Letters of Credit

Applying for an FHLBNY MULOC or Refundable MULOC

Step 1:  Enroll in the Letter of Credit program by completing the following forms:

  1. Global Authorization Form (HLB-106)
    Complete this form for employees you wish to grant permissions (Section 4) to execute a Letter of Credit at the FHLBNY. Note: If you have a form on file with us, please contact us for a copy.
  2. Irrevocable Letter of Credit Reimbursement Agreement (HLB-115)
    Complete this one-time enrollment form for the FHLBNY’s Letter of Credit program.  Once your institution is enrolled, you need to submit a Municipal Letters of Credit or Refundable Municipal Letters of Credit Issuance Application (HLB-117 or HLB-118) and any supporting documentation requested by the FHLBNY each time you wish to use this credit instrument.

 

Step 2:  Apply for a MULOC or Refundable MULOC product:

For MULOCs:

  1. Complete the MULOC Issuance Application (HLB-117) or HLB-117A for Puerto Rico Members.
  2. Supply a copy of the Certificate of Deposit you issued to the Beneficiary or provide a statement of your Beneficiary's Demand Deposit Account.

 

For Refundable MULOCs:

  1. Complete the Refundable MULOC Issuance Application (HLB-118) or HLB-118A for Puerto Rico Members.
  2. Supply a copy of the Certificate of Deposit you issued to the Beneficiary or provide a statement of your Beneficiary's Demand Deposit Account.
  3. Complete and fax the Refundable MULOC Certification Form (HLB-118r) within 5 business days of maturity.  If this form is not received within 5 business days of maturity, the reimbursement may be forfeited.

 

 

Calling Officers
(212) 441-6700

 

 
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