In the early 1930s Congress chartered a dozen federal loan banks across the country to help smaller banks provide liquidity for home loans. Today, the Federal Home Loan Bank of Chicago holds $70.7 billion in assets. And Eric Gieger, vice president of IT operations for the bank runs this financial institution from the cloud.
Just a few years ago it would have been rare to see financial institutions operating in the public IaaS cloud, but recently there have been more examples. Last year at Amazon’s re:Invent conference Capital One’s CIO Rob Alexander described how the bank is using Amazon’s cloud to host some of the company’s newest applications.
