Change in Letters of Credit (LOC) Fulfillment Period

Effective November 3, 2025, if a default occurs and a LOC draw certificate is submitted, the FHLBNY will disburse payment no later than the close of business on the next business day following its receipt of the draw certificate. Previously, payments were made the same day if the LOC draw certificate was submitted before 11:00 a.m.; otherwise, payment was processed the next business day. This modification only applies to LOCs issued on or after November 3, 2025.

Report from the President: At the Center of Our Mission, Our Members and the Market

Over the course of our 93-year history, the Federal Home Loan Bank System has changed in many ways, from the expansion of our membership to the creation of additional ways to support housing, including the Affordable Housing Program (AHP) and our Mortgage Asset Program (MAP®).  But all of this growth and change is built upon and stems from our unwavering commitment to our foundational liquidity mission.

Christopher Martin Elected Chair of Federal Home Loan Bank of New York

New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) announced today that Christopher Martin has been elected by its Board of Directors (“Board”) to serve as Board chair for a two-year term that will commence on January 1, 2026.  Mr. Martin, who is executive chairman of Provident Financial Services, Inc. and Provident Bank, has served on the FHLBNY’s Board as a Member Director since January 1, 2015.  He currently serves as the chair of the Board’s Corporate Governance and External Affairs Committee and as a member of its Executive, Compensation & Human Resources, and Strategy and Business committees.