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President’s Report

July 5, 2022

Report from the President

Federal Home Loan Bank System Turns 90

Upon entering our headquarters, visitors are presented with a collection of items that provide a bit of the history of both the Federal Home Loan Bank of New York and the Federal Home Loan Bank System as a whole. This history began 90 years ago this month, with the Federal Home Loan Banks launching our operations on July 22, 1932.

Newsclip: Home Loan Banks Open Doors TodayThe headline on that day – from an article on display at our office – notes that the newly created institutions “will begin work of thawing out frozen mortgages.” Created by Congress at the height of the Great Depression, the Federal Home Loan Banks were initially tasked with providing the liquidity local lenders needed to support the then-ailing mortgage market, helping to pull our country out of the crisis. That liquidity mission has expanded in the 90 years since, with each Federal Home Loan Bank serving as a reliable liquidity partner to its members in all market environments – a nationwide partnership through which funding flows to support housing, small business lending and investment and development opportunities in every community across the country.

Newsclip: Federal Home Loan Program Affects Ten Million FamiliesThere is another headline on display in our office, one that ran in March of 1934, 15 months after the Federal Home Loan Banks’ doors first opened. It reads: “Federal Home Loan Program Affects Ten Million Families: Government Agencies Designed to Make Financing of Homes Safer and More Economical and to Spur National Recovery”. We take pride knowing that, in the decades since, the Federal Home Loan Banks, working in partnership with our members, have impacted not ten million families but hundreds of millions.

Across our 90-year history, as our membership and mission have evolved to meet the needs of the market, the defining principle of the Federal Home Loan Bank System has remained our stability. At the FHLBNY, we constantly strive to be a funding and community partner that our members can rely on in any and all environments. This is the purpose of the Federal Home Loan Banks, what we were in fact designed to be: critical during times of crisis, steady during calm markets, and dependable in every economic cycle. For 90 years, our members have had a stable partner in the Federal Home Loan Bank of New York, and our entire team is focused on ensuring that you always will.

2022 Director Elections Now Underway

That focus is shared by our Board, which takes an active role in helping to ensure that the FHLBNY is always well-positioned to act on our mission and deliver value to our stakeholders.

I encourage all of our members to participate in the election process.  This year, five Directorships – two seats representing our New Jersey members, one seat representing our New York members, and two Independent Directorships representing the whole District – will be up for election for four-year terms commencing on January 1, 2023.

As reported earlier this year, we will continue to conduct our Director Election process electronically, once again partnering with Survey & Ballot Systems (“SBS”), the firm that has administered our recent Director Elections. On June 27, all eligible members were sent an email titled “Commencement of FHLBNY 2022 Director Election Process” from the sender noreply@directvote.net, which contained a link to materials regarding the elections.  Eligible New Jersey and New York members may, using the electronic Certificate of Nomination included with the election materials, nominate one person for each of the open Member Directorships in their respective regions.  Separately, the materials indicated that those individuals interested in being considered for nomination by the FHLBNY’s Board for the two open Independent Directorships must first submit an Independent Director Application Form and resume to the FHLBNY. 

Copies of this Form and submission information can be found at our Corporate Governance page.

All electronic Certificates of Nomination must be submitted, and all emailed Independent Director Application Forms and resumes must be received by the FHLBNY, by 5:00 p.m. ET on July 28, 2022.

Like the FHLBNY itself, our Board consists of a talented group of dedicated individuals that benefits from, among other things, demographic (including gender, racial and ethnic) diversity.  As you consider diverse Member Director candidates to possibly nominate, please remember that officers at member institutions serving below the CEO level and all member institutions’ board members, not just the board chair, are eligible to serve on the FHLBNY’s Board.  We also ask that you encourage diverse candidates outside your institution to consider applying for the open Independent Director seats. Your participation in this year’s Director election process is greatly appreciated, and will help continue to keep the Board and the FHLBNY diverse – and strong.  If you have any questions, please contact our general counsel, Paul Friend, at generalcounsel@fhlbny.com.

FHLBNY Announces Update to Membership Stock Requirements

As we announced last month, the FHLBY will reduce the maximum cap on membership stock purchases from $100 million to $50 million, effective August 1, 2022.  This change is reflected in the Appendix to the FHLBNY’s Capital Plan, available here.  We believe that this action will enhance Dividend Capacity and further strengthen the value proposition we deliver to our members.

***

Our 90th anniversary is an appropriate moment to reflect on all that has made the FHLBNY successful for the past nine decades.  It starts with our people, who remain focused on supporting each other, serving our members, assisting our communities and executing on our mission.  But the underlying strength of our franchise comes from our cooperative structure.  We are both owned by and a partner to our members.  You trust us with your capital, and rely on us for funding on demand, and together, we raise up the communities we all serve.  It is this partnership, one that is shared between each Federal Home Loan Bank and its membership, that has kept our System such a vital and reliable part of the economy for 90 years, and it is upon this partnership that we will continue to build and strengthen the Federal Home Loan Banks over our next 90 years.

Sincerely,

José R. González
President and Chief Executive Officer

# # #

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Prior releases can be found on the SEC's EDGAR System.



09/02/2024

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06/06/2024

Report from the President: National Homeownership Month, Local Support

05/16/2024

Dividend Announcement 1Q24: FHLBNY Declares a 9.50% Dividend for the First Quarter of 2024

05/09/2024

Report from the President: Navigating the Future

03/05/2024

Report from the President: A Critical, Stabilizing Role

02/15/2024

Dividend Announcement 4Q23: FHLBNY Declares a 9.75% Dividend for the Fourth Quarter of 2023

01/09/2024

Report from the President: Looking at the Year Ahead

12/07/2023

Report from the President: Focusing on the Future

11/15/2023

Dividend Announcement 3Q23: FHLBNY Declares a 9.50% Dividend for the Third Quarter of 2023

11/02/2023

Report from the President: FHLBNY Announces Third Quarter 2023 Operating Highlights

09/05/2023

Report from the President: A Vital Mission, A Proven Value

08/17/2023

FHLBNY Declares an 8.50% Dividend for the Second Quarter of 2023

08/03/2023

Report from the President: One Year Into a 100-Year Review

07/11/2023

July 2023 Report from the President

06/06/2023

Report from the President: FHLBNY Announces 0% Development Advance Program

05/16/2023

Dividend Announcement 1Q23: The FHLBNY Declares a 7.75% Dividend for the First Quarter of 2023

04/04/2023

Report from the President: A Stabilizing Role

03/01/2023

Report from the President: Growing Advances and a Growing Public Profile

02/15/2023

Dividend Announcement 4Q22: The FHLBNY Declares a 7.50% Dividend for the Foruth Quarter of 2022

02/06/2023

Report from the President: Liquidity is the Mission and the Means

01/09/2023

Report from the President: A Profound Importance

12/01/2022

Report from the President: Grateful For Our Role

11/17/2022

Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022

11/03/2022

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/07/2022

Report from the President: The System’s Stakeholders Speak

09/01/2022

Report from the President: The Voice of the Local Lender

08/18/2022

Dividend Announcement 2Q22: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2022

08/02/2022

Report from the President: Looking Ahead to 100 Years of the Federal Home Loan Banks

07/05/2022

Report from the President: Federal Home Loan Bank System Turns 90

06/02/2022

Report from the President: Approaching 90, the Power of Partnership Prevails

05/12/2022

Dividend Announcement 1Q22: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2022

04/05/2022

Report from the President: FHLBNY Files 2021 Form 10-K – Stability Throughout the Year

03/03/2022

Report from the President: Closing the Books on 2021

02/17/2022

Dividend Announcement 4Q21: The FHLBNY Declares a 4.36% Dividend for the Fourth Quarter of 2021

02/01/2022

Report from the President: Enhancing the Value of Membership

01/06/2022

Report from the President: A Strategic Focus on Stability and Service

12/07/2021

Report from the President: Together Again

11/18/2021

Dividend Announcement 3Q21: The FHLBNY Declares a 4.40% Dividend for the Third Quarter of 2021

11/02/2021

Report from the President: FHLBNY Announces 3Q21 Operating Highlights

10/04/2021

Report from the President: An Unwavering Focus on Our Members and Supporting Our Communities

09/01/2021

Report from the President: 25 Years of Creating Homeownership Opportunities

08/19/2021

Dividend Announcement 2Q21: The FHLBNY Declares a 4.60% Dividend for the Second Quarter of 2021

07/01/2021

Report from the President: FHLBNY Commences 2021 Director Election Process

06/07/2021

Report from the President: A Stable Partner for the Recovery Ahead

05/28/2021

Dividend Announcement 1Q21: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2021

04/05/2021

Report from the President: FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

03/02/2021

Report from the President: Meeting Member Needs

02/18/2021

Dividend Announcement 4Q20: The FHLBNY Declares a 5.00% Dividend for the Fourth Quarter of 2020

02/04/2021

Report from the President: FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

01/05/2021

Report from the President: A Proven Partnership to Help a Region Recover

12/02/2020

Report from the President: A Steady Foundation

11/19/2020

Dividend Announcement 3Q20: The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020

11/02/2020

Report from the President: FHLBNY Announces 3Q20 Operating Highlights

10/05/2020

Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

08/04/2020

Report from the President: FHLBNY Announces 2Q20 Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Dividend Announcement 4Q19: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the 3Q19

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants

09/05/2019

Report from the President: A Market Milestone

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

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