Summer Internship - Collateral Operations & Safekeeping

FHLBank; Chicago (IL); Hybrid; USD 39,000 - 58,000; Full time

Benefits offered by this job

In-office model

Retirement plan (401k)

Medical/dental/vision insurance

Lifestyle Spending Account

Paid time off

11 paid holidays

Job summary

Federal Home Loan Bank of Chicago is seeking a Summer Intern to join our Collateral Operations & Safekeeping team. This internship provides exposure to collateral management, member transactions, safekeeping services, and operational processes that support credit and liquidity functions.

This role is ideal for students in finance, accounting, economics, business administration, math or data analytics who want a foundational understanding of financial institutions and risk management practices.

Qualifications

• Undergraduate student pursuing a degree in Finance, Accounting, Economics or related field.
• Junior or Senior standing; GPA 3.0 preferred.
• Strong analytical and problem-solving skills; Excel proficiency.
• Excellent written and verbal communication; teamwork.

Responsibilities

• Support monitoring of member collateral positions securing credit obligations.
• Learn evaluation of residential/commercial mortgages and securities for eligibility against policies.
• Assist reconciling pledged assets and safekeeping account activity.
• Support daily operations related to securities and cash transactions.
• Gain exposure to derivative collateral management and settlement activities.
• Participate in data analysis, process improvements and operational reporting.
• Collaborate with Credit, Accounting, Member Transaction Desk, Front/Middle Office, Sales.

Education

Undergraduate student in Finance/Accounting

Tools

Microsoft Excel

Job description

At the Federal Home Loan Bank of Chicago, employees come first - that’s why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

• Collaborative, in-office operating model
• Retirement program (401k and Pension)
• Medical, dental and vision insurance
• Lifestyle Spending Account
• Competitive PTO plan
• 11 paid holidays per year

FHLBank Chicago is seeking a Summer Intern to join our Collateral Operations & Safekeeping team. This internship provides an opportunity to learn how collateral secures the Bank's lending activities and supports the safety and soundness of our operations. The intern will gain exposure to collateral management, member transactions, safekeeping services, and operational processes that support the Bank's credit and liquidity functions. This position is ideal for students interested in finance, banking, accounting, economics, business operations, or related fields who want to develop a foundational understanding of financial institutions and risk management practices.

How You’ll Make an Impact

• Support the monitoring of member collateral positions used to secure credit obligations.
• Learn how residential mortgages, commercial mortgages, and investment securities are evaluated for eligibility and compliance with Bank policies.
• Assist with reconciling pledged assets and safekeeping account activity.
• Support daily operational processes related to securities and cash transactions.
• Gain exposure to derivative collateral management and settlement activities.
• Participate in data analysis, process improvement initiatives, and operational reporting.
• Collaborate with cross-functional teams including Credit, Accounting, Member Transaction Desk, Front Office, Middle Office, Member Support, and Sales.

What You’ll Learn

• Collateral and credit risk concepts.
• Financial institution operations.
• Securities and mortgage collateral management.
• Asset reconciliation processes.
• Banking regulations and policy compliance.
• Operational risk and internal controls.
• Professional communication and project management skills.

Education/Experience

• Current undergraduate student pursuing a degree in: Finance, Accounting, Economics, Business Administration, Mathematics, Data Analytics or other Related field.
• Junior or Senior standing at an accredited university.
• Minimum GPA of 3.0 preferred.
• Strong analytical and problem-solving skills.
• Proficiency with Microsoft Excel and Microsoft Office applications.
• Strong written and verbal communication skills.
• Ability to manage multiple tasks and work effectively in a team environment.

Salary Range: $38,800.00 - $58,100.00 The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc

Our mission at FHLBank Chicago

To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities. Simply said, we’re a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.