1. Cook onion in hot oil in heavy stock pan (Dutch oven) over medium-high heat, stirring until tender. Add green chiles, garlic and cumin; cook 2 min., stirring constantly. Add beans and chicken broth, stirring well. Bring to boil; reduce heat, and simmer 20 min.
2. Add chicken, 1/2 c. Monterey Jack and 1/2 c. Colby Cheese; simmer over low heat 10 min. more.
3. Ladle chili into bowls. Top each serving with remaining cheeses and desired toppings.