Cook bacon in a Dutch oven over medium-high heat until crisp; remove bacon from pan, reserving drippings in pan. Crumble bacon.
Add onion and bell pepper to hot drippings; sauté 5 minutes or until tender. Add potato and broth to pan. Bring to a boil; cover, reduce heat, and simmer 10 minutes or until potatoes are tender.
Stir in milk and corn; cook over medium- low heat 5 minutes. Combine cheese and flour, tossing to coat cheese. Add to chowder, stirring until cheese melts. Stir in black pepper. Top each serving evenly with crumbled bacon.