
Gross Unrealized (Losses)	(4)	(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	57	64
Gross Unrealized (Losses)	(1)	(1)
12 Months or More
Fair Value	733	787
Gross Unrealized (Losses)	(33)	(23)
Total
Fair Value	790	851
Gross Unrealized (Losses)	(34)	(24)
Residential MBS:
Less than 12 Months
Fair Value	1,557	1,171
Gross Unrealized (Losses)	(5)	(3)
12 Months or More
Fair Value	1,020	1,014
Gross Unrealized (Losses)	(11)	(9)
Total
Fair Value	2,577	2,185
Gross Unrealized (Losses)	(16)	(12)
Residential MBS: | GSE
Less than 12 Months
Fair Value	1,533	1,081
Gross Unrealized (Losses)	(5)	(3)
12 Months or More
Fair Value	1,012	1,006
Gross Unrealized (Losses)	(11)	(9)
Total
Fair Value	2,545	2,087
Gross Unrealized (Losses)	(16)	(12)
Residential MBS: | Government-guaranteed
Less than 12 Months
Fair Value	24	90
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	0	0
Gross Unrealized (Losses)	0	0
Total
Fair Value	24	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	8	8
Gross Unrealized (Losses)	0	0
Total
Fair Value	8	8
Gross Unrealized (Losses)	$ 0	$ 0

Investment Securities (Aging 41

Investment Securities (Aging of Unrealized Temporary Losses on Held-to-maturity Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Less than 12 Months
Fair Value	$ 142	$ 611
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1,055	1,193
Gross Unrealized (Losses)	(197)	(219)
Total
Fair Value	1,197	1,804
Gross Unrealized (Losses)	(197)	(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	0	1
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1	10
Gross Unrealized (Losses)	0	0
Total
Fair Value	1	11
Gross Unrealized (Losses)	0	0
Residential MBS:
Less than 12 Months
Fair Value	142	4
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1,038	1,167
Gross Unrealized (Losses)	(197)	(218)
Total
Fair Value	1,180	1,171
Gross Unrealized (Losses)	(197)	(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	134
Gross Unrealized (Losses)	0
12 Months or More
Fair Value	0
Gross Unrealized (Losses)	0
Total
Fair Value	134
Gross Unrealized (Losses)	0
Residential MBS: | Private-label
Less than 12 Months
Fair Value	4	0
Gross Unrealized (Losses)	0	0
12 Months or More
Fair Value	1,038	1,167
Gross Unrealized (Losses)	(197)	(218)
Total
Fair Value	1,042	1,167
Gross Unrealized (Losses)	$ (197)	$ (218)

Investment Securities (Contract

Investment Securities (Contractual Maturity Terms) (Details) - USD ($) $ in Millions	Jun. 30, 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	64
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost Basis	30
Available-for-sale Securities, Debt Maturities, Rolling after Year Ten, Amortized Cost Basis	300
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Amortized Cost Basis	15,296
Amortized Cost Basis	15,690	$ 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	67
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value	32
Available-for-sale Securities, Debt Maturities, Rolling after Year Ten, Fair Value	316
Available-for-sale Securities, Debt Maturities, without Single Maturity Date, Fair Value	15,833
Carrying Amount and Fair Value	16,248	17,470
Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Amortized Cost	694
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Amortized Cost	303
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Amortized Cost	89
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Amortized Cost	763
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Net Carrying Amount	3,694
Carrying Amount	5,543	5,967
Held-to-maturity Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value	694
Held-to-maturity Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value	318
Held-to-maturity Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value	91
Held-to-maturity Securities, Debt Maturities, Rolling after Ten Years, Fair Value	829
Held-to-maturity Securities, Debt Maturities, without Single Maturity Date, Fair Value	4,158
Fair Value	$ 6,090	$ 6,513

Investment Securities (Signific

Investment Securities (Significant Inputs Used to Determine OTTI) (Details)	Jun. 30, 2016
Minimum
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Assumed Home Price Change Rate all markets	(2.00%)
Projected House Price Change Rate majority of markets	2.00%
Maximum
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Assumed Home Price Change Rate all markets	10.00%
Projected House Price Change Rate majority of markets	6.00%

Investment Securities (OTTI rol

Investment Securities (OTTI rollforward) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Beginning Balance	$ 555	$ 605	$ 568	$ 620
Reductions:
Increases in expected future cash flows recorded as accretion into interest income	(13)	(14)	(26)	(29)
Ending Balance	$ 542	$ 591	$ 542	$ 591

Investment Securities Ongoing L

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

Advances By redemption terms (D

Advances By redemption terms (Details) - USD ($) $ in Millions		Jun. 30, 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		0.59%
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Two		0.74%
Federal Home Loan Bank Advances, Weighted Average Interest Rate, Maturing in Rolling Year Three	[1]	0.61%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Four	[1]	0.54%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing in Rolling Year Five	[1]	1.05%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate, Maturing after Rolling Year Five		1.69%
Federal Home Loan Bank, Advances, Weighted Average Interest Rate		0.73%
Federal Home Loan Bank, Advances, Maturities Summary, in Next Rolling Twelve Months		$ 15,928
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Two		9,686
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Three		4,966
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Four		9,147
Federal Home Loan Bank, Advances, Maturities Summary, in Rolling Year Five		2,255
Federal Home Loan Bank, Advances, Maturities Summary, after Rolling Year Five		4,079
Par value		$ 46,061	$ 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	Jun. 30, 2016	Dec. 31, 2015
Federal Home Loan Banks [Abstract]
Par value	$ 46,061	$ 36,605
Hedging adjustments	335	159
Other adjustments	28	14
Advances	$ 46,424	$ 36,778

Advances By counterparty concen

Advances By counterparty concentration (Details) - USD ($) $ in Millions		3 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Par value		$ 46,061	$ 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		24.00%
The Northern Trust Company
Concentration Risk [Line Items]
Par value		$ 6,000
The Northern Trust Company | Credit Concentration Risk
Concentration Risk [Line Items]
% of Total Outstanding		13.00%
BMO Harris Bank, N.A.
Concentration Risk [Line Items]
Par value		$ 4,875
BMO Harris Bank, N.A. | 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	Jun. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 4,610	$ 4,774
Net premiums, credit enhancement and deferred loan fees	28	20
Hedging adjustments	32	37
MPF Loans held in portfolio, before allowance for credit losses	4,670	4,831
Allowance for credit losses on MPF Loans	(3)	(3)
MPF Loans held in portfolio, net	4,667	4,828
Medium term (15 years or less)
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	507	662
Long term (greater than 15 years)
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	4,103	4,112
Conventional mortgage loans
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	3,467	3,568
Government Loans
Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 1,143	$ 1,206

Allowance for Credit Losses Loa

Allowance for Credit Losses Loans evaluated for impairment (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Recorded investment
Recorded investment	$ 4,695	$ 4,855
Conventional
Recorded investment
Individually evaluated for impairment	87	107
Collectively evaluated for impairment	3,442	3,519
Recorded investment	3,529	3,626
Allowance for credit losses on conventional MPF Loans -
Homogeneous pools of loans collectively evaluated for impairment	$ 3	$ 3

Allowance for Credit Losses (Cr

Allowance for Credit Losses (Credit Quality Indicators - MPF Loans) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Recorded Investment, Past Due [Line Items]
Past due	$ 272	$ 330
Current	4,423	4,525
Recorded investment	4,695	4,855
In process of foreclosure	$ 46	$ 54
Serious delinquency rate	2.08%	2.38%
Past due 90 days or more still accruing interest	$ 24	$ 25
On nonaccrual status	87	107
Past due 30-59 days
Recorded Investment, Past Due [Line Items]
Past due	131	162
Past due 60-89 days
Recorded Investment, Past Due [Line Items]
Past due	43	53
Past due 90 days or more
Recorded Investment, Past Due [Line Items]
Past due	98	115
Conventional
Recorded Investment, Past Due [Line Items]
Past due	187	231
Current	3,342	3,395
Recorded investment	3,529	3,626
In process of foreclosure	$ 42	$ 51
Serious delinquency rate	2.27%	2.77%
Past due 90 days or more still accruing interest	$ 6	$ 10
On nonaccrual status	87	107
Conventional | Past due 30-59 days
Recorded Investment, Past Due [Line Items]
Past due	81	99
Conventional | Past due 60-89 days
Recorded Investment, Past Due [Line Items]
Past due	26	32
Conventional | Past due 90 days or more
Recorded Investment, Past Due [Line Items]
Past due	80	100
Government
Recorded Investment, Past Due [Line Items]
Past due	85	99
Current	1,081	1,130
Recorded investment	1,166	1,229
In process of foreclosure	$ 4	$ 3
Serious delinquency rate	1.52%	1.23%
Past due 90 days or more still accruing interest	$ 18	$ 15
On nonaccrual status	0	0
Government | Past due 30-59 days
Recorded Investment, Past Due [Line Items]
Past due	50	63
Government | Past due 60-89 days
Recorded Investment, Past Due [Line Items]
Past due	17	21
Government | Past due 90 days or more
Recorded Investment, Past Due [Line Items]
Past due	$ 18	$ 15

Allowance for Credit Losses (Im

Allowance for Credit Losses (Impaired MPF Loans at period ends) (Details) - Conventional - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Recorded investment without an allowance for credit losses	$ 87	$ 107
Unpaid principal balance without an allowance for credit losses	$ 94	$ 117

Allowance for Credit Losses (53

Allowance for Credit Losses (Impaired MPF Loans during the periods) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Conventional
Financing Receivable, Impaired [Line Items]
Average recorded investment without allowance for credit losses	$ 88	$ 131	$ 93	$ 140

Derivatives and Hedging Activ54

Derivatives and Hedging Activities (Narrative) (Details) $ in Millions	Jun. 30, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Additional collateral due to derivatives counterparties if credit rating was lowered one level	$ 31
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty	$ 101

Derivatives and Hedging Activ55

Derivatives and Hedging Activities (Derivatives in statements of condition) (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Notional Amount		$ 60,245	$ 57,007
Netting adjustments and cash collateral derivative assets		(765)	(601)
Derivative assets on statements of condition		4	2
Netting adjustments and cash collateral derivative liabilities		(1,764)	(1,369)
Derivative liabilities on statements of condition		51	55
Cash collateral posted		1,000	793
Cash collateral received		29	25
Derivatives in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount		23,525	25,140
Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Notional Amount		36,720	31,867
Derivatives not in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional Amount		33,655	28,866
Derivatives not in hedge accounting relationships- | Interest rate swaptions
Derivatives, Fair Value [Line Items]
Notional Amount		820	1,270
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 futures
Derivatives, Fair Value [Line Items]
Notional Amount		23	7
Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Notional Amount		1,001	479
Derivatives not in hedge accounting relationships- | TBAs Ginnie Mae securitizations
Derivatives, Fair Value [Line Items]
Notional Amount		92	114
Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		769	603
Netting adjustments and cash collateral derivative assets	[1]	(765)	(601)
Derivative assets on statements of condition		4	2
Derivative Assets | Derivatives in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		62	30
Derivative Assets | Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		707	573
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		581	456
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate swaptions
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		58	40
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate caps or floors
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		65	76
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate futures
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivative Assets | Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		3	1
Derivative Assets | Derivatives not in hedge accounting relationships- | TBAs Ginnie Mae securitizations
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		1,815	1,424
Netting adjustments and cash collateral derivative liabilities	[1]	(1,764)	(1,369)
Derivative liabilities on statements of condition		51	55
Derivative Liabilities | Derivatives in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		1,312	1,082
Derivative Liabilities | Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		503	342
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate swaps
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		500	341
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate swaptions
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate caps or floors
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate futures
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		0	0
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Gross derivative amount before adjustments		2	1
Derivative Liabilities | Derivatives not in hedge accounting relationships- | TBAs Ginnie Mae securitizations
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 $1.0 billion and $793 million at June 30, 2016, and December 31, 2015, and cash collateral received was $29 million and $25 million.

Derivatives and Hedging Activ56

Derivatives and Hedging Activities (Derivative instruments with legal right of offset) (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Derivatives with legal right of offset -
Netting adjustments and cash collateral derivative assets		$ (765)	$ (601)
Netting adjustments and cash collateral derivative liabilities		(1,764)	(1,369)
Derivative assets on statements of condition		4	2
Derivative liabilities on statements of condition		51	55
Credit Exposure On Overcollateralized Pledged Securities Exceeding Derivative Liability		87	50
Derivative Assets
Derivatives with legal right of offset -
Gross recognized amount		766	602
Netting adjustments and cash collateral derivative assets	[1]	(765)	(601)
Derivatives with legal right of offset - net		1	1
Derivatives without legal right of offset		3	1
Derivative assets on statements of condition		4	2
Cash collateral for initial margin		(1)
Noncash collateral received (pledged) and cannot be sold or repledged		1	0
Net amount		4	2
Derivative Assets | Bilateral
Derivatives with legal right of offset -
Gross recognized amount		580	509
Netting adjustments and cash collateral derivative assets		(579)	(508)
Derivatives with legal right of offset - net		1	1
Derivatives without legal right of offset		3	1
Derivative assets on statements of condition		4	2
Noncash collateral received (pledged) and cannot be sold or repledged		1	0
Net amount		3	2
Derivative Assets | Cleared
Derivatives with legal right of offset -
Gross recognized amount		186	93
Netting adjustments and cash collateral derivative assets		(186)	(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
Cash collateral for initial margin		(1)
Noncash collateral received (pledged) and cannot be sold or repledged		0	0
Net amount		1	0
Derivative Liabilities
Derivatives with legal right of offset -
Gross recognized amount		1,813	1,423
Netting adjustments and cash collateral derivative liabilities	[1]	(1,764)	(1,369)
Derivatives with legal right of offset - net		49	54
Derivatives without legal right of offset		2	1
Derivative liabilities on statements of condition		51	55
Noncash collateral received (pledged) and cannot be sold or repledged		14	12
Net amount		37	43
Derivative Liabilities | Bilateral
Derivatives with legal right of offset -
Gross recognized amount		1,166	1,182
Netting adjustments and cash collateral derivative liabilities		(1,131)	(1,140)
Derivatives with legal right of offset - net		35	42
Derivatives without legal right of offset		2	1
Derivative liabilities on statements of condition		37	43
Noncash collateral received (pledged) and cannot be sold or repledged		0	0
Net amount		37	43
Derivative Liabilities | Cleared
Derivatives with legal right of offset -
Gross recognized amount		647	241
Netting adjustments and cash collateral derivative liabilities		(633)	(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 $1.0 billion and $793 million at June 30, 2016, and December 31, 2015, and cash collateral received was $29 million and $25 million.

Derivatives and Hedging Activ57

Derivatives and Hedging Activities (Derivatives in Statement of Income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives and hedging activities	$ 2	$ 9	$ (14)	$ (2)
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedges	(3)	6	(12)	(13)
Fair value hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value hedges	(3)	6	(12)	(13)
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	4	1	4	1
Economic hedges
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	1	2	(6)	10
Economic hedges | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	(12)	(6)	(39)	(29)
Economic hedges | Interest rate swaptions
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	7	(5)	18	3
Economic hedges | Interest rate caps or floors
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	(8)	(7)	(11)	(8)
Economic hedges | Interest rate futures
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	(1)	0	(1)	0
Economic hedges | Net interest settlements
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	16	20	28	44
Economic hedges | Mortgage delivery commitments
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	0	0	2	0
Economic hedges | TBAs Ginnie Mae securitizations
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	$ (1)	$ 0	$ (3)	$ 0

Derivatives and Hedging Activ58

Derivatives and Hedging Activities (Fair Value Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount Recorded in Net Interest Income	$ 111	$ 121	$ 231	$ 251
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	(64)	93	(157)	70
On Hedged Item	61	(87)	145	(83)
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(3)	6	(12)	(13)
Amount Recorded in Net Interest Income	(34)	(2)	(68)	(11)
Fair value hedges | Available-for-sale securities
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	(4)	48	(55)	12
On Hedged Item	2	(45)	50	(14)
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(2)	3	(5)	(2)
Amount Recorded in Net Interest Income	(28)	(34)	(62)	(78)
Fair value hedges | Advances
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	(68)	89	(178)	28
On Hedged Item	68	(86)	177	(29)
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	0	3	(1)	(1)
Amount Recorded in Net Interest Income	(20)	(22)	(40)	(41)
Fair value hedges | MPF Loans held for portfolio
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	0	0	0	0
On Hedged Item	0	0	0	0
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	0	0	0	0
Amount Recorded in Net Interest Income	(3)	(3)	(5)	(7)
Fair value hedges | Consolidated obligation bonds
Derivative Instruments, Gain (Loss) [Line Items]
On Derivative	8	(44)	76	30
On Hedged Item	(9)	44	(82)	(40)
Total Ineffectiveness Recognized in Derivatives and Hedging Activities	(1)	0	(6)	(10)
Amount Recorded in Net Interest Income	$ 17	$ 57	$ 39	$ 115

Derivatives and Hedging Activ59

Derivatives and Hedging Activities (Cash Flow Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount Recorded in Net Interest Income	$ 111	$ 121	$ 231	$ 251
Cash Flow Hedge Gain (Loss) to be Reclassified Next 12 Months, Net	$ (8)		(8)
Maximum Hedging Period For Forecasted Cash Flows	4 years
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Ineffective Portion Recorded in Derivatives and Hedging Activities	$ 4	1	4	1
Effective Portion Recorded in AOCI	14	70	(38)	43
Amount Recorded in Net Interest Income	(48)	(60)	(94)	(121)
Cash flow hedges | Advances | Interest rate floors
Derivative Instruments, Gain (Loss) [Line Items]
Ineffective Portion Recorded in Derivatives and Hedging Activities	0	0	0	0
Effective Portion Recorded in AOCI	0	0	0	0
Amount Recorded in Net Interest Income	4	3	6	6
Cash flow hedges | Discount Notes | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Ineffective Portion Recorded in Derivatives and Hedging Activities	4	1	4	1
Effective Portion Recorded in AOCI	14	70	(38)	43
Amount Recorded in Net Interest Income	(51)	(62)	(98)	(125)
Cash flow hedges | Consolidated obligation bonds | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Ineffective Portion Recorded in Derivatives and Hedging Activities	0	0	0	0
Effective Portion Recorded in AOCI	0	0	0	0
Amount Recorded in Net Interest Income	$ (1)	$ (1)	$ (2)	$ (2)

Consolidated Obligations (Bonds

Consolidated Obligations (Bonds by maturity date) (Details) - Consolidated obligation bonds - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Contractual Maturity
Due in one year or less	$ 12,279
One to two years	4,885
Two to three years	3,395
Three to four years	2,213
Four to five years	3,271
Thereafter	3,052
Par value	$ 29,095	$ 22,684
Weighted Average Interest Rate
Due in one year or less	0.88%
One to two years	1.74%
Two to three years	1.35%
Three to four years	1.48%
Four to five years	2.06%
Thereafter	3.33%
Par value	1.51%
By Maturity or Next Call Date
Contractual Maturity
Due in one year or less	$ 22,060
One to two years	3,425
Two to three years	1,995
Three to four years	403
Four to five years	363
Thereafter	849
Par value	$ 29,095
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	Jun. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Carrying Amount	$ 45,876	$ 41,564
Discount Notes
Short-term Debt [Line Items]
Carrying Amount	45,876	41,564
Par Value	$ 45,906	$ 41,584
Weighted Average Interest Rate	0.39%	0.22%

Consolidated Obligations (Bon62

Consolidated Obligations (Bonds by callable feature) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Consolidated obligation bonds	$ 29,091	$ 22,582
Consolidated obligation bonds
Debt Instrument [Line Items]
Par Value	29,095	22,684
Hedging adjustments	(13)	(101)
Other adjustments	9	(1)
Consolidated obligation bonds	29,091	22,582
Consolidated obligation bonds | Noncallable
Debt Instrument [Line Items]
Par Value	18,393	10,148
Consolidated obligation bonds | Callable
Debt Instrument [Line Items]
Par Value	$ 10,702	$ 12,536

Consolidated Obligations (Syste

Consolidated Obligations (Systemwide joint & several liability) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Consolidated obligation bonds
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 492,431	$ 410,859
FHLB Chicago as primary obligor	$ 29,095	$ 22,684
As a percent of the FHLB System	6.00%	6.00%
Discount Notes
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 471,379	$ 494,343
FHLB Chicago as primary obligor	$ 45,906	$ 41,584
As a percent of the FHLB System	10.00%	8.00%
Total
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 963,810	$ 905,202
FHLB Chicago as primary obligor	$ 75,001	$ 64,268
As a percent of the FHLB System	8.00%	7.00%

Capital and Mandatorily Redee64

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Capital rules) (Details) - $ / shares	3 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Capital [Abstract]
Capital stock par value	$ 100	$ 100
Capital Stock, Redemption, Period of Written Notice	5 years

Capital and Mandatorily Redee65

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Regulatory capital requirements) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Federal Home Loan Banks [Abstract]
Risk Based Capital, Requirement	$ 984	$ 1,027
Risk Based Capital, Actual	4,960	4,688
Regulatory Capital, Requirement	3,226	2,827
Regulatory Capital, Actual	$ 4,960	$ 4,688
Regulatory Capital Ratio, Requirement	4.00%	4.00%
Regulatory Capital Ratio, Actual	6.15%	6.63%
Leverage Capital, Requirement	$ 4,033	$ 3,534
Leverage Capital, Actual	$ 7,440	$ 7,032
Leverage Ratio, Requirement	5.00%	5.00%
Leverage Ratio, Actual	9.22%	9.95%

Capital and Mandatorily Redee66

Capital and Mandatorily Redeemable Capital Stock (MRCS) Stockholder Concentration (Details) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)
One Mortgage Partners Corp.
Concentration Risk [Line Items]
Regulatory Capital Stock Outstanding	$ 245	[1]
The Northern Trust Company
Concentration Risk [Line Items]
Regulatory Capital Stock Outstanding	220
BMO Harris Bank, N.A.
Concentration Risk [Line Items]
Regulatory Capital Stock Outstanding	$ 219
Stockholders' Equity, Total [Member] | One Mortgage Partners Corp.
Concentration Risk [Line Items]
% of Total Outstanding	12.00%
Stockholders' Equity, Total [Member] | The Northern Trust Company
Concentration Risk [Line Items]
% of Total Outstanding	11.00%
Stockholders' Equity, Total [Member] | BMO Harris Bank, N.A.
Concentration Risk [Line Items]
% of Total Outstanding	11.00%
[1]	One Mortgage Partners Corp. is a subsidiary of JPMorgan Chase Bank NA.

Capital and Mandatorily Redee67

Capital and Mandatorily Redeemable Capital Stock (MRCS) Transfer of Capital Stock to Mandatorily Redeemable Capital Stock (MRCS) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Capital stock reclassified to mandatorily redeemable capital stock	$ 294	$ 299	$ 1

Capital and Mandatorily Redee68

Capital and Mandatorily Redeemable Capital Stock (MRCS) Excess capital stock (Details) - USD ($) $ in Millions	Jun. 30, 2016	Apr. 01, 2016
Banking and Thrift [Abstract]
Excess Capital	$ 391	$ 593

Accumulated Other Comprehensi69

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ (28)
Amounts reclassified in period to statements of income:
Ending balance	$ (151)		(151)
AOCI
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(110)	$ 172	(28)	$ 217
Change in the period recorded to the statements of condition, before reclassifications to statements of income	(35)	(30)	(116)	(74)
Amounts reclassified in period to statements of income:
Net interest income	(2)	(2)	(3)	(3)
Non-interest gain (loss)	(4)	(1)	(4)	(1)
Other comprehensive income in the period	(41)	(33)	(123)	(78)
Ending balance	(151)	139	(151)	139
Net Unrealized - | Available-for-sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	618	1,038	658	1,060
Change in the period recorded to the statements of condition, before reclassifications to statements of income	(60)	(113)	(100)	(135)
Amounts reclassified in period to statements of income:
Net interest income	0	0	0	0
Non-interest gain (loss)	0	0	0	0
Other comprehensive income in the period	(60)	(113)	(100)	(135)
Ending balance	558	925	558	925
Non-credit OTTI - | Held-to-maturity Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(206)	(251)	(217)	(264)
Change in the period recorded to the statements of condition, before reclassifications to statements of income	10	13	21	26
Amounts reclassified in period to statements of income:
Net interest income	0	0	0	0
Non-interest gain (loss)	0	0	0	0
Other comprehensive income in the period	10	13	21	26
Ending balance	(196)	(238)	(196)	(238)
Net Unrealized - Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(516)	(608)	(463)	(580)
Change in the period recorded to the statements of condition, before reclassifications to statements of income	14	70	(38)	43
Amounts reclassified in period to statements of income:
Net interest income	(2)	(2)	(3)	(3)
Non-interest gain (loss)	(4)	(1)	(4)	(1)
Other comprehensive income in the period	8	67	(45)	39
Ending balance	(508)	(541)	(508)	(541)
Post-Retirement Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(6)	(7)	(6)	1
Change in the period recorded to the statements of condition, before reclassifications to statements of income	1	0	1	(8)
Amounts reclassified in period to statements of income:
Net interest income	0	0	0	0
Non-interest gain (loss)	0	0	0	0
Other comprehensive income in the period	1	0	1	(8)
Ending balance	$ (5)	$ (7)	$ (5)	$ (7)

Fair Value Accounting (Carrying

Fair Value Accounting (Carrying Value and Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Financial Assets -
Cash and due from banks	$ 375	$ 499
Interest bearing deposits	650	650
Federal Funds sold	3,573	1,702
Securities purchased under agreements to resell	1,750	1,375
Held-to-maturity securities	6,090	6,513
Carrying Amount
Financial Assets -
Cash and due from banks	375	499
Interest bearing deposits	650	650
Federal Funds sold	3,573	1,702
Securities purchased under agreements to resell	1,750	1,375
Held-to-maturity securities	5,543	5,967
Advances	46,424	36,778
MPF Loans held in portfolio, net	4,667	4,828
Financial Liabilities -
Deposits	(532)	(538)
Consolidated obligation discount notes	(45,876)	(41,564)
Consolidated obligation bonds	(29,091)	(22,582)
Mandatorily redeemable capital stock	(302)	(8)
Subordinated notes		(944)
Fair Value
Financial Assets -
Cash and due from banks	375	499
Interest bearing deposits	650	650
Federal Funds sold	3,573	1,702
Securities purchased under agreements to resell	1,750	1,375
Held-to-maturity securities	6,090	6,513
Advances	46,384	36,736
MPF Loans held in portfolio, net	4,996	5,190
Financial Liabilities -
Deposits	(532)	(538)
Consolidated obligation discount notes	(45,881)	(41,563)
Consolidated obligation bonds	(29,576)	(22,986)
Mandatorily redeemable capital stock	(302)	(8)
Subordinated notes		(966)
Level 1
Financial Assets -
Cash and due from banks	375	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
Level 2
Financial Assets -
Cash and due from banks	0	0
Interest bearing deposits	0	0
Federal Funds sold	3,573	1,702
Securities purchased under agreements to resell	1,750	1,375
Held-to-maturity securities	5,006	5,293
Advances	46,384	36,736
MPF Loans held in portfolio, net	4,958	5,155
Financial Liabilities -
Deposits	(532)	(538)
Consolidated obligation discount notes	(45,881)	(41,563)
Consolidated obligation bonds	(29,576)	(22,931)
Mandatorily redeemable capital stock	0	0
Subordinated notes		(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	1,084	1,220
Advances	0	0
MPF Loans held in portfolio, net	38	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
[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	Jun. 30, 2016	Dec. 31, 2015
Financial Assets -
Advances	$ 594	$ 511
Derivative assets	4	2
Other assets - Mortgage loans held for sale	36	54
Netting	(765)	(601)
Financial Liabilities -
Derivative liabilities	(51)	(55)
Netting	1,764	1,369
Level 2
Financial Liabilities -
Consolidated obligation discount notes	(45,881)	(41,563)
Consolidated obligation bonds	(29,576)	(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	1,200	1,160
Available-for-sale securities	16,248	17,470
Advances	594	511
Derivative assets	4	2
Other assets - Mortgage loans held for sale	36	54
Financial assets at fair value	18,082	19,197
Financial Liabilities -
Consolidated obligation discount notes	(10,140)	(9,006)
Consolidated obligation bonds	(5,960)	(1,007)
Derivative liabilities	(51)	(55)
Financial liabilities at fair value	(16,151)	(10,068)
Fair Value Recurring | U.S. Government & other government related non-MBS
Financial Assets -
Trading securities	1,153	1,108
Available-for-sale securities	394	422
Fair Value Recurring | State or local housing agency non-MBS
Financial Assets -
Available-for-sale securities	21	18
Fair Value Recurring | FFELP ABS | FFELP ABS
Financial Assets -
Available-for-sale securities	4,834	5,299
Fair Value Recurring | Residential MBS: | GSE residential MBS
Financial Assets -
Trading securities	45	50
Available-for-sale securities	9,322	9,798
Fair Value Recurring | Residential MBS: | U.S. Government-guaranteed residential MBS
Financial Assets -
Trading securities	2	2
Available-for-sale securities	1,620	1,868
Fair Value Recurring | Residential MBS: | Private-label residential MBS
Financial Assets -
Available-for-sale securities	57	65
Fair Value Recurring | Level 2
Financial Assets -
Trading securities	1,200	1,160
Available-for-sale securities	16,191	17,405
Advances	594	511
Derivative assets	769	598
Other assets - Mortgage loans held for sale	36	54
Financial assets at fair value	18,790	19,728
Financial Liabilities -
Consolidated obligation discount notes	(10,140)	(9,006)
Consolidated obligation bonds	(5,960)	(952)
Derivative liabilities	(1,815)	(1,424)
Financial liabilities at fair value	(17,915)	(11,382)
Fair Value Recurring | Level 2 | U.S. Government & other government related non-MBS
Financial Assets -
Trading securities	1,153	1,108
Available-for-sale securities	394	422
Fair Value Recurring | Level 2 | State or local housing agency non-MBS
Financial Assets -
Available-for-sale securities	21	18
Fair Value Recurring | Level 2 | FFELP ABS | FFELP ABS
Financial Assets -
Available-for-sale securities	4,834	5,299
Fair Value Recurring | Level 2 | Residential MBS: | GSE residential MBS
Financial Assets -
Trading securities	45	50
Available-for-sale securities	9,322	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	1,620	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	57	65
Advances	0	0
Derivative assets	0	5
Other assets - Mortgage loans held for sale	0	0
Financial assets at fair value	$ 57	$ 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		0.50%
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	$ 57	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	$ 1	$ 0	$ 6	$ 3
Advances
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	5	0	16	1
Consolidated obligation bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	(2)	2	(5)	4
Discount Notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Net gain (loss) on instruments held at fair value	$ (2)	$ (2)	$ (5)	$ (2)

Fair Value Accounting (Fair V73

Fair Value Accounting (Fair Value Option Difference Between Fair Value and Unpaid Principal Balance) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	$ 46,061	$ 36,605
Fair value	594	511
Fair value	5,960	952
Advances
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	576	509
Fair value over (under) UPB	18	2
Fair value	594	511
Consolidated Obligation Bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	5,949	953
Fair value over (under) UPB	11	(1)
Fair value	$ 5,960	$ 952

Commitments and Contingencies74

Commitments and Contingencies (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Commitments
Expire within one year		$ 7,951	$ 5,707
Expire after one year		2,333	1,985
Total		10,284	7,692
Unsettled consolidated obligation bonds
Commitments
Expire within one year		714	105
Expire after one year		0	0
Total		714	105
Unsettled consolidated obligation discount notes
Commitments
Expire within one year		43	0
Expire after one year		0	0
Total		43	0
Member standby letters of credit
Commitments
Expire within one year		6,355	5,063
Expire after one year	[1]	2,067	1,615
Total		8,422	6,678
Portion of member standby letters of credit that expire after one year that were also renewable annually		369	637
Housing authority standby bond purchase agreements
Commitments
Expire within one year		50	49
Expire after one year		265	362
Total		315	411
Advance commitments
Commitments
Expire within one year		187	163
Expire after one year		0	5
Total		187	168
MPF delivery commitments
Commitments
Expire within one year		558	279
Expire after one year		0	0
Total		558	279
Other commitments
Commitments
Expire within one year		44	48
Expire after one year		1	3
Total		$ 45	$ 51
[1]	Contains $369 million and $637 million of member standby letters of credit at June 30, 2016, and December 31, 2015, which were renewable annually.

Transactions with Related Par75

Transactions with Related Parties and Other FHLBs (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts With Related Party Transactions [Line Items]
Assets - Interest bearing deposits	$ 650	$ 650
Assets - Advances	46,424	36,778
Liabilities - Deposits	532	538
Equity - Capital Stock	1,774	1,950
Transactions with members
Accounts With Related Party Transactions [Line Items]
Assets - Interest bearing deposits	650	650
Assets - Advances	22,016	15,168
Assets - Advance Interest Receivable	9	5
Liabilities - Deposits	26	20
Equity - Capital Stock	$ 703	$ 467