In medium pot; cook bacon until crisp, drain drippings leaving 1tbsp. in pot with bacon
Add onion and sweet pepper and cook until onion is tender but not brown. Add chili powder and cook 1 minute further
Stir in chicken broth, potato, and corn. Bring to boiling; reduce heat. Simmer, covered, for 10 to 15 minutes or until vegetables are tender, stirring occasionally.
In a small bowl combine flour, salt, and pepper. Stir milk into flour mixture; add to corn mixture in saucepan. Cook and stir until slightly thickened and bubbly. Cook and stir for 1 minute more. Stir in parsley and serve.
Note: For richer soup use 10% cream in place of milk