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<TITLE> Federal Home Loan Bank of Chicago (Form: CO 8-K)</TITLE>


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</FONT><B><FONT SIZE=5><P ALIGN="CENTER"><A NAME="fis_unidentified_table"></A>UNITED STATES </P>


<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION </P>


</FONT><FONT SIZE=2><P ALIGN="CENTER">Washington, DC 20549 </P>


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</FONT><B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K </P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">CURRENT REPORT </P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of </P>


<P ALIGN="CENTER">The Securities Exchange Act of 1934 </P>


<P ALIGN="CENTER"></P>


<P ALIGN="CENTER">Date of Report (Date of earliest event reported):  June 26, 2006</P>


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</FONT><B><FONT SIZE=5><P ALIGN="CENTER">FEDERAL HOME LOAN BANK OF CHICAGO </P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">(Exact name of registrant as specified in its charter) </P>


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<P ALIGN="CENTER">&nbsp;</P></FONT>


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<B><FONT SIZE=2><P ALIGN="CENTER">Federally chartered corporation </B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">000-51401 </B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">36-6001019 </B></FONT></TD>


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<B><FONT SIZE=1><P ALIGN="CENTER">(State or other jurisdiction </P>


<P ALIGN="CENTER">of incorporation) </B></FONT></TD>


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<TD WIDTH="28%" VALIGN="TOP">


<B><FONT SIZE=1><P ALIGN="CENTER">(Commission File Number) </B></FONT></TD>


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<B><FONT SIZE=1><P ALIGN="CENTER">(IRS Employer </P>


<P ALIGN="CENTER">Identification No.) </B></FONT></TD>


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<P>&nbsp;</P>


<B><P ALIGN="CENTER">111 East Wacker Drive</P>


<P ALIGN="CENTER">Chicago, Illinois 60601</P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">(Address of principal executive offices, including zip code) </P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">(312) 565-5700 </P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">(Registrant's telephone number, including area code) </P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>


<B><P ALIGN="CENTER">Not Applicable </P>


</FONT><FONT SIZE=1><P ALIGN="CENTER">(Former name or former address, if changed since last report) </P>


</B></FONT><FONT SIZE=2><P ALIGN="CENTER"></P>


<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>





<P>[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>





<P>[&nbsp;&nbsp;]&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </P>





<P>[&nbsp;&nbsp;]&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>





<P>[ &nbsp; ] &nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>





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</FONT><B><P><A NAME="fis_financial_obligation_material"></A>Item 7.01&#9;Regulation FD Disclosure </P>


</B>


<P>On June 26, 2006, the Federal Home Loan Bank of Chicago (&quot;Bank&quot;) is sending to its members a letter updating them on recent Bank actions, including the issuance of subordinated debt and the redemption of a portion of voluntary stock.  The text of the letter is included as Exhibit 99.1 to this report.</P>





<P>The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed to be &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (&quot;the Exchange Act&quot;), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</P>





<P>&nbsp;</P>


<B><P>Item 9.01&#9;Financial Statements and Exhibits </P>


</B>


<P>(c)&#9;Exhibits</P>





<U><P>Exhibit Number</P>


</U>


<P>99.1  Letter to members dated June 26, 2006</P>


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</FONT><FONT SIZE=1><P>&nbsp;</P>


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</FONT><B><FONT SIZE=2><P ALIGN="CENTER"><A NAME="fis_signatures"></A>Signature(s) </P>


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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </P>





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<B><P>Federal Home Loan Bank of Chicago </B></TD>


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<P>By:  <U>/s/ Peter E. Gutzmer</U></TD>


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<P>Name:&#9;Peter E. Gutzmer  </TD>


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<P> &#9;Date:  June 26, 2006</TD>


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<P>Title:   Executive Vice President, General Counsel and      &#9;Corporate Secretary  </TD>


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<FONT SIZE=2><P>&nbsp;</P>


<P ALIGN="CENTER">&nbsp;</P>


<P ALIGN="CENTER">Exhibit&nbsp;Index <A NAME="FIS_UNIDENTIFIED_TABLE_3"></A></P>


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<FONT SIZE=2><P>&nbsp;</FONT></TD>


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<FONT SIZE=2><P>&nbsp;</FONT></TD>


<TD WIDTH="76%" VALIGN="BOTTOM">


<FONT SIZE=2><P>&nbsp;</FONT></TD>


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<B><FONT SIZE=1><P>Exhibit No.</B></FONT></TD>


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<FONT SIZE=1><P>&nbsp;</FONT></TD>


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<B><FONT SIZE=1><P>Description</B></FONT></TD>


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<FONT SIZE=1><P>&nbsp;</FONT></TD>


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<FONT SIZE=2><P>99.1</FONT></TD>


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<FONT SIZE=2><P>EXHIBIT 99.1 -- Letter to Members dated June 26, 2006</FONT></TD>


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Federal Home Loan Bank of Chicago (Form: CO 8-K)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  June 26, 2006
FEDERAL HOME LOAN BANK OF CHICAGO
(Exact name of registrant as specified in its charter)
Federally chartered corporation
000-51401
36-6001019
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
111 East Wacker Drive
Chicago, Illinois 60601
(Address of principal executive offices, including zip code)
(312) 565-5700
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01	Regulation FD Disclosure
On June 26, 2006, the Federal Home Loan Bank of Chicago ("Bank") is sending to its members a letter updating them on recent Bank actions, including the issuance of subordinated debt and the redemption of a portion of voluntary stock.  The text of the letter is included as Exhibit 99.1 to this report.
The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("the Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01	Financial Statements and Exhibits
(c)	Exhibits
Exhibit Number
99.1  Letter to members dated June 26, 2006
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Federal Home Loan Bank of Chicago
By:
/s/ Peter E. Gutzmer
Name:	Peter E. Gutzmer
Date:  June 26, 2006
Title:   Executive Vice President, General Counsel and      	Corporate Secretary
Exhibit Index
Exhibit No.
Description
99.1
EXHIBIT 99.1 -- Letter to Members dated June 26, 2006