Coat a large saucepan with cooking spray; place over medium heat until hot. Add onion; sauté 5 minutes or until tender. Add broth and the next 5 ingredients (broth through jalapeño pepper); bring to a boil. Cover, reduce heat, and simmer 20 minutes or until vegetables are tender.
Place flour in a medium bowl. Gradually add milk, stirring with a wire whisk until blended. Add milk mixture, white pepper, red pepper, and corn to pan; stir well. Cook over medium heat 7 minutes or until thickened, stirring constantly. Discard jalapeño pepper. Ladle into individual bowls; sprinkle with cheese.