Applying for an FHLBNY Letter of Credit
Step 1: Enroll in the Letter of Credit program by completing the following forms:
- 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.
- 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 Letter of Credit Issuance Application (HLB-116) and any supporting documentation requested by the FHLBNY each time you wish to use this credit instrument.
Step 2: Apply for a Regular Letter of Credit product:
- Complete the Letter of Credit Issuance Application (HLB-116).
- In addition, you may be asked to provide us with the following supporting documents:
- Project descriptions;
- Project’s exact address;
- Bond Official Statement or Private Placement Memorandum (if applicable);
- Trust Indenture (if applicable);
- Your institution's Internal Credit Analysis of the transaction;
- Your institution's Internal Credit Approval Memorandum or Report;
- Copy of your Letter of Credit or a draft Letter of Credit, if you are applying for a confirming Letter of Credit; and
- Any additional documentation at the FHLBNY's request (i.e., documents supporting eligibility for CICA Letters of Credit).