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<B><FONT SIZE=4><P ALIGN="CENTER">UNITED STATES</P>


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


Washington, D.C. 20549</P>


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


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


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


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


</FONT><B><FONT SIZE=3><P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</P>


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</B><P ALIGN="CENTER">Date of Report (Date of earliest event reported): <B>November 8, 2006</P>


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


</FONT><B><FONT SIZE=4><P ALIGN="CENTER">&nbsp;</P>


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


</B></FONT><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>


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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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<FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction of                       incorporation or organization)</FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</B>(Commission File Number)</FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">(IRS Employer                                     Identification No.)<B>&nbsp;</B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">111 East Wacker Drive</P>


<P ALIGN="CENTER">Chicago, Illinois</B></FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">60601</B></FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">(Zip Code)<B>&nbsp;</B></FONT></TD>


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<FONT SIZE=2><P ALIGN="CENTER">(Address of principal executive offices)</FONT></TD>


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<B><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</B></FONT></TD>


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


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


</B><P ALIGN="CENTER">Registrant's telephone number, including area code: </P>


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


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</B><P ALIGN="CENTER">Former name or former address, if changed since last report:</P>


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


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


</B><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:</P>


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<FONT FACE="Wingdings" SIZE=2><P>o</FONT></TD>


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<FONT SIZE=2><P>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD>


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<P>&nbsp;</P></FONT>


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<FONT FACE="Wingdings" SIZE=2><P>o</FONT></TD>


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<FONT SIZE=2><P>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD>


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<P>&nbsp;</P></FONT>


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<FONT FACE="Wingdings" SIZE=2><P>o</FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></TD>


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


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<FONT FACE="Wingdings" SIZE=2><P>o</FONT></TD>


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<FONT SIZE=2><P>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD>


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<FONT SIZE=2><P ALIGN="JUSTIFY"></P>


<B><P>&nbsp;</P>


<P>Item 7.01  Regulation FD Disclosure </P>





</B><P>On November 8, 2006, the Federal Home Loan Bank of Chicago (the &quot;Bank&quot;) announced that the Federal Housing Finance Board (the &quot;Finance Board&quot;) authorized the Bank's redemption of $375 million of members' excess (or &quot;voluntary&quot;) capital stock during the fourth quarter of 2006.  </P>





<P>The Bank is sending to its members a notice informing them of the Finance Board's authorization to redeem voluntary capital stock.  The text of the notice is included as Exhibit 99.1 to this report.</P>





<P>The information being furnished pursuant to Item 7.01 on this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed "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. </P>


<P>&nbsp;</P>


<B><P>Item 9.01 Financial Statements and Exhibits</P>


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


<P>Exhibit No.&#9;&#9;&#9;&#9;&#9;Description</P>


</B><P>99.1&#9;&#9;&#9;Notice to Members, dated November 8, 2006</P>


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


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


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


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<FONT SIZE=2><P>Federal Home Loan Bank of Chicago</FONT></TD>


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


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


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


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<FONT SIZE=2><P>Date:  November 8, 2006</FONT></TD>


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


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<FONT SIZE=2><P>By:  <U>/s/ Peter E. Gutzmer</U></FONT></TD>


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


<TD WIDTH="55%" VALIGN="TOP"><DIR>





<FONT SIZE=2><P>Peter E. Gutzmer<BR>


Executive Vice President, General Counsel and <BR>


Corporate Secretary</DIR>


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<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>


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UNITED STATES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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):
November 8, 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 or organization)
(Commission File Number)
(IRS Employer                                     Identification No.)
111 East Wacker Drive
Chicago, Illinois
60601
(Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
(312) 565-5700
Former name or former address, if changed since last report:
Not Applicable
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 November 8, 2006, the Federal Home Loan Bank of Chicago (the "Bank") announced that the Federal Housing Finance Board (the "Finance Board") authorized the Bank's redemption of $375 million of members' excess (or "voluntary") capital stock during the fourth quarter of 2006.
The Bank is sending to its members a notice informing them of the Finance Board's authorization to redeem voluntary capital stock.  The text of the notice is included as Exhibit 99.1 to this report.
The information being furnished pursuant to Item 7.01 on this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed "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
(d)	Exhibits
Exhibit No.					Description
99.1			Notice to Members, dated November 8, 2006
Signatures
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
Date:  November 8, 2006
By:
/s/ Peter E. Gutzmer
Peter E. Gutzmer
Executive Vice President, General Counsel and
Corporate Secretary