Instructions
1. Make the roux
In a saucepan over medium-high heat, melt the butter. Whisk in the flour and cook for 2–3 minutes until golden. Gradually whisk in the milk. Season with salt and pepper, remove from heat, and refrigerate until needed.

2. Brown the beef
In a large stockpot or Dutch oven, cook the ground beef over medium-high heat, breaking it up as it browns. Season with salt, pepper, and garlic powder. Transfer to a plate and discard all but 2 tablespoons of fat.

3. Sauté vegetables
Add onion, potatoes, and bell pepper to the pot. Cook for 10–12 minutes until softened. Season with salt, pepper, cumin, and cayenne (if using). Add corn, black beans, and green chiles.

4. Simmer
Return the browned beef to the pot. Stir in the broth. Bring to a boil, then reduce to a simmer and cook for 15 minutes.

5. Thicken and melt cheese
Stir in the roux mixture. Add Velveeta cubes. Cover and cook for 15 minutes until melted and smooth.

6. Serve
Serve hot, topped with cheddar cheese and bacon bits if desired.