F

FHLBank Chicago

Wholesale lender funding affordable housing programs

Internal Audit Manager

Full-Time
$151k - $265.5k+ Bonus
Senior
Bachelor's, Master's
Chicago, IL, USA
Hybrid
Risk & ComplianceInternal Audit & Controls

About the job

Requirements
  • A bachelor's degree in Accounting, Finance, business, or a related field is required; an advanced degree is preferred.
  • Current CPA or CIA certification is required; CPA is preferred given the financial reporting focus. Additional relevant certifications such as CISA, CFE, or CAMS are a plus.
  • Seven or more years of progressive audit experience, including demonstrated financial reporting, accounting, financial statement audit, or internal controls over financial reporting experience; internal audit experience is preferred.
  • Strong knowledge of risk-based internal auditing, internal control concepts, COSO principles, and the Global Internal Audit Standards.
  • Working knowledge of U.S. GAAP, financial reporting processes, and internal controls over financial reporting.
  • Ability to understand complex business processes, identify key risks, evaluate controls, and reach well-supported conclusions.
  • Ability to manage multiple engagements, resources, budgets, and deadlines while maintaining audit quality.
  • Ability to influence stakeholders and address challenging issues while maintaining professional skepticism, independence, and objectivity.
  • People leadership, delegation, coaching, performance management, and team development.
  • Risk assessment, audit scoping, control evaluation, testing strategy, root-cause analysis, and report writing.
  • Executive communication and presentation skills, including the ability to explain complex issues clearly and concisely.
  • Stakeholder management, collaboration, negotiation, and constructive challenge.
  • Project and resource management across multiple engagements and priorities.
  • Advanced analytical, critical-thinking, and problem-solving skills.
  • Proficiency with Microsoft 365, audit management or GRC platforms, and data analytics and visualization tools such as Power BI, SQL, ACL, Alteryx, or similar applications.
  • Sound judgment and discretion in handling confidential information and sensitive matters.
Responsibilities
  • Lead risk-based financial reporting audits, including assessments of accounting processes, financial statement risks, significant judgments, regulatory reporting, and internal controls over financial reporting.
  • Lead operational business, compliance, and advisory engagements from risk assessment and scoping through reporting and follow-up.
  • Assess business processes, strategic and operational risks, regulatory requirements, and the design and effectiveness of internal controls.
  • Develop risk-based audit approaches; review testing, workpapers, findings, and reports to ensure conclusions are clear, timely, and well-supported.
  • Identify root causes and recommend practical improvements to controls, processes, governance, and risk management.
  • Communicate audit results and emerging risks to business leaders, senior management, and the Board and its committees.
  • Manage engagement scope, budgets, timelines, staffing, and competing priorities; escalate significant issues and delivery concerns promptly.
  • Lead and develop audit staff through work allocation, coaching, timely feedback, performance management, and development planning.
  • Build effective stakeholder relationships while maintaining independence and objectivity; support annual audit planning and improvements through data analytics, technology, and methodology enhancements.
Desired Qualifications
  • Advanced degree.
  • CPA certification, given the financial reporting focus.
  • Additional relevant certifications such as CISA, CFE, or CAMS.
  • Internal audit experience.

About the company

F

FHLBank Chicago

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Website

FHLBank Chicago is a wholesale lender owned by its member financial institutions (banks, credit unions, and insurers in Illinois and Wisconsin). It provides competitively priced funding to these members by accessing global debt markets and offering a range of funding products. Its Community Investment group focuses on financing affordable housing and economic development. Programs like the Affordable Housing Program (AHP) offer forgivable housing grants, and the Downpayment Plus (DPP) program provides down payment assistance to homebuyers. The bank differentiates itself as a member-owned cooperative with a clear focus on community development and housing finance, rather than serving retail consumers directly. Its goal is to supply stable, affordable funding to its members and support initiatives that boost affordable housing and community development.

Company Size

501-1,000

Company Stage

N/A

Total Funding

N/A

Headquarters

Chicago, Illinois

Founded

1932

Get referred to FHLBank Chicago

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Simplify Jobs

Simplify's Take

What believers are saying

  • Q2 2026 net income reached $180 million, boosted by advances growth and lower funding costs.
  • Community Advance opened January 2, 2026 with $55 million annual subsidy and expanded eligibility.
  • Developer Program opened June 29, 2026 with $3 million for affordable-housing talent pipelines.

What critics are saying

  • FHFA recertification by October 9, 2026 restricts members that miss Community Support Statements.
  • Member concentration in Illinois and Wisconsin exposes earnings to regional housing and deposit shifts.
  • FHFA can bar noncompliant members from advances and community programs, cutting volume quickly.

What makes FHLBank Chicago unique

  • Illinois-Wisconsin cooperative ownership ties funding pricing directly to member banks' housing businesses.
  • Community Advance, Downpayment Plus, and MPF Habitat create bundled housing finance products.
  • 2025 Impact Report shows $3.3 billion in discounted Community Advances and $106 million grants.

Help us improve and share your feedback! Did you find this helpful?

Benefits

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • 401(k) Retirement Plan
  • 401(k) Company Match
  • Unlimited Paid Time Off
  • Paid Holidays
  • Hybrid Work Options

Company News

Spinutech
Sep 9th, 2026
Federal Home Loan Bank of Chicago website earns 2026 WebAward.

Federal Home Loan Bank of Chicago website earns 2026 WebAward. Published by Spinutech on September 9, 2026 How do you turn a complex financial institution's website into an experience that's easier to navigate, more engaging for members, and better at communicating its broader impact? That was the challenge behind Spinutech's work with the Federal Home Loan Bank of Chicago - and the resulting website has now earned a 2026 WebAward for Financial Services Standard of Excellence. The recognition from the Web Marketing Association honors an extensive website transformation encompassing strategy, UX, design, content, technology, search, and security. From information repository to member experience. The Federal Home Loan Bank of Chicago serves financial institutions throughout Illinois and Wisconsin, making its website an important resource for members seeking products, rates, resources, news, and other critical information. But the previous experience had become difficult to navigate. Information was not always readily accessible, user journeys frequently reached dead ends, and the site did not fully reflect the organization's brand or communicate the broader impact of its work. Spinutech partnered with FHLBank Chicago to rethink that experience. The strategy centered on creating a website capable of continuing to serve existing members' functional needs while doing more to educate prospective members, engage additional audiences, and tell the organization's story. That meant moving beyond a homepage primarily focused on rates and member information toward an experience that leads with impact while keeping essential resources accessible. The redesigned experience includes: * More intentional user journeys designed around the needs of multiple audience personas. * Expanded navigation and interlinking helping visitors move beyond individual pages and more easily explore relevant products, resources, and information. * A greater emphasis on impact storytelling highlighting how FHLBank Chicago supports its members and communities. * A dedicated member resources experience bringing important information together more intuitively. * A modernized visual design incorporating more of the organization's brand, color palette, photography, and people-focused storytelling. * Improved site search making complex information easier to discover. * A modernized technology stack and integration approach creating a stronger technical foundation for the experience. The result is more than a refreshed interface. It is a digital hub designed to strengthen member engagement while helping FHLBank Chicago more clearly communicate who it is, what it does, and the impact it creates. "Financial institutions often have an enormous amount of valuable information to communicate, but complexity can't become the user's problem," said Kevin Hourigan, President of Spinutech. "Our work with FHLBank Chicago was about taking that complexity and turning it into a more intuitive digital experience - one that serves members while also giving the organization a stronger platform for telling its story and demonstrating its impact." Designing around complex financial audiences. Unlike a traditional lead-generation website, FHLBank Chicago's digital experience has to serve several distinct audiences with different objectives. That required Spinutech's team to think beyond a single conversion path. Content and navigation were reorganized around those different needs, while reusable modules and stronger interlinking help guide users deeper into the experience. The visual system was also expanded to better reflect FHLBank Chicago's existing brand guidelines, incorporating more color and prominent people-focused photography. The technical foundation received similar attention, including an upgraded technology stack, improved search capabilities, integrations with external systems, and enhanced security practices. "Some of the most rewarding website projects are the ones where there's a lot of complexity beneath the surface," said Maggie Moss, Vice President of Web Services for Spinutech. "FHLBank Chicago serves multiple audiences with very different information needs, so its job was to make that complexity feel simple to the user. "This award recognizes a tremendous amount of strategy, design, content, and development work from both teams." A track record of Excellence in Financial Services. The Federal Home Loan Bank of Chicago website is one of three Spinutech websites honored in the 2026 WebAwards and one of two receiving the Financial Services Standard of Excellence. It also builds on Spinutech's extensive experience supporting Federal Home Loan Banks and other financial services organizations with complex digital ecosystems. Whether the challenge is simplifying navigation, modernizing technology, strengthening security, improving content discovery, or creating a better way to communicate with members, the objective remains the same: Turn complexity into a digital experience that works harder for both the organization and the people it serves. Looking to modernize your financial services website? Let's talk.

FinancialContent
Aug 20th, 2026
FHLBank Chicago and WHEDA recognize Housing Counseling grants supporting milwaukee-area homebuyers.

FHLBank Chicago and WHEDA recognize Housing Counseling grants supporting milwaukee-area homebuyers. August 20, 2026 at 14:16 PM EDT i This article is third-party content and does not represent the views of this site. Tamar Securities, LLC make no guarantees regarding its accuracy or completeness. Check presentation celebrates three housing counseling agencies helping Wisconsin families prepare for sustainable homeownership The Federal Home Loan Bank of Chicago (FHLBank Chicago) joined the Wisconsin Housing and Economic Development Authority (WHEDA) today in Milwaukee to recognize three of the 14 Wisconsin organizations receiving grants through the Community First(R) Housing Counseling Resource Program (HCRP): Acts Housing, Housing Resources Inc. and United Community Center. Representatives from FHLBank Chicago, WHEDA, Acts Housing, Housing Resources Inc. and United Community Center gather in Milwaukee for a check presentation recognizing grant funding through FHLBank Chicago's Community First(R) Housing Counseling Resource Program. The grants, funded by FHLBank Chicago and administered by WHEDA in Wisconsin, expand access to housing counseling services that prepare individuals and families for successful, sustainable homeownership and support FHLBank Chicago members with a pipeline of mortgage-ready applicants. The HCRP strengthens the capacity of HUD-certified housing counseling agencies across Illinois and Wisconsin. FHLBank Chicago funds the program through partnerships with WHEDA in Wisconsin and the Illinois Housing Development Authority (IHDA) in Illinois, helping agencies provide financial education, credit preparation, homebuyer education and individualized guidance for prospective and current homeowners. "Successful homeownership requires more than overcoming affordability barriers. It also requires preparation, trusted guidance and local organizations that can meet families where they are," said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. "Through HCRP and our partnerships with WHEDA and IHDA, we are proud to support agencies like Acts Housing, Housing Resources Inc. and United Community Center as they help more Wisconsin families take informed, confident steps toward homeownership." Since its launch in 2022, through year-end 2025, the HCRP has awarded $13 million to strengthen housing counseling across Illinois and Wisconsin. Supported agencies provided services to more than 105,000 households, with nearly 9,000 achieving homeownership. In 2025, the program supported 44 HUD-certified housing counseling agencies across the two states. "WHEDA brings deep expertise and relationships across Wisconsin, while housing counseling agencies provide trusted and personal guidance directly in the communities they serve," said Elmer Moore Jr., CEO and Executive Director of WHEDA. "These grants strengthen that network and help more Wisconsin families confidently navigate the path to successful homeownership." Acts Housing, Housing Resources Inc. and United Community Center will use the funding to strengthen housing counseling services for individuals and families in the Milwaukee area. "This funding strengthens our ability to provide individualized guidance that helps people prepare financially and navigate the homebuying process," said T.J. Cobb, VP Programs at Acts Housing. "That preparation can make a meaningful difference as families work toward successful homeownership." The impact of housing counseling is reflected in homebuyers like Sandra Smith, who received counseling through Acts Housing while preparing to purchase a home. Sandra also received a $10,000 Downpayment Plus(R)(DPP(R) grant from FHLBank Chicago through member Great Midwest Bank in Brookfield, Wisconsin, to help with down payment and closing costs. "Housing counseling helped me understand the process, prepare financially and feel confident about the decisions I was making," said Sandra. "Having that support made homeownership feel achievable." The HCRP is part of FHLBank Chicago's broader approach to expanding homeownership opportunities through its member-owned cooperative model. By strengthening housing counseling agencies and connecting prospective homebuyers with trusted guidance earlier in the process, the program helps create a stronger path from financial preparation to mortgage financing. Programs like DPP provide additional support along that path, helping eligible homebuyers with down payment and closing costs. About the Federal Home Loan Bank of Chicago FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members' customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com. Community First, Downpayment Plus and DPP are registered trademarks of the Federal Home Loan Bank of Chicago. Contacts. Report this content If you believe this article contains misleading, harmful, or spam content, please let Tamar Securities, LLC know.

Federal Home Loan Bank of Chicago
Aug 20th, 2026
FHLBank Chicago and WHEDA recognize Housing Counseling grants supporting milwaukee-area homebuyers.

FHLBank Chicago and WHEDA recognize Housing Counseling grants supporting milwaukee-area homebuyers. Published on Aug 20, 2026 The Federal Home Loan Bank of Chicago (FHLBank Chicago) joined the Wisconsin Housing and Economic Development Authority (WHEDA) today in Milwaukee to recognize three of the 14 Wisconsin organizations receiving grants through the Community First(R) Housing Counseling Resource Program (HCRP): Acts Housing, Housing Resources Inc. and United Community Center. The grants, funded by FHLBank Chicago and administered by WHEDA in Wisconsin, expand access to housing counseling services that prepare individuals and families for successful, sustainable homeownership and support FHLBank Chicago members with a pipeline of mortgage-ready applicants. The HCRP strengthens the capacity of HUD-certified housing counseling agencies across Illinois and Wisconsin. FHLBank Chicago funds the program through partnerships with WHEDA in Wisconsin and the Illinois Housing Development Authority (IHDA) in Illinois, helping agencies provide financial education, credit preparation, homebuyer education and individualized guidance for prospective and current homeowners. "Successful homeownership requires more than overcoming affordability barriers. It also requires preparation, trusted guidance and local organizations that can meet families where they are," said Katie Naftzger, SVP and Community Investment Officer at FHLBank Chicago. "Through HCRP and our partnerships with WHEDA and IHDA, we are proud to support agencies like Acts Housing, Housing Resources Inc. and United Community Center as they help more Wisconsin families take informed, confident steps toward homeownership." Since its launch in 2022, through year-end 2025, the HCRP has awarded $13 million to strengthen housing counseling across Illinois and Wisconsin. Supported agencies provided services to more than 105,000 households, with nearly 9,000 achieving homeownership. In 2025, the program supported 44 HUD-certified housing counseling agencies across the two states. "WHEDA brings deep expertise and relationships across Wisconsin, while housing counseling agencies provide trusted and personal guidance directly in the communities they serve," said Elmer Moore Jr., CEO and Executive Director of WHEDA. "These grants strengthen that network and help more Wisconsin families confidently navigate the path to successful homeownership." Acts Housing, Housing Resources Inc. and United Community Center will use the funding to strengthen housing counseling services for individuals and families in the Milwaukee area. "This funding strengthens our ability to provide individualized guidance that helps people prepare financially and navigate the homebuying process," said T.J. Cobb, VP Programs at Acts Housing. "That preparation can make a meaningful difference as families work toward successful homeownership." The impact of housing counseling is reflected in homebuyers like Sandra Smith, who received counseling through Acts Housing while preparing to purchase a home. Sandra also received a $10,000 Downpayment Plus(R)(DPP(R) grant from FHLBank Chicago through member Great Midwest Bank in Brookfield, Wisconsin, to help with down payment and closing costs. "Housing counseling helped me understand the process, prepare financially and feel confident about the decisions I was making," said Sandra. "Having that support made homeownership feel achievable." The HCRP is part of FHLBank Chicago's broader approach to expanding homeownership opportunities through its member-owned cooperative model. By strengthening housing counseling agencies and connecting prospective homebuyers with trusted guidance earlier in the process, the program helps create a stronger path from financial preparation to mortgage financing. Programs like DPP provide additional support along that path, helping eligible homebuyers with down payment and closing costs.

Federal Home Loan Bank of Chicago
Aug 20th, 2026
Your feedback in action: 2026 Annual Member Survey results.

Your feedback in action: 2026 Annual Member Survey results. Published on Aug 20, 2026 A member letter from President and CEO, Michael Ericson Thank you for your continued partnership with FHLBank Chicago and for sharing your feedback through its 2026 Annual Member Survey and ongoing conversations throughout the year. As a member-owned cooperative, your perspective plays an important role in shaping its priorities, investments and how Fhlbc serve its members. This year's survey saw participation from approximately half of its membership, providing valuable insight into what's working well and where Fhlbc can continue to improve. Fhlbc were pleased to see that member loyalty remains exceptionally strong, with a Net Promoter Score of 76 - well above industry benchmarks and a reflection of the trust members place in FHLBank Chicago. What Fhlbc heard. Many of the themes members shared this year reinforced what Fhlbc has heard in previous surveys. Members value reliable access to liquidity, knowledgeable and responsive staff, strong products and services, and a trusted partnership that supports their institutions and communities. At the same time, you told Fhlbc that simplifying processes, improving digital experiences and making it easier to do business with Fhlbc remain important priorities. What Fhlbc is delivering. Your feedback continues to influence the work underway across FHLBank Chicago. Over the past year, Fhlbc has expanded Community Advance funding, introduced the Mortgage Partnership Finance(R)(MPF(R) Habitat for Humanity(R) program to support affordable homeownership opportunities and increased funding available through its Downpayment Plus(R) programs. These enhancements reflect its commitment to helping members meet housing and community development needs across its district. Fhlbc is also focused on strengthening the MPF Program and FHLBank Chicago's long-term ability to deliver value to participating institutions. As Fhlbc look ahead, Fhlbc is evaluating opportunities to create additional balance sheet capacity while preserving the cooperative, mission-aligned structure of the MPF Program. These efforts are intended to strengthen its ability to remain a reliable source of liquidity, broaden housing finance solutions, and support its members over the long term. Fhlbc also expanded opportunities for member education and preparedness. Earlier this year, its Collateral Workshops drew strong participation from members seeking to strengthen collateral practices that support liquidity, lending capacity and strategic balance sheet management. These sessions were designed to equip participants with the knowledge needed to confidently navigate a Collateral Verification Review (CVR) while helping protect collateral value and maximize borrowing capacity. Building on that momentum, Fhlbc'll continue to provide resources that help members make the most of FHLBank Chicago programs, including its recent Community Advance Enhancements and Use Cases webinar, which explores recent program improvements, practical applications and strategies for maximizing available funding. In addition, Fhlbc is making strategic investments in technology and operations to improve the member experience. This includes ongoing work to modernize digital capabilities, enhance data delivery options, streamline key interactions and improve the technology and tools that help you do business with FHLBank Chicago and your customers. One example, Fhlbc recently launched the MPF Navigator, an AI-powered search tool that helps members more efficiently access program guide information and answers when they need them. These efforts are designed to make it easier to access information, conduct business and engage with FHLBank Chicago in the ways that work best for you. How your feedback is shaping its future. Fhlbc is encouraged that members reported strong satisfaction with recent initiatives, including its redesigned website, Integrated Wires System and Community Advance enhancements. Your feedback confirms that these investments are making a difference while also helping Fhlbc identify where to focus next. As Fhlbc look ahead, Fhlbc remain focused on strengthening liquidity solutions, expanding housing and community investment programs, and continuing to improve the member experience. These priorities are guided by the feedback Fhlbc receive from members, and its shared commitment to supporting communities throughout Illinois and Wisconsin. The survey results reinforce something I see every day: its success is built on listening to its members and responding to their evolving needs. Thank you for your partnership, your feedback and the trust you place in FHLBank Chicago. Sincerely, Michael Ericson President and CEO FHLBank Chicago

Associated Press
Jul 22nd, 2026
FHLBank Chicago Q2 net income rises to $180M on advances growth and lower funding costs

FHLBank Chicago reported net income of $180 million for Q2 2026, up from $151 million in Q2 2025. The increase was driven by higher net interest income from advances growth and lower funding costs, plus reduced noninterest expenses. Total assets rose to $163.2 billion from $141.2 billion at year-end 2025. Advances outstanding grew to $71.1 billion from $61.1 billion, driven by increased borrowing from depository institutions and insurance company members. The bank accrued $38 million to its Affordable Housing Programme funding pool as of 30 June 2026, representing its statutory 10% contribution. It also provided $16 million in voluntary community investment grants and subsidies during the first half of 2026.