Federal Home Loan Bank of Chicago 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2022 shares
Document and Entity Information [Abstract]
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	36-6001019
Entity Address, Address Line One	433 West Van Buren Street, Suite 501S
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
Entity Registrant Name	Federal Home Loan Bank of Chicago
City Area Code	312
Local Phone Number	565-5700
Entity Central Index Key	0001331451
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-51401
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	27,179,010
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false

Condensed Statements of Conditi

Condensed Statements of Condition - USD ($) shares in Millions, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and due from banks	$ 49	$ 45
Interest bearing deposits	855	855
Federal funds sold	5,335	3,527
Securities purchased under agreements to resell	14,745	8,740
Trading,	951	954
pledged	616	645
Available-for-sale,	18,625	22,706
amortized cost	18,639	22,340
Held-to-maturity,	1,206	1,801
Fair Value	1,206	1,832
Investment debt securities	20,782	25,461
Advances,	52,811	48,049
carried at fair value	1,597	1,173
MPF Loans held in portfolio, net of	9,953	9,843
Derivative assets	127	14
Other assets,	497	420
carried at fair value	86	104
Assets	105,154	96,954
Liabilities
Demand and overnight - interest bearing,	528	829
from other FHLBs	10	11
Demand and overnight - noninterest bearing	127	205
Deposits	655	1,034
Consolidated obligations, net -
Discount notes,	31,525	24,563
carried at fair value	865	0
Bonds,	64,519	63,373
carried at fair value	661	665
Consolidated obligations, net	96,044	87,936
Derivative liabilities	152	32
Affordable Housing Program assessment payable	88	85
Mandatorily redeemable capital stock	273	247
Other liabilities	1,056	868
Liabilities	98,268	90,202
Commitments and contingencies - see notes to the condensed financial statements
Capital
Class B1 activity stock,	$ 1,672	$ 1,409
million shares issued and outstanding	17	14
Class B2 membership stock,	$ 773	$ 740
million shares issued and outstanding	8	7
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
par value per share	$ 100	$ 100
Capital stock - putable,	$ 2,445	$ 2,149
Retained earnings - unrestricted	3,661	3,558
Retained earnings - restricted	740	703
Retained earnings	4,401	4,261
Accumulated other comprehensive income (loss) (AOCI)	40	342
Capital	6,886	6,752
Liabilities and capital	105,154	96,954
MPF Loans held in portfolio
Assets
allowance for credit losses	(5)	(5)
Other assets
Assets
allowance for credit losses	$ (7)	$ (7)

Condensed Statements of Income

Condensed Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Interest income	$ 357	$ 225	$ 584	$ 417
Interest expense	203	72	275	154
Net interest income	154	153	309	263
Provision for (reversal of) credit losses	0	1	1	1
Net interest income after provision for (reversal of) credit losses	154	152	308	262
Noninterest income -
Trading securities	1	(13)	(2)	(31)
Derivatives	17	(13)	46	7
Instruments held under the fair value option	(18)	3	(46)	(26)
MPF fees,	9	13	19	25
from other FHLBs	6	6	12	13
Other, net	(4)	0	(2)	2
Noninterest income (loss)	5	(10)	15	(23)
Noninterest expense -
Compensation and benefits	28	25	57	53
Nonpayroll operating expenses	24	20	45	40
Federal Housing Finance Agency and Office of Finance	4	3	10	8
Other, net	2	7	4	15
Noninterest expense	58	55	116	116
Income before assessments	101	87	207	123
Affordable Housing Program assessment	10	9	21	13
Net income	$ 91	$ 78	$ 186	$ 110

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 91	$ 78	$ 186	$ 110
Other comprehensive income (loss) -
Net unrealized gain (loss) available-for-sale debt securities	(162)	54	(380)	252
Net unrealized gain (loss) cash flow hedges	25	(9)	81	32
Postretirement plans	0	1	(3)	(4)
Other comprehensive income (loss)	(137)	46	(302)	280
Comprehensive income	$ (46)	$ 124	$ (116)	$ 390

Condensed Statement of Sharehol

Condensed Statement of Shareholders' Equity (Statement) - USD ($) shares in Millions, $ in Millions	Total	Common Stock Capital Stock - Putable - B1 Activity	Common Stock Capital Stock - Putable - B2 Membership	Retained Earnings, Unrestricted	Retained Earnings, Restricted	AOCI
Shares, beginning at Dec. 31, 2020		13	8
Balance, beginning at Dec. 31, 2020	$ 6,289	$ 1,257	$ 753	$ 3,424	$ 648	$ 207
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	390			88	22	280
Issuance of capital stock - shares		2	0
Issuance of capital stock - value	273	$ 260	$ 13
Repurchases of capital stock - shares		0	(3)
Repurchases of capital stock - value	(270)	$ 0	$ (270)
Capital stock reclassed to mandatorily redeemable capital stock liability - shares		0	0
Capital stock reclassed to mandatorily redeemable capital stock liability - value	(6)	$ (1)	$ (5)
Transfers between classes of capital stock - shares		(2)	2
Transfers between classes of capital stock - value		$ (233)	$ 233
Cash dividends - class B1 annualized rate and amount	(38)			(38)
Cash dividends - class B2 annualized rate and amount	(5)			(5)
Common Stock Dividend - Annualized Rate		5%	2%
Total change in period excl. cumulative effect - shares		0	(1)
Total change in period excl. cumulative effect - value	344	$ 26	$ (29)	45	22	280
Shares, ending at Jun. 30, 2021		13	7
Balance, ending at Jun. 30, 2021	6,633	$ 1,283	$ 724	3,469	670	487
Shares, beginning at Mar. 31, 2021		13	7
Balance, beginning at Mar. 31, 2021	6,542	$ 1,312	$ 707	3,428	654	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	124			62	16	46
Issuance of capital stock - shares		1	0
Issuance of capital stock - value	105	$ 92	$ 13
Repurchases of capital stock - shares		0	(1)
Repurchases of capital stock - value	(112)	$ 0	$ (112)
Capital stock reclassed to mandatorily redeemable capital stock liability - shares		0	0
Capital stock reclassed to mandatorily redeemable capital stock liability - value	(5)	$ 0	$ (5)
Transfers between classes of capital stock - shares		(1)	1
Transfers between classes of capital stock - value		$ (121)	$ 121
Cash dividends - class B1 annualized rate and amount	(19)			(19)
Cash dividends - class B2 annualized rate and amount	(2)			(2)
Common Stock Dividend - Annualized Rate		5%	2%
Total change in period excl. cumulative effect - shares		0	0
Total change in period excl. cumulative effect - value	91	$ (29)	$ 17	41	16	46
Shares, ending at Jun. 30, 2021		13	7
Balance, ending at Jun. 30, 2021	6,633	$ 1,283	$ 724	3,469	670	487
Shares, beginning at Dec. 31, 2021		14	7
Balance, beginning at Dec. 31, 2021	6,752	$ 1,409	$ 740	3,558	703	342
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	(116)			149	37	(302)
Issuance of capital stock - shares		9	0
Issuance of capital stock - value	863	$ 847	$ 16
Repurchases of capital stock - shares		0	(4)
Repurchases of capital stock - value	(510)	$ 0	$ (510)
Capital stock reclassed to mandatorily redeemable capital stock liability - shares		(1)	0
Capital stock reclassed to mandatorily redeemable capital stock liability - value	(57)	$ (55)	$ (2)
Transfers between classes of capital stock - shares		(5)	5
Transfers between classes of capital stock - value		$ (529)	$ 529
Cash dividends - class B1 annualized rate and amount	(42)			(42)
Cash dividends - class B2 annualized rate and amount	(4)			(4)
Common Stock Dividend - Annualized Rate		5.07%	2.07%
Total change in period excl. cumulative effect - shares		3	1
Total change in period excl. cumulative effect - value	134	$ 263	$ 33	103	37	(302)
Shares, ending at Jun. 30, 2022		17	8
Balance, ending at Jun. 30, 2022	6,886	$ 1,672	$ 773	3,661	740	40
Shares, beginning at Mar. 31, 2022		13	8
Balance, beginning at Mar. 31, 2022	6,643	$ 1,334	$ 798	3,612	722	177
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	(46)			73	18	(137)
Issuance of capital stock - shares		6	0
Issuance of capital stock - value	576	$ 560	$ 16
Repurchases of capital stock - shares		0	(2)
Repurchases of capital stock - value	(262)	$ 0	$ (262)
Capital stock reclassed to mandatorily redeemable capital stock liability - shares		0	0
Capital stock reclassed to mandatorily redeemable capital stock liability - value	(1)	$ (1)	$ 0
Transfers between classes of capital stock - shares		(2)	2
Transfers between classes of capital stock - value		$ (221)	$ 221
Cash dividends - class B1 annualized rate and amount	(22)			(22)
Cash dividends - class B2 annualized rate and amount	(2)			(2)
Common Stock Dividend - Annualized Rate		5.13%	2.13%
Total change in period excl. cumulative effect - shares		4	0
Total change in period excl. cumulative effect - value	243	$ 338	$ (25)	49	18	(137)
Shares, ending at Jun. 30, 2022		17	8
Balance, ending at Jun. 30, 2022	$ 6,886	$ 1,672	$ 773	$ 3,661	$ 740	$ 40

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating
Net cash provided by (used in) operating activities	$ 1,065	$ 296
Investing
Net change federal funds sold	(1,808)	(650)
Net change securities purchased under agreements to resell	(6,005)	(1,625)
Trading debt securities -
Proceeds from maturities and paydowns	1	1,751
Available-for-sale debt securities -
Sales	0	20
Proceeds from maturities and paydowns	4,046	259
Purchases	(1,887)	(759)
Held-to-maturity debt securities -
Proceeds from maturities and paydowns	2,156	1,239
Purchases	(1,561)	(1,239)
Advances -
Principal collected	243,750	247,898
Issued	(249,574)	(247,793)
MPF Loans held in portfolio -
Principal collected	750	1,890
Purchases	(886)	(1,662)
Other investing activities	(8)	(7)
Net cash provided by (used in) investing activities	(11,026)	(678)
Financing
Net change deposits	(379)	(161)
from other FHLBs	(1)	0
Discount notes -
Net proceeds from issuance	435,410	300,754
Payments for maturing and retiring	(428,474)	(303,665)
Consolidated obligation bonds -
Net proceeds from issuance	12,781	21,133
Payments for maturing and retiring	(9,649)	(20,704)
Capital stock -
Proceeds from issuance	863	273
Repurchases	(510)	(270)
Cash dividends paid	(46)	(43)
Other financing activities	(31)	(36)
Net cash provided by (used in) financing activities	9,965	(2,719)
Net increase (decrease) in cash and due from banks	4	(3,101)
Cash and due from banks at beginning of period	45	3,541
Cash and due from banks at end of period	$ 49	$ 440

Background and Basis of Present

Background and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
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 condensed financial statements and the accompanying notes should be read in conjunction with the audited financial statements and footnotes for the year ended December 31, 2021, included in our 2021 Annual Report on Form 10-K (2021 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”, "Downpayment Plus", "DPP", Downpayment Plus Advantage", "DPP Advantage", and "Community First" are federally registered trademarks of the Federal Home Loan Bank of Chicago. Refer to the Glossary of Terms starting on page 60 for the definitions of certain terms used herein. Use of Estimates and Assumptions We are required to make estimates and assumptions when preparing our condensed financial statements in accordance with GAAP. The most significant of these estimates and assumptions applies to fair value measurements, which includes derivative instruments. Our actual results may differ from the results reported in our condensed financial statements due to such estimates and assumptions. This includes the reported amounts of assets and liabilities, the reported amounts of income and expense, and the disclosure of contingent assets and liabilities. Basis of Presentation The basis of presentation pertaining to the consolidation of our variable interest entities has not changed since we filed our 2021 Form 10-K. The basis of presentation pertaining to our gross versus net presentation of derivative financial instruments also has not changed since we filed our 2021 Form 10-K. Refer to Note 1- Background and Basis of Presentation to the financial statements in our 2021 Form 10-K with respect to our basis of presentation for consolidation of variable interest entities and our gross versus net presentation of financial instruments for further details.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Our significant accounting policies adopted through December 31, 2021, can be found in Note 2 – Summary of Significant Accounting Policies

Recently Issued but Not Yet Ado

Recently Issued but Not Yet Adopted Accounting Standards	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued but Not Yet Adopted Accounting Standards [Text Block]	Recently Issued but Not Yet Adopted Accounting Standards During March 2022, the Financial Accounting Standards Board (FASB) issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. This ASU broadens the availability of fair value hedging to non-prepayable and prepayable portfolios. The guidance on hedging multiple layers in a closed portfolio is applied prospectively. The guidance on the accounting for fair value basis adjustments is applied on a modified retrospective basis. Further, an entity may reclassify debt securities from held-to-maturity to available for sale if it includes them in a closed portfolio that is hedged under the portfolio layer method. This ASU is effective for the Bank starting January 1, 2023, with early adoption permitted. The Bank is in the process of evaluating the impact of adoption of this ASU. Also during March 2022, the FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures to eliminate the recognition and measurement guidance for troubled debt restructurings for creditors that have adopted Current Expected Credit Losses (CECL) methodology. The ASU also requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty and requires the presentation of gross write-offs by year of origination. This ASU is effective starting January 1, 2023, with early adoption permitted. The Bank is evaluating the impact of adoption of this ASU.

Interest Income and Interest Ex

Interest Income and Interest Expense	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 Interest income - Trading $ — $ 13 $ — $ 34 Available-for-sale interest income 81 74 109 95 Available-for-sale prepayment fees 5 — 41 — Available-for-sale 86 74 150 95 Held-to-maturity 7 7 14 15 Investment debt securities 93 94 164 144 Advances interest income 168 60 245 131 Advances prepayment fees 1 7 11 12 Advances 169 67 256 143 MPF Loans held in portfolio 69 60 134 123 Federal funds sold 15 1 17 2 Securities purchased under agreements to resell 6 — 7 1 Interest earning deposits 4 1 5 1 Other 1 2 1 3 Interest income 357 225 584 417 Interest expense - Consolidated obligations - Discount notes 51 10 63 25 Bonds 147 59 203 123 Other 5 3 9 6 Interest expense 203 72 275 154 Net interest income $ 154 $ 153 $ 309 $ 263

Investment Debt Securities

Investment Debt Securities	6 Months Ended
	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Investment Debt Securities We classify debt 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 GSE; debt issued by the Tennessee Valley Authority; and securities guaranteed by the Small Business Administration. • Federal Family Education Loan Program - asset-backed-securities (FFELP ABS). • GSE mortgage-backed securities (MBS) - issued by Fannie Mae and Freddie Mac. • Government guaranteed MBS. • State or local housing agency obligations. We have no allowance for credit losses on our investment debt securities and we have elected to exclude accrued interest receivable from the amortized cost in the following AFS and HTM tables. Prior to 2022, we included accrued interest in the carrying value of our AFS securities. See Note 8 - Allowance for Credit Losses for further details on these amounts. Pledged Collateral We disclose the amount of investment debt securities pledged as collateral pertaining to our derivatives activity on our Condensed Statements of Condition . See Note 9 - Derivatives and Hedging Activities for further details. Trading Debt Securities The following table presents the fair value of our trading debt securities. As of June 30, 2022 December 31, 2021 U.S. Government & other government related $ 947 $ 948 MBS GSE 4 6 Trading debt securities $ 951 $ 954 The following table presents our gains and losses on trading debt securities recorded in Noninterest Income - Other, net. Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net unrealized gains (losses) on securities held at period end $ 1 $ (9) $ (2) $ (11) Net realized gains (losses) on securities sold/matured during the period — (4) — (20) Net gains (losses) on trading debt securities $ 1 $ (13) $ (2) $ (31) Available-for-Sale Debt Securities (AFS) The following table presents the amortized cost and fair value of our AFS debt securities. Amortized Cost Basis a Gross Unrealized Gains in AOCI Gross Unrealized (Losses) in AOCI Net Carrying Amount and Fair Value As of June 30, 2022 U.S. Government & other government related $ 1,292 $ 2 $ (89) $ 1,205 State or local housing agency 8 — — 8 FFELP ABS 2,468 81 (10) 2,539 MBS GSE 14,723 92 (92) 14,723 Government guaranteed 148 2 — 150 Available-for-sale debt securities $ 18,639 $ 177 $ (191) $ 18,625 As of December 31, 2021 U.S. Government & other government related $ 4,659 $ 34 $ (12) $ 4,681 State or local housing agency 8 1 — 9 FFELP ABS 2,642 130 — 2,772 MBS GSE 14,849 234 (26) 15,057 Government guaranteed 182 5 — 187 Available-for-sale debt securities $ 22,340 $ 404 $ (38) $ 22,706 a Includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments. This also includes accrued interest receivable of $54 million at December 31, 2021. We had no sales of AFS debt securities for the periods presented. Any gains or losses are determined on a specific identification basis. Held-to-Maturity Debt Securities (HTM) The following table presents the amortized cost, carrying amount, and fair value of our HTM debt securities. Amortized Cost and Net Carrying Amount a Gross Unrecognized Holding Gains Gross Unrecognized Holding (Losses) Fair Value As of June 30, 2022 U.S. Government & other government related $ 953 $ — $ (8) $ 945 MBS GSE 184 8 — 192 Government guaranteed 60 — — 60 Other 9 — — 9 Held-to-maturity debt securities $ 1,206 $ 8 $ (8) $ 1,206 As of December 31, 2021 U.S. Government & other government related $ 1,506 $ 11 $ — $ 1,517 MBS GSE 214 19 — 233 Government guaranteed 71 1 — 72 Other 10 — — 10 Held-to-maturity debt securities $ 1,801 $ 31 $ — $ 1,832 a Includes adjustments made to the cost basis of an investment for accretion, and/or amortization. We had no sales of HTM debt securities for the period presented. Any gains or losses are determined on a specific identification basis. Contractual Maturity The maturity of our AFS and HTM debt securities is detailed in the following table. FFELP ABS/MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Available-for-Sale Held-to-Maturity As of June 30, 2022 Amortized Cost Basis Net Carrying Amount and Fair Value Amortized Cost and Net Carrying Amount Fair Value Non FFELP ABS/MBS Year of Maturity - Due in one year or less $ — $ — $ 710 $ 709 Due after one year through five years 6 6 21 20 Due after five years through ten years 419 395 222 216 Due after ten years 875 812 — — FFELP ABS and MBS 17,339 17,412 253 261 Total debt securities $ 18,639 $ 18,625 $ 1,206 $ 1,206 AFS Securities in a Continuous Unrealized Loss Position The following table presents unrealized losses on our AFS portfolio for periods less than 12 months and for 12 months or more. These losses are considered temporary as we expect to recover the entire amortized cost basis and neither intend to sell these securities nor consider it more likely than not that we will be required to sell these securities before the anticipated recovery of each security’s remaining 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. Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Available-for-sale debt securities As of June 30, 2022 U.S. Government & other government related $ 906 $ (53) $ 238 $ (36) $ 1,144 $ (89) State or local housing agency 5 — — — 5 — FFELP ABS 390 (10) — — 390 (10) MBS GSE 4,719 (74) 246 (18) 4,965 (92) Government guaranteed 11 — — — 11 — Available-for-sale debt securities $ 6,031 $ (137) $ 484 $ (54) $ 6,515 $ (191) As of December 31, 2021 U.S. Government & other government related $ 3,764 $ (12) $ — $ — $ 3,764 $ (12) MBS GSE 1,549 (23) 54 (3) 1,603 (26) Available-for-sale debt securities $ 5,313 $ (35) $ 54 $ (3) $ 5,367 $ (38) Credit Loss Analysis We recognized no credit losses on HTM or AFS debt securities for the periods presented.

Advances

Advances	6 Months Ended
	Jun. 30, 2022
Federal Home Loan Banks [Abstract]
Federal Home Loan Bank, Advances [Text Block]	Advances We offer a wide range of fixed and variable-rate advance products with different maturities, interest rates, payment characteristics and options. We have no allowance for credit losses on our advances and we have elected to exclude accrued interest receivable from the amortized cost in the following tables. See Note 8 - Allowance for Credit Losses for further details on these amounts. The following table presents our advances by terms of contractual maturity and the related weighted average contractual interest rate. For amortizing advances, contractual maturity is determined based on the advance’s amortization schedule. 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, 2022 Par Value Amount Weighted Average Contractual Interest Rate Due in one year or less $ 21,261 1.50 % One to two years 9,851 a 1.30 % Two to three years 7,284 a 1.31 % Three to four years 3,019 1.40 % Four to five years 3,965 1.83 % Five to fifteen years 7,644 1.75 % More than fifteen years 507 5.13 % Total $ 53,531 1.53 % a Of the advances due in one to two years and two to three years, $7.0 billion and $4.0 billion, respectively, were issued to One Mortgage Partners Corp. (now JPMorgan Chase Bank NA), our former captive insurance company member, whose membership was terminated in 2021 in connection with an FHFA rule. The following table reconciles the par value of our advances to the carrying amount on our Condensed Statements of Condition as of the dates indicated. As of June 30, 2022 December 31, 2021 Par value $ 53,531 $ 47,708 Fair value hedging adjustments (763) 227 Other adjustments 43 114 Advances $ 52,811 $ 48,049 The following advance borrowers exceeded 10% of our advances outstanding. As of June 30, 2022 Par Value % of Total Outstanding JPMorgan Chase Bank NA $ 11,000 a 20.5 % BMO Harris Bank NA 5,500 10.3 % a Effective February 19, 2021, we terminated One Mortgage Partners Corp.'s ("OMP") membership in connection with the FHFA rule that made captive insurance companies ineligible for FHLB membership. In December 2021, OMP merged with and into its parent company, JPMorgan Chase Bank NA (“JPM”). For details on the contractual maturity terms of JPM’s advances, see the table above presenting advances by terms of contractual maturity.

MPF Loans Held in Portfolio (No

MPF Loans Held in Portfolio (Notes)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	MPF Loans Held in Portfolio We acquire MPF Loans from PFIs to hold in our portfolio and historically purchased participations in pools of eligible mortgage loans from other FHLBs (MPF Banks). MPF Loans that are held in portfolio are fixed-rate conventional and Government Loans secured by one-to-four family residential properties with maturities ranging from 5 years to 30 years or participations in pools of similar 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. We have an allowance for credit losses on our MPF Loans and we have elected to exclude accrued interest receivable from the amortized cost in the following tables. See Note 8 - Allowance for Credit Losses for further details on these amounts. As of June 30, 2022 December 31, 2021 Medium term (15 years or less) $ 1,591 $ 1,653 Long term (greater than 15 years) 8,218 8,031 Unpaid principal balance 9,809 9,684 Net premiums, credit enhancement, and/or deferred loan fees 166 174 Fair value hedging and delivery commitment basis adjustments (17) (10) MPF Loans held in portfolio, before allowance for credit losses 9,958 9,848 Allowance for credit losses on MPF Loans (5) (5) MPF Loans held in portfolio, net $ 9,953 $ 9,843 Conventional mortgage loans $ 8,996 $ 8,845 Government Loans 813 839 Unpaid principal balance $ 9,809 $ 9,684 The above table excludes MPF Loans acquired under the MPF Xtra ® and MPF Government MBS products. See Note 2 - Summary of Significant Accounting Policies in our 2021 Form 10-K for information related to the accounting treatment of these off-balance sheet MPF Loan products. Coronavirus Disease 2019 (COVID-19) Forbearance Section 4013 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided temporary relief from the accounting and reporting requirements for troubled debt restructurings (TDRs) for certain loan modifications related to COVID-19. Specifically, the CARES Act provided that a qualifying financial institution may elect to suspend (1) the requirements under U.S. GAAP for certain loan modifications that would otherwise be categorized as a TDR, and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. Section 4013 of the CARES Act applied to any modification related to an economic hardship as a result of the COVID-19 pandemic, including a forbearance arrangement, an interest rate modification, a repayment plan, or any similar arrangement that defers or delays payment of principal or interest, that occurred during the period beginning on March 1, 2020 and ending on the earlier of December 31, 2020 or the date that is 60 days after the declaration of the national emergency related to the COVID-19 pandemic ends for a loan that was not more than 30 days past due as of December 31, 2019. On December 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law, which extended the applicable end period to the earlier of January 1, 2022, or 60 days following the termination of the national emergency related to the COVID-19 pandemic. We elected to suspend TDR accounting for eligible modifications under Section 4013 of the CARES Act. We resumed TDR accounting when this section of the CARES Act expired on January 1, 2022.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2022
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 2021 Form 10-K for further details regarding our accounting policies pertaining to allowances for credit losses. Our allowances for credit losses are immaterial due to the nature of our credit enhancements, collateral support, and/or credit worthiness of our counterparties. See Note 8 - Allowance for Credit Losses to the financial statements in our 2021 Form 10-K for more information. Allowance for Credit Losses on MPF Loans The following table presents the activity in our allowance for credit losses for MPF Loans. Three months ended June 30, Six months ended June 30, For the periods ending 2022 2021 2022 2021 Allowance for MPF credit losses beginning balance $ 5 $ 3 $ 5 $ 3 MPF credit losses charged-off — (2) (1) (2) Provision for (reversal of) MPF for credit losses — 1 1 1 Allowance for MPF credit losses ending balance $ 5 $ 3 $ 5 $ 3 Allowance for Credit Losses on Community First ® Fund (the Fund) As of June 30, 2022 we had $47 million in Fund loans outstanding compared to $45 million at December 31, 2021, recorded in Other assets in our Condensed Statements of Condition . As of June 30, 2022, all Fund loans were current. The following table details our allowance for credit losses on Fund loans. Three months ended June 30, Six months ended June 30, For the periods ending 2022 2021 2022 2021 Allowance for Fund loan credit losses beginning balance $ 7 $ 7 $ 7 $ 7 Allowance for Fund loan credit losses ending balance $ 7 $ 7 $ 7 $ 7 The following tables summarize our conventional MPF Loans by our key credit quality indicators. As of June 30, 2022 December 31, 2021 Conventional MPF Amortized Cost by Origination Year Conventional MPF Amortized Cost by Origination Year 2018 to 2022 Prior to 2018 Total 2017 to 2021 Prior to 2017 Total Past due 30-59 days $ 28 $ 17 $ 45 $ 23 $ 18 $ 41 Past due 60-89 days 5 5 10 8 6 14 Past due 90 days or more 21 27 48 43 30 73 Past due 54 49 103 74 54 128 Current 7,938 1,093 9,031 7,883 987 8,870 Total outstanding $ 7,992 $ 1,142 $ 9,134 $ 7,957 $ 1,041 $ 8,998 As of June 30, 2022 December 31, 2021 Amortized Cost Amortized Cost Conventional Government Total Conventional Government Total In process of foreclosure $ 23 $ 7 $ 30 $ 6 $ 3 $ 9 Serious delinquency rate 0.55 % 2.00 % 0.67 % 0.82 % 2.33 % 0.95 % Past due 90 days or more and still accruing interest $ 3 $ 14 $ 17 $ 30 $ 19 $ 49 Loans on nonaccrual status 50 — 50 47 — 47 Loans on nonaccrual status with no allowance for credit losses 15 — 15 11 — 11 Accrued interest receivable We present accrued interest receivable separately for loans and AFS/HTM debt securities. We do not measure an allowance for credit losses on loan related accrued interest receivables as we reverse accrued interest on a monthly basis when the loan is placed on nonaccrual status. The following table summarizes our accrued interest receivable by portfolio segment. Financial instrument type June 30, 2022 December 31, 2021 MPF Loans held in portfolio $ 44 $ 45 HTM securities 5 4 AFS securities 59 — Interest bearing deposits 1 — Securities purchased under agreements to resell 1 — Advances 61 34 Accrued interest receivable $ 171 $ 83 The above table excludes accrued interest of $54 million on AFS securities at December 31, 2021. Prior to 2022, we included accrued interest in the carrying value of our AFS securities. See Note 5 - Investment Debt Securities for 2021 AFS carrying values.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2022
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 2021 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. We are not a derivatives dealer and do not trade derivatives for speculative purposes. We enter into derivative transactions through either of the following: • A bilateral agreement with an individual counterparty for over-the-counter derivative transactions. • Clearinghouses classified as Derivatives Clearing Organizations (DCOs) through Futures Commission Merchants (FCMs), which are clearing members of the DCOs, for cleared derivative transactions. Managing Interest Rate Risk We use fair value hedges to manage our exposure to changes in the fair value of (1) a recognized asset or liability or (2) an unrecognized firm commitment, attributable to changes in a benchmark interest rate, such as SOFR. Our cash flow hedge strategy is to hedge the variability in the total proceeds received from rolling forecasted zero-coupon discount note issuance, attributable to changes in the benchmark interest rate, by entering into pay-fixed interest rate swaps. We are not using the cash flow hedge strategy for new transactions at this time, as we used LIBOR as the benchmark interest rate for cash flow hedges and we are not entering into new LIBOR-linked transactions. We may elect the fair value option for financial instruments, such as advances, MPF Loans held for sale, and consolidated obligation discount notes and bonds, in cases where hedge accounting treatment may not be achieved due to the inability to meet the hedge effectiveness testing criteria, or in certain cases where we wish to mitigate the risk associated with selecting the fair value option for other instruments. We may also use economic hedges when hedge accounting is not permitted or hedge effectiveness is not achievable. Managing Credit Risk on Derivative Agreements Over-the-counter (bilateral) Derivative Transactions : 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 over-the-counter derivatives. Additionally, collateral related to over-the-counter derivatives with member institutions includes collateral assigned to us, as evidenced by a written security agreement, and which may be held by the member institution for our benefit. As of June 30, 2022, based on credit analyses and collateral requirements, we have not recorded a credit loss on our over-the-counter derivative agreements. See Note 15 - Fair Value in our 2021 Form 10-K for discussion regarding our fair value methodology for over-the-counter derivative assets and liabilities, including an evaluation of the potential for the fair value of these instruments to be affected by counterparty credit risk. For nearly all of our bilateral derivative transactions executed prior to March 1, 2017, and for all transactions entered into on or after March 1, 2017, our bilateral derivative agreements are fully collateralized with a zero unsecured threshold in accordance with variation margin requirements issued by the U.S. federal bank regulatory agencies and the Commodity Futures Trading Commission (CFTC). We pledged no investment securities on our bilateral derivative transactions (that can be sold or repledged by our counterparty) as of June 30, 2022. For certain transactions executed prior to March 1, 2017, we may be required to post net additional collateral with our counterparties if there is deterioration in our credit rating. If our credit rating had been lowered from its current rating to the next lower rating by a major credit rating agency, such as Standard and Poor's or Moody’s, the amount of collateral we would have been required to deliver would have been immaterial at June 30, 2022. Cleared Derivative Transactions : Cleared derivative transactions are subject to variation and initial margin requirements established by the DCO and its clearing members. Variation margin payments are characterized as settlement of a derivative’s mark-to-market exposure and not as collateral against the derivative’s mark-to-market exposure. See Note 1 - Background and Basis of Presentation and Note 2 - Summary of Significant Accounting Policies to the financial statements in our 2021 Form 10-K for further discussion. We post our initial margin collateral payments and make variation margin settlement payments through our FCMs, on behalf of the DCO, which could expose us to institutional credit risk in the event that the FCMs or the DCO fail to meet their obligations. Clearing derivatives through a DCO mitigates counterparty credit risk exposure because the DCO is substituted for individual counterparties and variation margin settlement payments are made daily through the FCMs for changes in the value of cleared derivatives. The DCO determines initial margin requirements for cleared derivatives. We pledged $616 million of investment securities (that can be sold or repledged) as part of our initial margin related to cleared derivative transactions at June 30, 2022. Additionally, an FCM may require additional initial margin to be posted based on credit considerations, including but not limited to, if our credit rating downgrades. We had no requirement to post additional initial margin by our FCMs at June 30, 2022. The following table presents details on the notional amounts, and cleared and bilateral derivative assets and liabilities on our Condensed Statements of Condition . The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable. As of June 30, 2022 December 31, 2021 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives in hedge accounting relationships- Interest rate contracts $ 79,172 $ 677 $ 2,030 $ 70,321 $ 58 $ 466 Derivatives not in hedge accounting relationships- Interest rate contracts 4,711 12 31 2,772 10 59 Mortgage delivery commitments 390 1 1 625 2 2 Other 128 1 — 148 — — Derivatives not in hedge accounting relationships 5,229 14 32 3,545 12 61 Gross derivative amount before netting adjustments and cash collateral $ 84,401 691 2,062 $ 73,866 70 527 Netting adjustments and cash collateral (564) (1,910) (56) (495) Derivatives on Condensed Statements of Condition $ 127 $ 152 $ 14 $ 32 Cash Collateral Cash Collateral Cash collateral posted and related accrued interest $ 1,601 $ 447 Cash collateral received and related accrued interest 256 8 The following table presents the noninterest income - derivatives and economic hedging activities as presented in the Condensed Statements of Income . Three months ended June 30, Six months ended June 30, For the periods ending 2022 2021 2022 2021 Economic hedges - Interest rate contracts $ 15 $ (11) $ 42 $ 16 Mortgage delivery commitments (3) 1 (8) (12) Other 6 (3) 13 3 Economic hedges 18 (13) 47 7 Variation margin on daily settled cleared derivatives (1) — (1) — Noninterest income - Derivatives and hedging activities $ 17 $ (13) $ 46 $ 7 The following tables present details regarding the offsetting of our cleared and bilateral derivatives on our Condensed Statements of Condition . The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable. Derivative Assets As of June 30, 2022 As of December 31, 2021 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 632 $ 58 $ 690 $ 61 $ 7 $ 68 Netting adjustments and cash collateral (506) (58) (564) (49) (7) (56) Derivatives with legal right of offset - net 126 — 126 12 — 12 Derivatives without legal right of offset 1 — 1 2 — 2 Derivatives on Condensed Statements of Condition 127 — 127 14 — 14 Net amount $ 127 $ — $ 127 $ 14 $ — $ 14 Derivative Liabilities As of June 30, 2022 As of December 31, 2021 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 1,876 $ 185 $ 2,061 $ 495 $ 30 $ 525 Netting adjustments and cash collateral (1,852) (58) (1,910) (487) (8) (495) Derivatives with legal right of offset - net 24 127 151 8 22 30 Derivatives without legal right of offset 1 — 1 2 — 2 Derivatives on Condensed Statements of Condition 25 127 152 10 22 32 Less: Noncash collateral received or pledged and cannot be sold or repledged — 127 127 — 22 22 Net amount $ 25 $ — $ 25 $ 10 $ — $ 10 At June 30, 2022 and December 31, 2021, we had $489 million and $622 million of additional credit exposure due to pledging of noncash collateral to our counterparties, which exceeded our net derivative position for combined cleared and bilateral derivatives. Fair Value Hedges The following table presents our fair value hedging results by the type of hedged item. We had no net gain or loss on hedged firm commitments that no longer qualified as a fair value hedge. Changes in fair value of the derivative and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item. Gains (losses) on derivatives include unrealized changes in fair value, as well as net interest settlements. The line for Other relates to discontinued closed fair value hedges on MPF Loans held for portfolio that are being amortized over the remaining life of the loans. As of June 30, 2022 we did not have any active fair value hedges on our MPF Loans. Three months ended June 30, 2022 Three months ended June 30, 2021 Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Available-for-sale debt securities $ 597 $ (644) $ (47) $ (354) $ 310 $ (44) Advances 325 (316) 9 (124) 77 (47) Consolidated obligation bonds (543) 595 52 135 (76) 59 Total $ 379 $ (365) $ 14 $ (343) $ 311 $ (32) Six months ended June 30, 2022 Six months ended June 30, 2021 Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Available-for-sale debt securities $ 1,472 $ (1,611) $ (139) $ 381 $ (521) $ (140) Advances 978 (990) (12) 212 (298) (86) Consolidated obligation bonds (1,818) 1,967 149 (70) 176 106 Other — — — — (1) (1) Total $ 632 $ (634) $ (2) $ 523 $ (644) $ (121) The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of June 30, 2022 Amortized cost of hedged asset/liability Basis adjustments active hedges included in amortized cost Basis adjustments discontinued hedges included in amortized cost Total amount of fair value hedging basis adjustments Available-for-sale securities $ 14,270 $ (1,247) $ 392 $ (855) Advances 15,847 (765) 2 (763) Consolidated obligation bonds 44,446 (2,162) (14) (2,176) Other 233 — 5 5 As of December 31, 2021 Available-for-sale securities $ 14,412 $ 335 $ 421 $ 756 Advances 19,720 225 2 227 Consolidated obligation bonds 36,335 (192) (16) (208) Other 265 — 6 6 Cash Flow Hedges For cash flow hedges the entire change in the fair value of the hedging instrument is recorded in AOCI and reclassified into earnings (net interest income) as the hedged item affects earnings. Hedge effectiveness testing is performed to determine whether hedge accounting is qualified. We are exposed to the variability in the total net proceeds received from forecasted zero-coupon discount note issuances, which is attributable to changes in the benchmark interest rate. As a result, we enter into cash flow hedge relationships utilizing derivative agreements to hedge the total net proceeds received from our "rolling" forecasted zero-coupon discount note issuances attributable to changes in the benchmark interest rate. The maximum length of time over which we are hedging this exposure is 8 years. We reclassify amounts in AOCI into our Condensed Statements of Income in the same periods during which the hedged forecasted transaction affects our earnings. We had no discontinued cash flow hedges for the periods presented. The deferred net gains (losses) on derivative instruments in AOCI that are expected to be reclassified to earnings during the next twelve months were immaterial as of June 30, 2022. We are not using the cash flow hedge strategy for new transactions at this time, as we used LIBOR as the benchmark interest rate for cash flow hedges and we are not entering into new LIBOR-linked transactions. 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 Condensed Statements of Income . In this regard, the Amount Reclassified from AOCI into Net Interest Income column below 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 initially recorded in AOCI and are reclassified to the interest income/expense line item of the respective hedged item type. Three months ended June 30, 2022 Three months ended June 30, 2021 Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Discount notes $ 22 $ (2) $ (14) $ (4) Bonds — (1) — (1) Total $ 22 $ (3) $ (14) $ (5) Six months ended June 30, 2022 Six months ended June 30, 2021 Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Discount notes $ 74 $ (6) $ 23 $ (8) Bonds — (1) — (1) Total $ 74 $ (7) $ 23 $ (9)

Consolidated Obligations

Consolidated Obligations	6 Months Ended
	Jun. 30, 2022
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 obligation 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 discount notes for which we are the primary obligor. All are due in one year or less. As of June 30, 2022 December 31, 2021 Consolidated obligation discount notes - carrying amount $ 31,525 $ 24,563 Consolidated obligation discount notes - principal amount 31,602 24,565 Weighted Average Interest Rate 1.32 % 0.05 % The following table presents the remaining life of our consolidated obligation bonds by contractual maturity and the related weighted average interest rate, 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, 2022 Contractual Maturity Weighted Average Interest Rate By Maturity or Next Call Date Due in one year or less $ 19,209 1.52 % $ 57,243 One to two years 8,267 1.13 % 4,382 Two to three years 10,868 1.25 % 2,554 Three to four years 8,474 1.03 % 617 Four to five years 9,570 1.51 % 1,177 Thereafter 10,347 1.83 % 762 Total par value $ 66,735 1.41 % $ 66,735 The following table presents consolidated obligation bonds outstanding by call feature. As of June 30, 2022 December 31, 2021 Noncallable $ 17,420 $ 24,516 Callable 49,315 39,087 Par value 66,735 63,603 Fair value hedging adjustments (2,175) (208) Other adjustments (41) (22) Consolidated obligation bonds $ 64,519 $ 63,373 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, 2022, and December 31, 2021. See Note 16 - Commitments and Contingencies in our 2021 Form 10-K for further details. June 30, 2022 December 31, 2021 Par values as of Bonds Discount Total Bonds Discount Total FHLB System total consolidated obligations $ 468,699 $ 413,782 $ 882,481 $ 441,936 $ 210,926 $ 652,862 FHLB Chicago as primary obligor 66,735 31,602 98,337 63,603 24,565 88,168 As a percent of the FHLB System 14 % 8 % 11 % 14 % 12 % 14 %

Capital and Mandatorily Redeema

Capital and Mandatorily Redeemable Capital Stock (MRCS)	6 Months Ended
	Jun. 30, 2022
Federal Home Loan Banks [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. All stock that supports a member’s activity stock requirement with the Bank is classified as Class B1 activity stock. Any additional amount of stock necessary for the total amount of Class B stock held to equal a member’s minimum investment amount will be classified as Class B2 membership stock. Members purchase Class B2 membership stock to satisfy their membership stock requirement with the Bank. Stock held in excess of a member’s minimum investment requirement is classified as Class B2 excess capital stock. See Note 12 – Capital and Mandatorily Redeemable Capital Stock (MRCS) to the financial statements in our 2021 Form 10-K for further information on our capital stock and MRCS. Minimum Capital Requirements For details on our minimum capital requirements, including how the ratios below were calculated, see Minimum Capital Requirements in Note 12 – Capital and Mandatorily Redeemable Capital Stock (MRCS) to the financial statements in our 2021 Form 10-K. We complied with our minimum regulatory capital requirements as shown below. As of June 30, 2022 December 31, 2021 Requirement Actual Requirement Actual Total regulatory capital $ 4,206 $ 7,119 $ 3,878 $ 6,656 Total regulatory capital ratio 4.00 % 6.77 % 4.00 % 6.87 % Leverage capital $ 5,258 $ 10,678 $ 4,848 $ 9,984 Leverage capital ratio 5.00 % 10.16 % 5.00 % 10.30 % Risk-based capital $ 1,436 $ 7,119 $ 1,297 $ 6,656 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. Additionally, an FHFA Advisory Bulletin sets forth guidance for each FHLB to maintain a ratio of at least two percent of capital stock to total assets. In accordance with this guidance, the FHFA considers the proportion of capital stock to assets, measured on a daily average basis at month end, when assessing each FHLB’s capital management practices. None of our members (including any successor) had regulatory capital stock exceeding 10% of our total regulatory capital stock outstanding (which includes MRCS) as of June 30, 2022. Dividends Our ability to pay dividends is subject to the FHLB Act and FHFA regulations. On July 28, 2022 our Board of Directors declared a 5.750% dividend (annualized) for Class B1 activity stock and a 2.375% dividend (annualized) for Class B2 membership stock based on our preliminary financial results for the second quarter of 2022. This dividend totaled $33 million (recorded as $29 million dividends on capital stock and $4 million interest expense on mandatorily redeemable capital stock) and is scheduled for payment on August 15, 2022. Any future dividend payment remains subject to declaration by the Board and will depend on future operating results, our Retained Earnings and Dividend Policy and any other factors the Board determines to be relevant. Repurchase of Excess Capital Stock Members may request repurchase of excess stock on any business day. Additionally, on a monthly basis, the Bank repurchases excess capital stock held by each member or former member that exceeds certain limits set by the Bank. All repurchases of excess capital stock, including any future monthly repurchases, will continue until otherwise announced, but remain subject to our regulatory requirements, certain financial and capital thresholds, and prudent business practices.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Comprehensive Income (Loss) Note [Text Block]	Accumulated Other Comprehensive Income (Loss) The following table summarizes the gains (losses) in AOCI for the reporting periods indicated. Net Unrealized - Net Unrealized - Cash Flow Hedges Available-for-sale Debt Securities Post - Retirement Plans Total in AOCI Three months ended June 30, 2022 Beginning balance $ 148 $ 45 $ (16) $ 177 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition (162) 22 — (140) Amounts reclassified in period to Condensed Statements of Income: Net interest income — 3 3 Ending balance $ (14) $ 70 $ (16) $ 40 Three months ended June 30, 2021 Beginning balance $ 490 $ (24) $ (25) $ 441 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition 55 (14) — 41 Amounts reclassified in period to Condensed Statements of Income: Net interest income (1) 5 4 Noninterest expense 1 1 Ending balance $ 544 $ (33) $ (24) $ 487 Six months ended June 30, 2022 Beginning balance $ 366 $ (11) $ (13) $ 342 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition (380) 74 (4) (310) Amounts reclassified in period to Condensed Statements of Income: Net interest income — 7 7 Noninterest expense 1 1 Ending balance $ (14) $ 70 $ (16) $ 40 Six months ended June 30, 2021 Beginning balance $ 292 $ (65) $ (20) $ 207 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition 253 23 (10) 266 Amounts reclassified in period to Condensed Statements of Income: Net interest income (1) 9 8 Noninterest expense 6 6 Ending balance $ 544 $ (33) $ (24) $ 487

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Fair Value The following table is a summary of the fair value estimates and related levels in the hierarchy. The carrying amounts are per the Condensed Statements of Condition . Fair value estimates represent the exit prices that we would receive to sell assets or pay to transfer liabilities in an orderly transaction with market participants at the measurement date. They do not represent an estimate of our overall market value as a going concern, as they do not take into account future business opportunities or profitability of assets and liabilities. We measure instrument-specific credit risk attributable to our consolidated obligations based on our nonperformance risk, which includes the credit risk associated with the joint and several liability of other FHLBs (see Note 16 - Commitments and Contingencies in our 2021 Form 10-K). As a result, we did not recognize any instrument-specific credit risk attributable to our consolidated obligations that are carried at fair value. See Note 2 - Summary of Significant Accounting Policies in our 2021 Form 10-K for our fair value policies and Note 15 - Fair Value in our 2021 Form 10-K for our valuation techniques and significant inputs. See Note 9 - Derivatives and Hedging Activities for more information on the Netting and Cash Collateral amounts. The net carrying amount in the below table is net of any allowance for credit losses. Net Carrying Amount Fair Value Level 1 Level 2 Level 3 Netting & Cash Collateral June 30, 2022 Carried at amortized cost Cash and due from banks and interest bearing deposits $ 904 $ 904 $ 904 Federal funds sold and securities purchased under agreements to resell 20,080 20,080 $ 20,080 Held-to-maturity debt securities 1,206 1,206 1,197 $ 9 Advances 51,214 51,253 51,253 MPF Loans held in portfolio, net 9,946 9,190 9,180 10 Other assets 171 171 171 Carried at fair value on a recurring basis Trading debt securities 951 951 951 Available-for-sale debt securities 18,625 18,625 18,625 Advances 1,597 1,597 1,597 Derivative assets 127 127 691 $ (564) Other assets 86 86 86 Carried at fair value on a nonrecurring basis MPF Loans held in portfolio, net 7 7 7 Financial assets 104,914 $ 104,197 $ 904 $ 103,831 $ 26 $ (564) Other non financial assets 240 Assets $ 105,154 Carried at amortized cost Deposits $ (655) $ (655) $ (655) Consolidated obligation discount notes (30,660) (30,654) (30,654) Consolidated obligation bonds (63,858) (62,486) (62,486) Mandatorily redeemable capital stock (273) (273) $ (273) Other liabilities (177) (177) (177) Carried at fair value on a recurring basis Consolidated obligation discount notes (865) (865) (865) Consolidated obligation bonds (661) (661) (661) Derivative liabilities (152) (152) (2,062) $ 1,910 Financial liabilities (97,301) $ (95,923) $ (273) $ (97,560) $ — $ 1,910 Other non financial liabilities (967) Liabilities $ (98,268) Net Carrying Amount Fair Value Level 1 Level 2 Level 3 Netting & Cash Collateral December 31, 2021 Carried at amortized cost Cash and due from banks and interest bearing deposits $ 900 $ 900 $ 900 Federal funds sold and securities purchased under agreements to resell 12,267 12,267 $ 12,267 Held-to-maturity debt securities 1,801 1,832 1,822 $ 10 Advances 46,876 47,108 47,108 MPF Loans held in portfolio, net 9,839 9,908 9,900 8 Other assets 83 83 83 Carried at fair value on a recurring basis Trading debt securities 954 954 954 Available-for-sale debt securities 22,706 22,706 22,706 Advances 1,173 1,173 1,173 Derivative assets 14 14 70 $ (56) Other assets 104 104 104 Carried at fair value on a nonrecurring basis MPF Loans held in portfolio, net 4 4 4 Financial assets 96,721 $ 97,053 $ 900 $ 96,187 $ 22 $ (56) Other non financial assets 233 Assets $ 96,954 Carried at amortized cost Deposits $ (1,034) $ (1,034) $ (1,034) Consolidated obligation discount notes (24,563) (24,563) (24,563) Consolidated obligation bonds (62,708) (62,585) (62,585) Mandatorily redeemable capital stock (247) (247) $ (247) Other liabilities (116) (116) (116) Carried at fair value on a recurring basis Consolidated obligation bonds (665) (665) (665) Derivative liabilities (32) (32) (527) $ 495 Financial liabilities (89,365) $ (89,242) $ (247) $ (89,490) $ — $ 495 Other non financial liabilities (837) Liabilities $ (90,202) We had no transfers between levels for the periods shown. Fair Value Option We may elect the fair value option for financial instruments, such as advances, MPF Loans held for sale, and consolidated obligation discount notes and bonds, in cases where hedge accounting treatment may not be achieved due to the inability to meet the hedge effectiveness testing criteria, or in certain cases where we wish to mitigate the risk associated with selecting the fair value option for other instruments. Financial instruments for which we elected the fair value option along with their related fair value are shown on our Condensed Statements of Condition . Refer to our Note 2 – Summary of Significant Accounting Policies to the financial statements in our 2021 Form 10-K for further details. The following table presents the gains (losses) in fair values of financial assets and liabilities carried at fair value under the fair value option, which are recognized in noninterest income - instruments held under the fair value option in our Condensed Statements of Income. Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Advances $ (24) $ 2 $ (63) $ (26) Discount notes 4 — 4 — Bonds 6 1 20 2 Other (4) — (7) (2) Noninterest income - Instruments held under the fair value option $ (18) $ 3 $ (46) $ (26) 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. As of June 30, 2022 December 31, 2021 Advances Consolidated Obligation Bonds Advances Consolidated Obligation Bonds Unpaid principal balance $ 1,603 $ 681 $ 1,117 $ 666 Fair value over (under) UPB (6) (20) 56 (1) Fair value $ 1,597 $ 661 $ 1,173 $ 665

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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. As of June 30, 2022 December 31, 2021 Expire within one year Expire after one year Total Expire within one year Expire after one year Total Member standby letters of credit $ 4,032 $ 9,048 a $ 13,080 $ 4,285 $ 7,032 a $ 11,317 MPF delivery commitments 265 — 265 366 — 366 Advance commitments 697 2 699 43 2 45 Housing authority standby bond purchase agreements 15 498 513 25 477 502 Unsettled consolidated obligation discount notes 602 — 602 — — — Unsettled consolidated obligation bonds 405 — 405 378 — 378 Other 2 — 2 3 — 3 Commitments $ 6,018 $ 9,548 $ 15,566 $ 5,100 $ 7,511 $ 12,611 a Contains $7.9 billion and $6.1 billion of member standby letters of credit as of June 30, 2022, and December 31, 2021, which were renewable annually. For a description of defined terms see Note 16 - Commitments and Contingencies to the financial statements in our 2021 Form 10-K.

Transactions with Related Parti

Transactions with Related Parties and Other FHLBs	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Transactions with Related Parties and Other FHLBs We define related parties as either members whose officers or directors serve on our Board of Directors, or members that control more than 10% of our total voting interests. We did not have any members that controlled more than 10% of our total voting interests for the periods presented in these condensed financial statements. In the normal course of business, we may extend credit to or enter into other transactions with a related party. These 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 material balances we had with our members who are related parties as defined above (including their affiliates) as of the dates presented. The related net income impacts to our Condensed Statements of Income were not material. As of June 30, 2022 December 31, 2021 Assets - Advances $ 133 $ 235 Liabilities - Deposits 10 15 Equity - Capital Stock 17 18 Other FHLBs From time to time, we may loan to, or borrow from, other FHLBs. These 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. In addition, we provide programmatic and operational support in our role as the administrator of the MPF Program on behalf of the other MPF Banks for a fee. Material transactions with other FHLBs are identified on the face of our Condensed Financial Statements.

Interest Income and Interest _2

Interest Income and Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 2021 2022 2021 Interest income - Trading $ — $ 13 $ — $ 34 Available-for-sale interest income 81 74 109 95 Available-for-sale prepayment fees 5 — 41 — Available-for-sale 86 74 150 95 Held-to-maturity 7 7 14 15 Investment debt securities 93 94 164 144 Advances interest income 168 60 245 131 Advances prepayment fees 1 7 11 12 Advances 169 67 256 143 MPF Loans held in portfolio 69 60 134 123 Federal funds sold 15 1 17 2 Securities purchased under agreements to resell 6 — 7 1 Interest earning deposits 4 1 5 1 Other 1 2 1 3 Interest income 357 225 584 417 Interest expense - Consolidated obligations - Discount notes 51 10 63 25 Bonds 147 59 203 123 Other 5 3 9 6 Interest expense 203 72 275 154 Net interest income $ 154 $ 153 $ 309 $ 263

Investment Debt Securities (Tab

Investment Debt Securities (Tables)	6 Months Ended
	Jun. 30, 2022
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 debt securities. As of June 30, 2022 December 31, 2021 U.S. Government & other government related $ 947 $ 948 MBS GSE 4 6 Trading debt securities $ 951 $ 954 The following table presents our gains and losses on trading debt securities recorded in Noninterest Income - Other, net. Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net unrealized gains (losses) on securities held at period end $ 1 $ (9) $ (2) $ (11) Net realized gains (losses) on securities sold/matured during the period — (4) — (20) Net gains (losses) on trading debt securities $ 1 $ (13) $ (2) $ (31)
Available-for-sale Securities by Major Security Type [Table Text Block]	Available-for-Sale Debt Securities (AFS) The following table presents the amortized cost and fair value of our AFS debt securities. Amortized Cost Basis a Gross Unrealized Gains in AOCI Gross Unrealized (Losses) in AOCI Net Carrying Amount and Fair Value As of June 30, 2022 U.S. Government & other government related $ 1,292 $ 2 $ (89) $ 1,205 State or local housing agency 8 — — 8 FFELP ABS 2,468 81 (10) 2,539 MBS GSE 14,723 92 (92) 14,723 Government guaranteed 148 2 — 150 Available-for-sale debt securities $ 18,639 $ 177 $ (191) $ 18,625 As of December 31, 2021 U.S. Government & other government related $ 4,659 $ 34 $ (12) $ 4,681 State or local housing agency 8 1 — 9 FFELP ABS 2,642 130 — 2,772 MBS GSE 14,849 234 (26) 15,057 Government guaranteed 182 5 — 187 Available-for-sale debt securities $ 22,340 $ 404 $ (38) $ 22,706 a Includes adjustments made to the cost basis of an investment for accretion, amortization, and fair value hedge accounting adjustments. This also includes accrued interest receivable of $54 million at December 31, 2021. We had no sales of AFS debt securities for the periods presented. Any gains or losses are determined on a specific identification basis.
Held-to-maturity Securities by Major Security Type [Table Text Block]	Held-to-Maturity Debt Securities (HTM) The following table presents the amortized cost, carrying amount, and fair value of our HTM debt securities. Amortized Cost and Net Carrying Amount a Gross Unrecognized Holding Gains Gross Unrecognized Holding (Losses) Fair Value As of June 30, 2022 U.S. Government & other government related $ 953 $ — $ (8) $ 945 MBS GSE 184 8 — 192 Government guaranteed 60 — — 60 Other 9 — — 9 Held-to-maturity debt securities $ 1,206 $ 8 $ (8) $ 1,206 As of December 31, 2021 U.S. Government & other government related $ 1,506 $ 11 $ — $ 1,517 MBS GSE 214 19 — 233 Government guaranteed 71 1 — 72 Other 10 — — 10 Held-to-maturity debt securities $ 1,801 $ 31 $ — $ 1,832 a Includes adjustments made to the cost basis of an investment for accretion, and/or amortization. We had no sales of HTM debt securities for the period presented. Any gains or losses are determined on a specific identification basis.
Investments Classified by Contractual Maturity Date [Table Text Block]	The maturity of our AFS and HTM debt securities is detailed in the following table. FFELP ABS/MBS are not presented by contractual maturity because their expected maturities will likely differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment fees. Available-for-Sale Held-to-Maturity As of June 30, 2022 Amortized Cost Basis Net Carrying Amount and Fair Value Amortized Cost and Net Carrying Amount Fair Value Non FFELP ABS/MBS Year of Maturity - Due in one year or less $ — $ — $ 710 $ 709 Due after one year through five years 6 6 21 20 Due after five years through ten years 419 395 222 216 Due after ten years 875 812 — — FFELP ABS and MBS 17,339 17,412 253 261 Total debt securities $ 18,639 $ 18,625 $ 1,206 $ 1,206
Schedule of Unrealized Loss on Investments [Table Text Block]	The following table presents unrealized losses on our AFS portfolio for periods less than 12 months and for 12 months or more. These losses are considered temporary as we expect to recover the entire amortized cost basis and neither intend to sell these securities nor consider it more likely than not that we will be required to sell these securities before the anticipated recovery of each security’s remaining 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. Less than 12 Months 12 Months or More Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Available-for-sale debt securities As of June 30, 2022 U.S. Government & other government related $ 906 $ (53) $ 238 $ (36) $ 1,144 $ (89) State or local housing agency 5 — — — 5 — FFELP ABS 390 (10) — — 390 (10) MBS GSE 4,719 (74) 246 (18) 4,965 (92) Government guaranteed 11 — — — 11 — Available-for-sale debt securities $ 6,031 $ (137) $ 484 $ (54) $ 6,515 $ (191) As of December 31, 2021 U.S. Government & other government related $ 3,764 $ (12) $ — $ — $ 3,764 $ (12) MBS GSE 1,549 (23) 54 (3) 1,603 (26) Available-for-sale debt securities $ 5,313 $ (35) $ 54 $ (3) $ 5,367 $ (38)

Advances (Tables)

Advances (Tables)	6 Months Ended
	Jun. 30, 2022
Federal Home Loan Banks [Abstract]
Federal Home Loan Bank, Advances [Table Text Block]	The following table presents our advances by terms of contractual maturity and the related weighted average contractual interest rate. For amortizing advances, contractual maturity is determined based on the advance’s amortization schedule. 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, 2022 Par Value Amount Weighted Average Contractual Interest Rate Due in one year or less $ 21,261 1.50 % One to two years 9,851 a 1.30 % Two to three years 7,284 a 1.31 % Three to four years 3,019 1.40 % Four to five years 3,965 1.83 % Five to fifteen years 7,644 1.75 % More than fifteen years 507 5.13 % Total $ 53,531 1.53 % a Of the advances due in one to two years and two to three years, $7.0 billion and $4.0 billion, respectively, were issued to One Mortgage Partners Corp. (now JPMorgan Chase Bank NA), our former captive insurance company member, whose membership was terminated in 2021 in connection with an FHFA rule. The following table reconciles the par value of our advances to the carrying amount on our Condensed Statements of Condition as of the dates indicated. As of June 30, 2022 December 31, 2021 Par value $ 53,531 $ 47,708 Fair value hedging adjustments (763) 227 Other adjustments 43 114 Advances $ 52,811 $ 48,049
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 advances outstanding. As of June 30, 2022 Par Value % of Total Outstanding JPMorgan Chase Bank NA $ 11,000 a 20.5 % BMO Harris Bank NA 5,500 10.3 % a Effective February 19, 2021, we terminated One Mortgage Partners Corp.'s ("OMP") membership in connection with the FHFA rule that made captive insurance companies ineligible for FHLB membership. In December 2021, OMP merged with and into its parent company, JPMorgan Chase Bank NA (“JPM”). For details on the contractual maturity terms of JPM’s advances, see the table above presenting advances by terms of contractual maturity.

MPF Loans Held in Portfolio (Ta

MPF Loans Held in Portfolio (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of Participating Mortgage Loans [Table Text Block]	The following table presents information on MPF Loans held in portfolio by contractual maturity at the time of purchase. We have an allowance for credit losses on our MPF Loans and we have elected to exclude accrued interest receivable from the amortized cost in the following tables. See Note 8 - Allowance for Credit Losses for further details on these amounts. As of June 30, 2022 December 31, 2021 Medium term (15 years or less) $ 1,591 $ 1,653 Long term (greater than 15 years) 8,218 8,031 Unpaid principal balance 9,809 9,684 Net premiums, credit enhancement, and/or deferred loan fees 166 174 Fair value hedging and delivery commitment basis adjustments (17) (10) MPF Loans held in portfolio, before allowance for credit losses 9,958 9,848 Allowance for credit losses on MPF Loans (5) (5) MPF Loans held in portfolio, net $ 9,953 $ 9,843 Conventional mortgage loans $ 8,996 $ 8,845 Government Loans 813 839 Unpaid principal balance $ 9,809 $ 9,684 The above table excludes MPF Loans acquired under the MPF Xtra ® and MPF Government MBS products. See Note 2 - Summary of Significant Accounting Policies in our 2021 Form 10-K for information related to the accounting treatment of these off-balance sheet MPF Loan products.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for Credit Losses on MPF Loans The following table presents the activity in our allowance for credit losses for MPF Loans. Three months ended June 30, Six months ended June 30, For the periods ending 2022 2021 2022 2021 Allowance for MPF credit losses beginning balance $ 5 $ 3 $ 5 $ 3 MPF credit losses charged-off — (2) (1) (2) Provision for (reversal of) MPF for credit losses — 1 1 1 Allowance for MPF credit losses ending balance $ 5 $ 3 $ 5 $ 3 Allowance for Credit Losses on Community First ® Fund (the Fund) As of June 30, 2022 we had $47 million in Fund loans outstanding compared to $45 million at December 31, 2021, recorded in Other assets in our Condensed Statements of Condition . As of June 30, 2022, all Fund loans were current. The following table details our allowance for credit losses on Fund loans. Three months ended June 30, Six months ended June 30, For the periods ending 2022 2021 2022 2021 Allowance for Fund loan credit losses beginning balance $ 7 $ 7 $ 7 $ 7 Allowance for Fund loan credit losses ending balance $ 7 $ 7 $ 7 $ 7
Financing Receivable, Past Due [Table Text Block]	The following tables summarize our conventional MPF Loans by our key credit quality indicators. As of June 30, 2022 December 31, 2021 Conventional MPF Amortized Cost by Origination Year Conventional MPF Amortized Cost by Origination Year 2018 to 2022 Prior to 2018 Total 2017 to 2021 Prior to 2017 Total Past due 30-59 days $ 28 $ 17 $ 45 $ 23 $ 18 $ 41 Past due 60-89 days 5 5 10 8 6 14 Past due 90 days or more 21 27 48 43 30 73 Past due 54 49 103 74 54 128 Current 7,938 1,093 9,031 7,883 987 8,870 Total outstanding $ 7,992 $ 1,142 $ 9,134 $ 7,957 $ 1,041 $ 8,998 As of June 30, 2022 December 31, 2021 Amortized Cost Amortized Cost Conventional Government Total Conventional Government Total In process of foreclosure $ 23 $ 7 $ 30 $ 6 $ 3 $ 9 Serious delinquency rate 0.55 % 2.00 % 0.67 % 0.82 % 2.33 % 0.95 % Past due 90 days or more and still accruing interest $ 3 $ 14 $ 17 $ 30 $ 19 $ 49 Loans on nonaccrual status 50 — 50 47 — 47 Loans on nonaccrual status with no allowance for credit losses 15 — 15 11 — 11
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	We present accrued interest receivable separately for loans and AFS/HTM debt securities. We do not measure an allowance for credit losses on loan related accrued interest receivables as we reverse accrued interest on a monthly basis when the loan is placed on nonaccrual status. The following table summarizes our accrued interest receivable by portfolio segment. Financial instrument type June 30, 2022 December 31, 2021 MPF Loans held in portfolio $ 44 $ 45 HTM securities 5 4 AFS securities 59 — Interest bearing deposits 1 — Securities purchased under agreements to resell 1 — Advances 61 34 Accrued interest receivable $ 171 $ 83 The above table excludes accrued interest of $54 million on AFS securities at December 31, 2021. Prior to 2022, we included accrued interest in the carrying value of our AFS securities. See Note 5 - Investment Debt Securities for 2021 AFS carrying values.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2022
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 details on the notional amounts, and cleared and bilateral derivative assets and liabilities on our Condensed Statements of Condition . The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable. As of June 30, 2022 December 31, 2021 Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities Derivatives in hedge accounting relationships- Interest rate contracts $ 79,172 $ 677 $ 2,030 $ 70,321 $ 58 $ 466 Derivatives not in hedge accounting relationships- Interest rate contracts 4,711 12 31 2,772 10 59 Mortgage delivery commitments 390 1 1 625 2 2 Other 128 1 — 148 — — Derivatives not in hedge accounting relationships 5,229 14 32 3,545 12 61 Gross derivative amount before netting adjustments and cash collateral $ 84,401 691 2,062 $ 73,866 70 527 Netting adjustments and cash collateral (564) (1,910) (56) (495) Derivatives on Condensed Statements of Condition $ 127 $ 152 $ 14 $ 32 Cash Collateral Cash Collateral Cash collateral posted and related accrued interest $ 1,601 $ 447 Cash collateral received and related accrued interest 256 8
Derivatives And Hedging Activities as Presented in the Statements of Income [Table Text Block]	The following table presents the noninterest income - derivatives and economic hedging activities as presented in the Condensed Statements of Income . Three months ended June 30, Six months ended June 30, For the periods ending 2022 2021 2022 2021 Economic hedges - Interest rate contracts $ 15 $ (11) $ 42 $ 16 Mortgage delivery commitments (3) 1 (8) (12) Other 6 (3) 13 3 Economic hedges 18 (13) 47 7 Variation margin on daily settled cleared derivatives (1) — (1) — Noninterest income - Derivatives and hedging activities $ 17 $ (13) $ 46 $ 7
Offsetting Assets [Table Text Block]	The following tables present details regarding the offsetting of our cleared and bilateral derivatives on our Condensed Statements of Condition . The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable. Derivative Assets As of June 30, 2022 As of December 31, 2021 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 632 $ 58 $ 690 $ 61 $ 7 $ 68 Netting adjustments and cash collateral (506) (58) (564) (49) (7) (56) Derivatives with legal right of offset - net 126 — 126 12 — 12 Derivatives without legal right of offset 1 — 1 2 — 2 Derivatives on Condensed Statements of Condition 127 — 127 14 — 14 Net amount $ 127 $ — $ 127 $ 14 $ — $ 14 Derivative Liabilities As of June 30, 2022 As of December 31, 2021 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 1,876 $ 185 $ 2,061 $ 495 $ 30 $ 525 Netting adjustments and cash collateral (1,852) (58) (1,910) (487) (8) (495) Derivatives with legal right of offset - net 24 127 151 8 22 30 Derivatives without legal right of offset 1 — 1 2 — 2 Derivatives on Condensed Statements of Condition 25 127 152 10 22 32 Less: Noncash collateral received or pledged and cannot be sold or repledged — 127 127 — 22 22 Net amount $ 25 $ — $ 25 $ 10 $ — $ 10 At June 30, 2022 and December 31, 2021, we had $489 million and $622 million of additional credit exposure due to pledging of noncash collateral to our counterparties, which exceeded our net derivative position for combined cleared and bilateral derivatives.
Offsetting Liabilities [Table Text Block]	The following tables present details regarding the offsetting of our cleared and bilateral derivatives on our Condensed Statements of Condition . The netting adjustment amount includes cash collateral (either received or paid by us) and related accrued interest in cases where we have a legal right, by contract (e.g., master netting agreement) or otherwise, to offset cash flow obligations between us and our counterparty into a single net payable or receivable. Derivative Assets As of June 30, 2022 As of December 31, 2021 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 632 $ 58 $ 690 $ 61 $ 7 $ 68 Netting adjustments and cash collateral (506) (58) (564) (49) (7) (56) Derivatives with legal right of offset - net 126 — 126 12 — 12 Derivatives without legal right of offset 1 — 1 2 — 2 Derivatives on Condensed Statements of Condition 127 — 127 14 — 14 Net amount $ 127 $ — $ 127 $ 14 $ — $ 14 Derivative Liabilities As of June 30, 2022 As of December 31, 2021 Bilateral Cleared Total Bilateral Cleared Total Derivatives with legal right of offset - Gross recognized amount $ 1,876 $ 185 $ 2,061 $ 495 $ 30 $ 525 Netting adjustments and cash collateral (1,852) (58) (1,910) (487) (8) (495) Derivatives with legal right of offset - net 24 127 151 8 22 30 Derivatives without legal right of offset 1 — 1 2 — 2 Derivatives on Condensed Statements of Condition 25 127 152 10 22 32 Less: Noncash collateral received or pledged and cannot be sold or repledged — 127 127 — 22 22 Net amount $ 25 $ — $ 25 $ 10 $ — $ 10 At June 30, 2022 and December 31, 2021, we had $489 million and $622 million of additional credit exposure due to pledging of noncash collateral to our counterparties, which exceeded our net derivative position for combined cleared and bilateral derivatives.
Fair Value Hedges [Table Text Block]	The following table presents our fair value hedging results by the type of hedged item. We had no net gain or loss on hedged firm commitments that no longer qualified as a fair value hedge. Changes in fair value of the derivative and the hedged item attributable to the hedged risk for designated fair value hedges are recorded in net interest income in the same line as the earnings effect of the hedged item. Gains (losses) on derivatives include unrealized changes in fair value, as well as net interest settlements. The line for Other relates to discontinued closed fair value hedges on MPF Loans held for portfolio that are being amortized over the remaining life of the loans. As of June 30, 2022 we did not have any active fair value hedges on our MPF Loans. Three months ended June 30, 2022 Three months ended June 30, 2021 Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Available-for-sale debt securities $ 597 $ (644) $ (47) $ (354) $ 310 $ (44) Advances 325 (316) 9 (124) 77 (47) Consolidated obligation bonds (543) 595 52 135 (76) 59 Total $ 379 $ (365) $ 14 $ (343) $ 311 $ (32) Six months ended June 30, 2022 Six months ended June 30, 2021 Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Gain (Loss) on Derivative Gain (Loss) on Hedged Item Amount Recorded in Net Interest Income Available-for-sale debt securities $ 1,472 $ (1,611) $ (139) $ 381 $ (521) $ (140) Advances 978 (990) (12) 212 (298) (86) Consolidated obligation bonds (1,818) 1,967 149 (70) 176 106 Other — — — — (1) (1) Total $ 632 $ (634) $ (2) $ 523 $ (644) $ (121) The following table presents the cumulative basis adjustments on hedged items designated as fair value hedges and the related amortized cost of the hedged items. As of June 30, 2022 Amortized cost of hedged asset/liability Basis adjustments active hedges included in amortized cost Basis adjustments discontinued hedges included in amortized cost Total amount of fair value hedging basis adjustments Available-for-sale securities $ 14,270 $ (1,247) $ 392 $ (855) Advances 15,847 (765) 2 (763) Consolidated obligation bonds 44,446 (2,162) (14) (2,176) Other 233 — 5 5 As of December 31, 2021 Available-for-sale securities $ 14,412 $ 335 $ 421 $ 756 Advances 19,720 225 2 227 Consolidated obligation bonds 36,335 (192) (16) (208) Other 265 — 6 6
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 Condensed Statements of Income . In this regard, the Amount Reclassified from AOCI into Net Interest Income column below 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 initially recorded in AOCI and are reclassified to the interest income/expense line item of the respective hedged item type. Three months ended June 30, 2022 Three months ended June 30, 2021 Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Discount notes $ 22 $ (2) $ (14) $ (4) Bonds — (1) — (1) Total $ 22 $ (3) $ (14) $ (5) Six months ended June 30, 2022 Six months ended June 30, 2021 Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Gross Amount Initially Recognized in AOCI Amount Reclassified from AOCI into Net Interest Income Discount notes $ 74 $ (6) $ 23 $ (8) Bonds — (1) — (1) Total $ 74 $ (7) $ 23 $ (9)

Consolidated Obligations (Table

Consolidated Obligations (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
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, 2022 December 31, 2021 Consolidated obligation discount notes - carrying amount $ 31,525 $ 24,563 Consolidated obligation discount notes - principal amount 31,602 24,565 Weighted Average Interest Rate 1.32 % 0.05 %
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table presents the remaining life of our consolidated obligation bonds by contractual maturity and the related weighted average interest rate, 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, 2022 Contractual Maturity Weighted Average Interest Rate By Maturity or Next Call Date Due in one year or less $ 19,209 1.52 % $ 57,243 One to two years 8,267 1.13 % 4,382 Two to three years 10,868 1.25 % 2,554 Three to four years 8,474 1.03 % 617 Four to five years 9,570 1.51 % 1,177 Thereafter 10,347 1.83 % 762 Total par value $ 66,735 1.41 % $ 66,735
Schedule of Long-term Debt Instruments [Table Text Block]	The following table presents consolidated obligation bonds outstanding by call feature. As of June 30, 2022 December 31, 2021 Noncallable $ 17,420 $ 24,516 Callable 49,315 39,087 Par value 66,735 63,603 Fair value hedging adjustments (2,175) (208) Other adjustments (41) (22) Consolidated obligation bonds $ 64,519 $ 63,373
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, 2022, and December 31, 2021. See Note 16 - Commitments and Contingencies in our 2021 Form 10-K for further details. June 30, 2022 December 31, 2021 Par values as of Bonds Discount Total Bonds Discount Total FHLB System total consolidated obligations $ 468,699 $ 413,782 $ 882,481 $ 441,936 $ 210,926 $ 652,862 FHLB Chicago as primary obligor 66,735 31,602 98,337 63,603 24,565 88,168 As a percent of the FHLB System 14 % 8 % 11 % 14 % 12 % 14 %

Capital and Mandatorily Redee_2

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Tables)	6 Months Ended
	Jun. 30, 2022
Federal Home Loan Banks [Abstract]
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 in Note 12 – Capital and Mandatorily Redeemable Capital Stock (MRCS) to the financial statements in our 2021 Form 10-K. We complied with our minimum regulatory capital requirements as shown below. As of June 30, 2022 December 31, 2021 Requirement Actual Requirement Actual Total regulatory capital $ 4,206 $ 7,119 $ 3,878 $ 6,656 Total regulatory capital ratio 4.00 % 6.77 % 4.00 % 6.87 % Leverage capital $ 5,258 $ 10,678 $ 4,848 $ 9,984 Leverage capital ratio 5.00 % 10.16 % 5.00 % 10.30 % Risk-based capital $ 1,436 $ 7,119 $ 1,297 $ 6,656 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. Additionally, an FHFA Advisory Bulletin sets forth guidance for each FHLB to maintain a ratio of at least two percent of capital stock to total assets. In accordance with this guidance, the FHFA considers the proportion of capital stock to assets, measured on a daily average basis at month end, when assessing each FHLB’s capital management practices.
Stockholders' Equity, Total [Member]
Concentration Risk [Line Items]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	None of our members (including any successor) had regulatory capital stock exceeding 10% of our total regulatory capital stock outstanding (which includes MRCS) as of June 30, 2022.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
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 - Net Unrealized - Cash Flow Hedges Available-for-sale Debt Securities Post - Retirement Plans Total in AOCI Three months ended June 30, 2022 Beginning balance $ 148 $ 45 $ (16) $ 177 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition (162) 22 — (140) Amounts reclassified in period to Condensed Statements of Income: Net interest income — 3 3 Ending balance $ (14) $ 70 $ (16) $ 40 Three months ended June 30, 2021 Beginning balance $ 490 $ (24) $ (25) $ 441 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition 55 (14) — 41 Amounts reclassified in period to Condensed Statements of Income: Net interest income (1) 5 4 Noninterest expense 1 1 Ending balance $ 544 $ (33) $ (24) $ 487 Six months ended June 30, 2022 Beginning balance $ 366 $ (11) $ (13) $ 342 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition (380) 74 (4) (310) Amounts reclassified in period to Condensed Statements of Income: Net interest income — 7 7 Noninterest expense 1 1 Ending balance $ (14) $ 70 $ (16) $ 40 Six months ended June 30, 2021 Beginning balance $ 292 $ (65) $ (20) $ 207 Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition 253 23 (10) 266 Amounts reclassified in period to Condensed Statements of Income: Net interest income (1) 9 8 Noninterest expense 6 6 Ending balance $ 544 $ (33) $ (24) $ 487

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement [Table Text Block]	The following table is a summary of the fair value estimates and related levels in the hierarchy. The carrying amounts are per the Condensed Statements of Condition . Fair value estimates represent the exit prices that we would receive to sell assets or pay to transfer liabilities in an orderly transaction with market participants at the measurement date. They do not represent an estimate of our overall market value as a going concern, as they do not take into account future business opportunities or profitability of assets and liabilities. We measure instrument-specific credit risk attributable to our consolidated obligations based on our nonperformance risk, which includes the credit risk associated with the joint and several liability of other FHLBs (see Note 16 - Commitments and Contingencies in our 2021 Form 10-K). As a result, we did not recognize any instrument-specific credit risk attributable to our consolidated obligations that are carried at fair value. See Note 2 - Summary of Significant Accounting Policies in our 2021 Form 10-K for our fair value policies and Note 15 - Fair Value in our 2021 Form 10-K for our valuation techniques and significant inputs. See Note 9 - Derivatives and Hedging Activities for more information on the Netting and Cash Collateral amounts. The net carrying amount in the below table is net of any allowance for credit losses. Net Carrying Amount Fair Value Level 1 Level 2 Level 3 Netting & Cash Collateral June 30, 2022 Carried at amortized cost Cash and due from banks and interest bearing deposits $ 904 $ 904 $ 904 Federal funds sold and securities purchased under agreements to resell 20,080 20,080 $ 20,080 Held-to-maturity debt securities 1,206 1,206 1,197 $ 9 Advances 51,214 51,253 51,253 MPF Loans held in portfolio, net 9,946 9,190 9,180 10 Other assets 171 171 171 Carried at fair value on a recurring basis Trading debt securities 951 951 951 Available-for-sale debt securities 18,625 18,625 18,625 Advances 1,597 1,597 1,597 Derivative assets 127 127 691 $ (564) Other assets 86 86 86 Carried at fair value on a nonrecurring basis MPF Loans held in portfolio, net 7 7 7 Financial assets 104,914 $ 104,197 $ 904 $ 103,831 $ 26 $ (564) Other non financial assets 240 Assets $ 105,154 Carried at amortized cost Deposits $ (655) $ (655) $ (655) Consolidated obligation discount notes (30,660) (30,654) (30,654) Consolidated obligation bonds (63,858) (62,486) (62,486) Mandatorily redeemable capital stock (273) (273) $ (273) Other liabilities (177) (177) (177) Carried at fair value on a recurring basis Consolidated obligation discount notes (865) (865) (865) Consolidated obligation bonds (661) (661) (661) Derivative liabilities (152) (152) (2,062) $ 1,910 Financial liabilities (97,301) $ (95,923) $ (273) $ (97,560) $ — $ 1,910 Other non financial liabilities (967) Liabilities $ (98,268) Net Carrying Amount Fair Value Level 1 Level 2 Level 3 Netting & Cash Collateral December 31, 2021 Carried at amortized cost Cash and due from banks and interest bearing deposits $ 900 $ 900 $ 900 Federal funds sold and securities purchased under agreements to resell 12,267 12,267 $ 12,267 Held-to-maturity debt securities 1,801 1,832 1,822 $ 10 Advances 46,876 47,108 47,108 MPF Loans held in portfolio, net 9,839 9,908 9,900 8 Other assets 83 83 83 Carried at fair value on a recurring basis Trading debt securities 954 954 954 Available-for-sale debt securities 22,706 22,706 22,706 Advances 1,173 1,173 1,173 Derivative assets 14 14 70 $ (56) Other assets 104 104 104 Carried at fair value on a nonrecurring basis MPF Loans held in portfolio, net 4 4 4 Financial assets 96,721 $ 97,053 $ 900 $ 96,187 $ 22 $ (56) Other non financial assets 233 Assets $ 96,954 Carried at amortized cost Deposits $ (1,034) $ (1,034) $ (1,034) Consolidated obligation discount notes (24,563) (24,563) (24,563) Consolidated obligation bonds (62,708) (62,585) (62,585) Mandatorily redeemable capital stock (247) (247) $ (247) Other liabilities (116) (116) (116) Carried at fair value on a recurring basis Consolidated obligation bonds (665) (665) (665) Derivative liabilities (32) (32) (527) $ 495 Financial liabilities (89,365) $ (89,242) $ (247) $ (89,490) $ — $ 495 Other non financial liabilities (837) Liabilities $ (90,202)
Fair Value Option, Disclosures [Table Text Block]	The following table presents the gains (losses) in fair values of financial assets and liabilities carried at fair value under the fair value option, which are recognized in noninterest income - instruments held under the fair value option in our Condensed Statements of Income. Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Advances $ (24) $ 2 $ (63) $ (26) Discount notes 4 — 4 — Bonds 6 1 20 2 Other (4) — (7) (2) Noninterest income - Instruments held under the fair value option $ (18) $ 3 $ (46) $ (26) 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. As of June 30, 2022 December 31, 2021 Advances Consolidated Obligation Bonds Advances Consolidated Obligation Bonds Unpaid principal balance $ 1,603 $ 681 $ 1,117 $ 666 Fair value over (under) UPB (6) (20) 56 (1) Fair value $ 1,597 $ 661 $ 1,173 $ 665

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
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. As of June 30, 2022 December 31, 2021 Expire within one year Expire after one year Total Expire within one year Expire after one year Total Member standby letters of credit $ 4,032 $ 9,048 a $ 13,080 $ 4,285 $ 7,032 a $ 11,317 MPF delivery commitments 265 — 265 366 — 366 Advance commitments 697 2 699 43 2 45 Housing authority standby bond purchase agreements 15 498 513 25 477 502 Unsettled consolidated obligation discount notes 602 — 602 — — — Unsettled consolidated obligation bonds 405 — 405 378 — 378 Other 2 — 2 3 — 3 Commitments $ 6,018 $ 9,548 $ 15,566 $ 5,100 $ 7,511 $ 12,611 a Contains $7.9 billion and $6.1 billion of member standby letters of credit as of June 30, 2022, and December 31, 2021, which were renewable annually. For a description of defined terms see Note 16 - Commitments and Contingencies to the financial statements in our 2021 Form 10-K.

Transactions with Related Par_2

Transactions with Related Parties and Other FHLBs (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions, by Balance Sheet Grouping [Table Text Block]	The following table summarizes material balances we had with our members who are related parties as defined above (including their affiliates) as of the dates presented. The related net income impacts to our Condensed Statements of Income were not material. As of June 30, 2022 December 31, 2021 Assets - Advances $ 133 $ 235 Liabilities - Deposits 10 15 Equity - Capital Stock 17 18

Interest Income and Interest _3

Interest Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income -
Trading	$ 0	$ 13	$ 0	$ 34
Available-for-sale interest income	81	74	109	95
Available-for-sale prepayment fees	5	0	41	0
Available-for-sale	86	74	150	95
Held-to-maturity	7	7	14	15
Investment debt securities	93	94	164	144
Advances interest income	168	60	245	131
Advances prepayment fees	1	7	11	12
Advances	169	67	256	143
MPF Loans held in portfolio	69	60	134	123
Federal funds sold	15	1	17	2
Securities purchased under agreements to resell	6	0	7	1
Interest earning deposits	4	1	5	1
Other	1	2	1	3
Interest income	357	225	584	417
Consolidated obligations -
Discount notes	51	10	63	25
Bonds	147	59	203	123
Other	5	3	9	6
Interest expense	203	72	275	154
Net interest income	$ 154	$ 153	$ 309	$ 263

Investment Debt Securities (Tra

Investment Debt Securities (Trading debt securities balances) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt and Equity Securities, FV-NI [Line Items]
Trading debt securities	$ 951	$ 954
U.S. Government & other government related
Debt and Equity Securities, FV-NI [Line Items]
Trading debt securities	947	948
MBS | GSE
Debt and Equity Securities, FV-NI [Line Items]
Trading debt securities	$ 4	$ 6

Investment Debt Securities (T_2

Investment Debt Securities (Trading debt securities income) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains (losses) on securities held at period end	$ 1	$ (9)	$ (2)	$ (11)
Net realized gains (losses) on securities sold/matured during the period	0	(4)	0	(20)
Net gains (losses) on trading debt securities	$ 1	$ (13)	$ (2)	$ (31)

Investment Debt Securities (Ava

Investment Debt Securities (Available-for-sale debt securities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	$ 18,639	$ 22,340
Gross Unrealized Gains in AOCI	177	404
Gross Unrealized (Losses) in AOCI	(191)	(38)
Net Carrying Amount and Fair Value	18,625	22,706
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss		54
U.S. Government & other government related
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	1,292	4,659
Gross Unrealized Gains in AOCI	2	34
Gross Unrealized (Losses) in AOCI	(89)	(12)
Net Carrying Amount and Fair Value	1,205	4,681
State or local housing agency
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	8	8
Gross Unrealized Gains in AOCI	0	1
Gross Unrealized (Losses) in AOCI	0	0
Net Carrying Amount and Fair Value	8	9
FFELP ABS | FFELP ABS
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	2,468	2,642
Gross Unrealized Gains in AOCI	81	130
Gross Unrealized (Losses) in AOCI	(10)	0
Net Carrying Amount and Fair Value	2,539	2,772
MBS | GSE
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	14,723	14,849
Gross Unrealized Gains in AOCI	92	234
Gross Unrealized (Losses) in AOCI	(92)	(26)
Net Carrying Amount and Fair Value	14,723	15,057
MBS | Government guaranteed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost Basis	148	182
Gross Unrealized Gains in AOCI	2	5
Gross Unrealized (Losses) in AOCI	0	0
Net Carrying Amount and Fair Value	$ 150	$ 187

Investment Debt Securities (Hel

Investment Debt Securities (Held-to-maturities debt securities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost and Net Carrying Amount	$ 1,206	$ 1,801
Gross Unrecognized Holding Gains	8	31
Gross Unrecognized Holding (Losses)	(8)	0
Fair Value	1,206	1,832
U.S. Government & other government related
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost and Net Carrying Amount	953	1,506
Gross Unrecognized Holding Gains	0	11
Gross Unrecognized Holding (Losses)	(8)	0
Fair Value	945	1,517
MBS | GSE
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost and Net Carrying Amount	184	214
Gross Unrecognized Holding Gains	8	19
Gross Unrecognized Holding (Losses)	0	0
Fair Value	192	233
MBS | Government guaranteed
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost and Net Carrying Amount	60	71
Gross Unrecognized Holding Gains	0	1
Gross Unrecognized Holding (Losses)	0	0
Fair Value	60	72
MBS | Other
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost and Net Carrying Amount	9	10
Gross Unrecognized Holding Gains	0	0
Gross Unrecognized Holding (Losses)	0	0
Fair Value	$ 9	$ 10

Investment Debt Securities Cont

Investment Debt Securities Contractual maturities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Available-for-sale, Amortized Cost Basis
Due in one year or less	$ 0
Due after one year through five years	6
Due after five years through ten years	419
Due after ten years	875
FFELP ABS and MBS	17,339
Amortized Cost Basis	18,639	$ 22,340
Available-for-sale, Net Carrying Amount and Fair Value
Due in one year or less	0
Due after one year through five years	6
Due after five years through ten years	395
Due after ten years	812
FFELP ABS and MBS	17,412
Net Carrying Amount and Fair Value	18,625	22,706
Held-to-maturity, Amortized Cost and Net Carrying Amount
Due in one year or less	710
Due after one year through five years	21
Due after five years through ten years	222
Due after ten years	0
FFELP ABS and MBS	253
Amortized Cost and Net Carrying Amount	1,206	1,801
Held-to-maturity, Fair Value
Due in one year or less	709
Due after one year through five years	20
Due after five years through ten years	216
Due after ten years	0
FFELP ABS and MBS	261
Fair Value	$ 1,206	$ 1,832

Investment Debt Securities Agin

Investment Debt Securities Aging of unrealized temporary losses (Details) - Available-for-sale debt securities - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Available-for-sale debt securities
Less than 12 Months, Fair Value	$ 6,031	$ 5,313
Less than 12 Months, Gross Unrealized (Losses)	(137)	(35)
12 Months or More, Fair Value	484	54
12 Months or More, Gross Unrealized (Losses)	(54)	(3)
Total, Fair Value	6,515	5,367
Total, Gross Unrealized (Losses)	(191)	(38)
U.S. Government & other government related
Available-for-sale debt securities
Less than 12 Months, Fair Value	906	3,764
Less than 12 Months, Gross Unrealized (Losses)	(53)	(12)
12 Months or More, Fair Value	238	0
12 Months or More, Gross Unrealized (Losses)	(36)	0
Total, Fair Value	1,144	3,764
Total, Gross Unrealized (Losses)	(89)	(12)
State or local housing agency
Available-for-sale debt securities
Less than 12 Months, Fair Value	5
Less than 12 Months, Gross Unrealized (Losses)	0
12 Months or More, Fair Value	0
12 Months or More, Gross Unrealized (Losses)	0
Total, Fair Value	5
Total, Gross Unrealized (Losses)	0
FFELP ABS | FFELP ABS
Available-for-sale debt securities
Less than 12 Months, Fair Value	390
Less than 12 Months, Gross Unrealized (Losses)	(10)
12 Months or More, Fair Value	0
12 Months or More, Gross Unrealized (Losses)	0
Total, Fair Value	390
Total, Gross Unrealized (Losses)	(10)
MBS | GSE
Available-for-sale debt securities
Less than 12 Months, Fair Value	4,719	1,549
Less than 12 Months, Gross Unrealized (Losses)	(74)	(23)
12 Months or More, Fair Value	246	54
12 Months or More, Gross Unrealized (Losses)	(18)	(3)
Total, Fair Value	4,965	1,603
Total, Gross Unrealized (Losses)	(92)	$ (26)
MBS | Government guaranteed
Available-for-sale debt securities
Less than 12 Months, Fair Value	11
Less than 12 Months, Gross Unrealized (Losses)	0
12 Months or More, Fair Value	0
12 Months or More, Gross Unrealized (Losses)	0
Total, Fair Value	11
Total, Gross Unrealized (Losses)	$ 0

Advances By redemption terms (D

Advances By redemption terms (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value Amount [Abstract]
Due in one year or less	$ 21,261
One to two years	9,851
Two to three years	7,284
Three to four years	3,019
Four to five years	3,965
Five to fifteen years	7,644
More than fifteen years	507
Total	$ 53,531	$ 47,708
Federal Home Loan Bank, Advances, Weighted Average Contractual Interest Rate, Rolling Year [Abstract]
Due in one year or less	1.50%
One to two years	1.30%
Two to three years	1.31%
Three to four years	1.40%
Four to five years	1.83%
Five to fifteen years	1.75%
More than fifteen years	5.13%
Total	1.53%
Credit Concentration Risk | JPMorgan Chase Bank NA
Federal Home Loan Bank, Advances, Maturity, Rolling Year, Par Value Amount [Abstract]
One to two years	$ 7,000
Two to three years	4,000
Total	$ 11,000

Advances Reconciliation of par

Advances Reconciliation of par values to carrying values (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Federal Home Loan Banks [Abstract]
Par value	$ 53,531	$ 47,708
Fair value hedging adjustments	(763)	227
Other adjustments	43	114
Advances	$ 52,811	$ 48,049

Advances By counterparty concen

Advances By counterparty concentration (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Par value	$ 53,531	$ 47,708
Credit Concentration Risk | JPMorgan Chase Bank NA
Concentration Risk [Line Items]
Par value	$ 11,000
Credit Concentration Risk | JPMorgan Chase Bank NA | Federal Home Loan Bank of Chicago Advances
Concentration Risk [Line Items]
% of Total Outstanding	20.50%
Credit Concentration Risk | BMO Harris Bank NA
Concentration Risk [Line Items]
Par value	$ 5,500
Credit Concentration Risk | BMO Harris Bank NA | Federal Home Loan Bank of Chicago Advances
Concentration Risk [Line Items]
% of Total Outstanding	10.30%

MPF Loans Held in Portfolio (De

MPF Loans Held in Portfolio (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
MPF Loans held in portfolio, net	$ 9,953	$ 9,843
Conventional mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
MPF Loans held in portfolio, before allowance for credit losses	9,134	8,998
MPF Loans held in portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	9,809	9,684
Net premiums, credit enhancement, and/or deferred loan fees	166	174
Fair value hedging and delivery commitment basis adjustments	(17)	(10)
MPF Loans held in portfolio, before allowance for credit losses	9,958	9,848
Allowance for credit losses on MPF Loans	(5)	(5)
MPF Loans held in portfolio, net	9,953	9,843
MPF Loans held in portfolio | Medium term (15 years or less)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	1,591	1,653
MPF Loans held in portfolio | Long term (greater than 15 years)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	8,218	8,031
MPF Loans held in portfolio | Conventional mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	8,996	8,845
MPF Loans held in portfolio | Government Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid principal balance	$ 813	$ 839

Allowance for Credit Losses Rol

Allowance for Credit Losses Rollforward MPF (Details) - MPF Loans held in portfolio - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loans and Leases Receivable Disclosure [Line Items]
Allowance for MPF credit losses beginning balance	$ 5	$ 3	$ 5	$ 3
MPF credit losses charged-off	0	(2)	(1)	(2)
Provision for (reversal of) MPF for credit losses	0	1	1	1
Allowance for MPF credit losses ending balance	$ 5	$ 3	$ 5	$ 3

Allowance for Credit Losses R_2

Allowance for Credit Losses Rollforward CFF (Details) - Community First Fund - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Loans and Leases Receivable Disclosure [Line Items]
Allowance for Fund loan credit losses beginning balance	$ 7	$ 7	$ 7	$ 7
Allowance for Fund loan credit losses ending balance	7	$ 7	7	$ 7
Financial Institutions Borrower [Member]
Loans and Leases Receivable Disclosure [Line Items]
Fund loans outstanding	$ 47		$ 47		$ 45

Allowance for Credit Losses Cre

Allowance for Credit Losses Credit Quality Indicators - MPF Loans Held in Portfolio (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
MPF Loans held in portfolio, net
Financing Receivable, Past Due [Line Items]
In process of foreclosure	$ 30	$ 9
Serious delinquency rate	0.67%	0.95%
Past due 90 days or more and still accruing interest	$ 17	$ 49
Loans on nonaccrual status	50	47
Loans on nonaccrual status with no allowance for credit losses	15	11
Conventional
Financing Receivable, Past Due [Line Items]
Current year and preceding four years	7,992	7,957
More than five years prior to current fiscal year	1,142	1,041
Total	9,134	8,998
In process of foreclosure	$ 23	$ 6
Serious delinquency rate	0.55%	0.82%
Past due 90 days or more and still accruing interest	$ 3	$ 30
Loans on nonaccrual status	50	47
Loans on nonaccrual status with no allowance for credit losses	15	11
Conventional | Current
Financing Receivable, Past Due [Line Items]
Current year and preceding four years	7,938	7,883
More than five years prior to current fiscal year	1,093	987
Total	9,031	8,870
Conventional | Past due
Financing Receivable, Past Due [Line Items]
Current year and preceding four years	54	74
More than five years prior to current fiscal year	49	54
Total	103	128
Conventional | Past due 30-59 days
Financing Receivable, Past Due [Line Items]
Current year and preceding four years	28	23
More than five years prior to current fiscal year	17	18
Total	45	41
Conventional | Past due 60-89 days
Financing Receivable, Past Due [Line Items]
Current year and preceding four years	5	8
More than five years prior to current fiscal year	5	6
Total	10	14
Conventional | Past due 90 days or more
Financing Receivable, Past Due [Line Items]
Current year and preceding four years	21	43
More than five years prior to current fiscal year	27	30
Total	48	73
Government
Financing Receivable, Past Due [Line Items]
In process of foreclosure	$ 7	$ 3
Serious delinquency rate	2%	2.33%
Past due 90 days or more and still accruing interest	$ 14	$ 19
Loans on nonaccrual status	0	0
Loans on nonaccrual status with no allowance for credit losses	$ 0	$ 0

Allowance for Credit Losses Acc

Allowance for Credit Losses Accrued Interest Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 171	$ 83
MPF Loans held in portfolio
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	44	45
HTM securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	5	4
Available-for-sale debt securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	59	0
Interest bearing deposits
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	1	0
Securities purchased under agreements to resell
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	1	0
Advances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 61	$ 34

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities (Narrative) (Details) $ in Millions	Jun. 30, 2022 USD ($)
Cleared
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Financial Instruments Owned and Pledged as Collateral, Amount Eligible to be Repledged by Counterparty	$ 616

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities Derivatives in statements of condition (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Amount	$ 84,401	$ 73,866
Derivative assets netting adjustments and cash collateral	(564)	(56)
Derivative assets	127	14
Derivative liabilities netting adjustments and cash collateral	(1,910)	(495)
Derivative liabilities	152	32
Cash collateral posted and related accrued interest	1,601	447
Cash collateral received and related accrued interest	256	8
Derivatives in hedge accounting relationships- | Interest rate contracts
Derivatives, Fair Value [Line Items]
Notional Amount	79,172	70,321
Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Notional Amount	5,229	3,545
Derivatives not in hedge accounting relationships- | Interest rate contracts
Derivatives, Fair Value [Line Items]
Notional Amount	4,711	2,772
Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Notional Amount	390	625
Derivatives not in hedge accounting relationships- | Other
Derivatives, Fair Value [Line Items]
Notional Amount	128	148
Derivative Assets
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	691	70
Derivative assets netting adjustments and cash collateral	(564)	(56)
Derivative assets	127	14
Derivative Assets | Derivatives in hedge accounting relationships- | Interest rate contracts
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	677	58
Derivative Assets | Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	14	12
Derivative Assets | Derivatives not in hedge accounting relationships- | Interest rate contracts
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	12	10
Derivative Assets | Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	1	2
Derivative Assets | Derivatives not in hedge accounting relationships- | Other
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	1	0
Derivative Liabilities
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	2,062	527
Derivative liabilities netting adjustments and cash collateral	(1,910)	(495)
Derivative liabilities	152	32
Derivative Liabilities | Derivatives in hedge accounting relationships- | Interest rate contracts
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	2,030	466
Derivative Liabilities | Derivatives not in hedge accounting relationships-
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	32	61
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Interest rate contracts
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	31	59
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Mortgage delivery commitments
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	1	2
Derivative Liabilities | Derivatives not in hedge accounting relationships- | Other
Derivatives, Fair Value [Line Items]
Gross derivative amount before netting adjustments and cash collateral	$ 0	$ 0

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities Derivatives in statement of income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	$ 18	$ (13)	$ 47	$ 7
Variation margin on daily settled cleared derivatives	(1)	0	(1)	0
Noninterest income - Derivatives and hedging activities	17	(13)	46	7
Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	15	(11)	42	16
Mortgage delivery commitments
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	(3)	1	(8)	(12)
Other
Derivative Instruments, Gain (Loss) [Line Items]
Economic hedges	$ 6	$ (3)	$ 13	$ 3

Derivatives and Hedging Activ_6

Derivatives and Hedging Activities Derivative assets with legal right of offset (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative assets with legal right of offset -
Gross recognized amount	$ 690	$ 68
Derivative assets netting adjustments and cash collateral	(564)	(56)
Derivatives with legal right of offset - net	126	12
Derivatives without legal right of offset	1	2
Derivative assets	127	14
Net amount	127	14
Bilateral
Derivative assets with legal right of offset -
Gross recognized amount	632	61
Derivative assets netting adjustments and cash collateral	(506)	(49)
Derivatives with legal right of offset - net	126	12
Derivatives without legal right of offset	1	2
Derivative assets	127	14
Net amount	127	14
Cleared
Derivative assets with legal right of offset -
Gross recognized amount	58	7
Derivative assets netting adjustments and cash collateral	(58)	(7)
Derivatives with legal right of offset - net	0	0
Derivatives without legal right of offset	0	0
Derivative assets	0	0
Net amount	0	0
Credit Exposure on Overcollateralized Pledged Securities Exceeding Net Derivative Position for Cleared and Bilateral Derivatives	$ 489	$ 622

Derivatives and Hedging Activ_7

Derivatives and Hedging Activities Derivative liabilities with legal right of offset (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative liabilities with legal right of offset -
Gross recognized amount	$ 2,061	$ 525
Derivative liabilities netting adjustments and cash collateral	(1,910)	(495)
Derivatives with legal right of offset - net	151	30
Derivatives without legal right of offset	1	2
Derivative liabilities	152	32
Noncash collateral received or pledged and cannot be sold or repledged	127	22
Net amount	25	10
Bilateral
Derivative liabilities with legal right of offset -
Gross recognized amount	1,876	495
Derivative liabilities netting adjustments and cash collateral	(1,852)	(487)
Derivatives with legal right of offset - net	24	8
Derivatives without legal right of offset	1	2
Derivative liabilities	25	10
Noncash collateral received or pledged and cannot be sold or repledged	0	0
Net amount	25	10
Cleared
Derivative liabilities with legal right of offset -
Gross recognized amount	185	30
Derivative liabilities netting adjustments and cash collateral	(58)	(8)
Derivatives with legal right of offset - net	127	22
Derivatives without legal right of offset	0	0
Derivative liabilities	127	22
Noncash collateral received or pledged and cannot be sold or repledged	127	22
Net amount	0	0
Credit Exposure on Overcollateralized Pledged Securities Exceeding Net Derivative Position for Cleared and Bilateral Derivatives	$ 489	$ 622

Derivatives and Hedging Activ_8

Derivatives and Hedging Activities (Fair Value Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount Recorded in Net Interest Income	$ 154	$ 153	$ 309	$ 263
Fair value hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	379	(343)	632	523
Gain (Loss) on Hedged Item	(365)	311	(634)	(644)
Amount Recorded in Net Interest Income	14	(32)	(2)	(121)
Fair value hedges | Available-for-sale debt securities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	597	(354)	1,472	381
Gain (Loss) on Hedged Item	(644)	310	(1,611)	(521)
Amount Recorded in Net Interest Income	(47)	(44)	(139)	(140)
Fair value hedges | Advances
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	325	(124)	978	212
Gain (Loss) on Hedged Item	(316)	77	(990)	(298)
Amount Recorded in Net Interest Income	9	(47)	(12)	(86)
Fair value hedges | Consolidated obligation bonds
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	(543)	135	(1,818)	(70)
Gain (Loss) on Hedged Item	595	(76)	1,967	176
Amount Recorded in Net Interest Income	$ 52	$ 59	149	106
Fair value hedges | Other
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative			0	0
Gain (Loss) on Hedged Item			0	(1)
Amount Recorded in Net Interest Income			$ 0	$ (1)

Derivatives and Hedging Activ_9

Derivatives and Hedging Activities Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair value hedges - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Available-for-sale debt securities
Derivative [Line Items]
Amortized cost of hedged asset/liability	$ 14,270	$ 14,412
Basis adjustments active hedges included in amortized cost	(1,247)	335
Basis adjustments discontinued hedges included in amortized cost	392	421
Total amount of fair value hedging basis adjustments	(855)	756
Advances
Derivative [Line Items]
Amortized cost of hedged asset/liability	15,847	19,720
Basis adjustments active hedges included in amortized cost	(765)	225
Basis adjustments discontinued hedges included in amortized cost	2	2
Total amount of fair value hedging basis adjustments	(763)	227
Consolidated obligation bonds
Derivative [Line Items]
Amortized cost of hedged asset/liability	44,446	36,335
Basis adjustments active hedges included in amortized cost	(2,162)	(192)
Basis adjustments discontinued hedges included in amortized cost	(14)	(16)
Total amount of fair value hedging basis adjustments	(2,176)	(208)
Other
Derivative [Line Items]
Amortized cost of hedged asset/liability	233	265
Basis adjustments active hedges included in amortized cost	0	0
Basis adjustments discontinued hedges included in amortized cost	5	6
Total amount of fair value hedging basis adjustments	$ 5	$ 6

Derivatives and Hedging Acti_10

Derivatives and Hedging Activities (Cash Flow Hedges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Maximum Hedging Period For Forecasted Cash Flows	8 years
Cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gross Amount Initially Recognized in AOCI	$ 22	$ (14)	$ 74	$ 23
Amount Reclassified from AOCI into Net Interest Income	(3)	(5)	(7)	(9)
Cash flow hedges | Discount notes
Derivative Instruments, Gain (Loss) [Line Items]
Gross Amount Initially Recognized in AOCI	22	(14)	74	23
Amount Reclassified from AOCI into Net Interest Income	(2)	(4)	(6)	(8)
Cash flow hedges | Consolidated obligation bonds
Derivative Instruments, Gain (Loss) [Line Items]
Gross Amount Initially Recognized in AOCI	0	0	0	0
Amount Reclassified from AOCI into Net Interest Income	$ (1)	$ (1)	$ (1)	$ (1)

Consolidated Obligations (Short

Consolidated Obligations (Short term discount notes) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Consolidated obligation discount notes - carrying amount	$ 31,525	$ 24,563
Weighted Average Interest Rate	1.32%	0.05%
Discount notes
Short-term Debt [Line Items]
Consolidated obligation discount notes - principal amount	$ 31,602	$ 24,565

Consolidated Obligations (Bonds

Consolidated Obligations (Bonds by maturity date) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Contractual Maturity
Due in one year or less	$ 19,209
One to two years	8,267
Two to three years	10,868
Three to four years	8,474
Four to five years	9,570
Thereafter	10,347
Total par value	$ 66,735	$ 63,603
Weighted Average Interest Rate
Due in one year or less	1.52%
One to two years	1.13%
Two to three years	1.25%
Three to four years	1.03%
Four to five years	1.51%
Thereafter	1.83%
Total par value	1.41%
By Maturity or Next Call Date
Contractual Maturity
Due in one year or less	$ 57,243
One to two years	4,382
Two to three years	2,554
Three to four years	617
Four to five years	1,177
Thereafter	762
Total par value	$ 66,735
Minimum
Extinguishment of Debt [Line Items]
Debt Instrument, Term	1 year
Maximum
Extinguishment of Debt [Line Items]
Debt Instrument, Term	20 years

Consolidated Obligations (Bon_2

Consolidated Obligations (Bonds by callable feature) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Par value	$ 66,735	$ 63,603
Fair value hedging adjustments	(2,175)	(208)
Other adjustments	(41)	(22)
Consolidated obligation bonds	64,519	63,373
Noncallable
Debt Instrument [Line Items]
Par value	17,420	24,516
Callable
Debt Instrument [Line Items]
Par value	$ 49,315	$ 39,087

Consolidated Obligations (Syste

Consolidated Obligations (Systemwide joint & several liability) (Details) - Guarantee of Indebtedness of Others [Member] - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 882,481	$ 652,862
FHLB Chicago as primary obligor	$ 98,337	$ 88,168
Geographic Concentration Risk | Total FHLB System Consolidated Obligations
Obligation with Joint and Several Liability Arrangement [Line Items]
As a percent of the FHLB System	11%	14%
Consolidated obligation bonds
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 468,699	$ 441,936
FHLB Chicago as primary obligor	$ 66,735	$ 63,603
Consolidated obligation bonds | Geographic Concentration Risk | Total FHLB System Consolidated Obligations
Obligation with Joint and Several Liability Arrangement [Line Items]
As a percent of the FHLB System	14%	14%
Discount notes
Obligation with Joint and Several Liability Arrangement [Line Items]
FHLB System total consolidated obligations	$ 413,782	$ 210,926
FHLB Chicago as primary obligor	$ 31,602	$ 24,565
Discount notes | Geographic Concentration Risk | Total FHLB System Consolidated Obligations
Obligation with Joint and Several Liability Arrangement [Line Items]
As a percent of the FHLB System	8%	12%

Capital and Mandatorily Redee_3

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Capital rules) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Federal Home Loan Banks [Abstract]
Par value per share	$ 100	$ 100
Capital Stock, Redemption, Period of Written Notice	5 years

Capital and Mandatorily Redee_4

Capital and Mandatorily Redeemable Capital Stock (MRCS) (Regulatory capital requirements) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Federal Home Loan Banks [Abstract]
Total Regulatory Capital, Requirement	$ 4,206	$ 3,878
Total Regulatory Capital, Actual	$ 7,119	$ 6,656
Total Regulatory Capital Ratio, Requirement	4%	4%
Total Regulatory Capital Ratio, Actual	6.77%	6.87%
Leverage Capital, Requirement	$ 5,258	$ 4,848
Leverage Capital, Actual	$ 10,678	$ 9,984
Leverage Capital Ratio, Requirement	5%	5%
Leverage Capital Ratio, Actual	10.16%	10.30%
Risk Based Capital, Requirement	$ 1,436	$ 1,297
Risk Based Capital, Actual	$ 7,119	$ 6,656

Capital and Mandatorily Redee_5

Capital and Mandatorily Redeemable Capital Stock (MRCS) Dividends (Details) - Subsequent Event [Member] - USD ($) $ in Millions	Aug. 15, 2022	Jul. 28, 2022
Subsequent Event [Line Items]
Dividend Total	$ 33
Recorded as Dividends on Capital Stock	29
Recorded as Interest Expense on Mandatorily Redeemable Capital Stock	$ 4
Capital Stock - Putable - B1 Activity
Subsequent Event [Line Items]
Common Stock Dividend Declared - Annualized Rate		5.75%
Capital Stock - Putable - B2 Membership
Subsequent Event [Line Items]
Common Stock Dividend Declared - Annualized Rate		2.375%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 342
Amounts reclassified in period to Condensed Statements of Income:
Ending balance	$ 40		40
Total in AOCI
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	177	$ 441	342	$ 207
Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition	(140)	41	(310)	266
Amounts reclassified in period to Condensed Statements of Income:
Net interest income	3	4	7	8
Noninterest expense		1	1	6
Ending balance	40	487	40	487
Net Unrealized - | Available-for-sale Debt Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	148	490	366	292
Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition	(162)	55	(380)	253
Amounts reclassified in period to Condensed Statements of Income:
Net interest income	0	(1)	0	(1)
Ending balance	(14)	544	(14)	544
Net Unrealized - Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	45	(24)	(11)	(65)
Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition	22	(14)	74	23
Amounts reclassified in period to Condensed Statements of Income:
Net interest income	3	5	7	9
Ending balance	70	(33)	70	(33)
Post - Retirement Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(16)	(25)	(13)	(20)
Other comprehensive income before reclassification - recorded to the Condensed Statements of Condition	0	0	(4)	(10)
Amounts reclassified in period to Condensed Statements of Income:
Noninterest expense		1	1	6
Ending balance	$ (16)	$ (24)	$ (16)	$ (24)

Fair Value Fair Value Estimates

Fair Value Fair Value Estimates (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading debt securities	$ 951	$ 954
Available-for-sale,	18,625	22,706
Held-to-maturity debt securities	1,206	1,832
Advances	1,597	1,173
Derivative assets	127	14
Other assets	86	104
Derivative assets netting and cash collateral	(564)	(56)
Assets	105,154	96,954
Consolidated obligation discount notes	(865)	0
Consolidated obligation bonds	(661)	(665)
Derivative liabilities	(152)	(32)
Derivative liabilities netting and cash collateral	1,910	495
Liabilities	(98,268)	(90,202)
Net Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and due from banks and interest bearing deposits	904	900
Federal funds sold and securities purchased under agreements to resell	20,080	12,267
Held-to-maturity debt securities	1,206	1,801
Advances	51,214	46,876
MPF Loans held in portfolio, net	9,946	9,839
Other assets	171	83
Financial assets	104,914	96,721
Other non financial assets	240	233
Assets	105,154	96,954
Deposits	(655)	(1,034)
Consolidated obligation discount notes	(30,660)	(24,563)
Consolidated obligation bonds	(63,858)	(62,708)
Mandatorily redeemable capital stock	(273)	(247)
Other liabilities	(177)	(116)
Financial liabilities	(97,301)	(89,365)
Other non financial liabilities	(967)	(837)
Liabilities	(98,268)	(90,202)
Net Carrying Amount | Carried at fair value on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading debt securities	951	954
Available-for-sale,	18,625	22,706
Advances	1,597	1,173
Derivative assets	127	14
Other assets	86	104
Consolidated obligation discount notes	(865)
Consolidated obligation bonds	(661)	(665)
Derivative liabilities	(152)	(32)
Net Carrying Amount | Carried at fair value on a nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
MPF Loans held in portfolio, net	7	4
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and due from banks and interest bearing deposits	904	900
Federal funds sold and securities purchased under agreements to resell	20,080	12,267
Held-to-maturity debt securities	1,206	1,832
Advances	51,253	47,108
MPF Loans held in portfolio, net	9,190	9,908
Other assets	171	83
Financial assets	104,197	97,053
Deposits	(655)	(1,034)
Consolidated obligation discount notes	(30,654)	(24,563)
Consolidated obligation bonds	(62,486)	(62,585)
Mandatorily redeemable capital stock	(273)	(247)
Other liabilities	(177)	(116)
Financial liabilities	(95,923)	(89,242)
Fair Value | Carried at fair value on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading debt securities	951	954
Available-for-sale,	18,625	22,706
Advances	1,597	1,173
Derivative assets	127	14
Other assets	86	104
Consolidated obligation discount notes	(865)
Consolidated obligation bonds	(661)	(665)
Derivative liabilities	(152)	(32)
Fair Value | Carried at fair value on a nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
MPF Loans held in portfolio, net	7	4
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and due from banks and interest bearing deposits	904	900
Financial assets	904	900
Mandatorily redeemable capital stock	(273)	(247)
Financial liabilities	(273)	(247)
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Federal funds sold and securities purchased under agreements to resell	20,080	12,267
Held-to-maturity debt securities	1,197	1,822
Advances	51,253	47,108
MPF Loans held in portfolio, net	9,180	9,900
Other assets	171	83
Financial assets	103,831	96,187
Deposits	(655)	(1,034)
Consolidated obligation discount notes	(30,654)	(24,563)
Consolidated obligation bonds	(62,486)	(62,585)
Other liabilities	(177)	(116)
Financial liabilities	(97,560)	(89,490)
Level 2 | Carried at fair value on a recurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading debt securities	951	954
Available-for-sale,	18,625	22,706
Advances	1,597	1,173
Derivative assets	691	70
Other assets	86	104
Consolidated obligation discount notes	(865)
Consolidated obligation bonds	(661)	(665)
Derivative liabilities	(2,062)	(527)
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Held-to-maturity debt securities	9	10
MPF Loans held in portfolio, net	10	8
Financial assets	26	22
Financial liabilities	0	0
Level 3 | Carried at fair value on a nonrecurring basis
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
MPF Loans held in portfolio, net	$ 7	$ 4

Fair Value Gains (losses) on fa

Fair Value Gains (losses) on fair value option (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Noninterest income - Instruments held under the fair value option	$ (18)	$ 3	$ (46)	$ (26)
Advances
Fair Value, Option, Quantitative Disclosures [Line Items]
Noninterest income - Instruments held under the fair value option	(24)	2	(63)	(26)
Consolidated obligation bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Noninterest income - Instruments held under the fair value option	6	1	20	2
Discount notes
Fair Value, Option, Quantitative Disclosures [Line Items]
Noninterest income - Instruments held under the fair value option	4	0	4	0
Other
Fair Value, Option, Quantitative Disclosures [Line Items]
Noninterest income - Instruments held under the fair value option	$ (4)	$ 0	$ (7)	$ (2)

Fair Value (Fair Value Option D

Fair Value (Fair Value Option Difference Between Fair Value and Unpaid Principal Balance) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance, advances	$ 53,531	$ 47,708
Advances	1,597	1,173
Unpaid principal balance, bonds	66,735	63,603
carried at fair value	661	665
Advances
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance, advances	1,603	1,117
Fair value over (under) UPB	(6)	56
Advances	1,597	1,173
Consolidated obligation bonds
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance, bonds	681	666
Fair value over (under) UPB	(20)	(1)
carried at fair value	$ 661	$ 665

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments
Expire within one year	$ 6,018	$ 5,100
Expire after one year	9,548	7,511
Total	15,566	12,611
Member standby letters of credit
Commitments
Expire within one year	4,032	4,285
Expire after one year	9,048	7,032
Total	13,080	11,317
Portion of member standby letters of credit which were renewable annually	7,900	6,100
MPF delivery commitments
Commitments
Expire within one year	265	366
Expire after one year	0	0
Total	265	366
Advance commitments
Commitments
Expire within one year	697	43
Expire after one year	2	2
Total	699	45
Housing authority standby bond purchase agreements
Commitments
Expire within one year	15	25
Expire after one year	498	477
Total	513	502
Unsettled consolidated obligation discount notes
Commitments
Expire within one year	602	0
Expire after one year	0	0
Total	602	0
Unsettled consolidated obligation bonds
Commitments
Expire within one year	405	378
Expire after one year	0	0
Total	405	378
Other
Commitments
Expire within one year	2	3
Expire after one year	0	0
Total	$ 2	$ 3

Transactions with Related Par_3

Transactions with Related Parties and Other FHLBs (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts With Related Party Transactions [Line Items]
Assets - Advances	$ 52,811	$ 48,049
Liabilities - Deposits	655	1,034
Equity - Capital Stock	2,445	2,149
Transactions with members
Accounts With Related Party Transactions [Line Items]
Assets - Advances	133	235
Liabilities - Deposits	10	15
Equity - Capital Stock	$ 17	$ 18