Report Highlights


FHLBNY Diversity and Inclusion report

Every year, the Federal Home Loan Bank of New York (FHLBNY) submits a report to the Federal Housing Finance Agency on its efforts and achievements around fostering diversity and inclusion throughout its business. The FHLBNY makes these efforts not just because it brings positive impact to the bottom line and culture, but also because it is quite simply the right thing to do.

2017 was another strong year for diversity and inclusion. Governance was enhanced in several areas and planned initiatives were executed seamlessly. In addition to hiring, developing, promoting, and retaining a workforce that mirrors the communities it serves, the FHLBNY continues to create an inclusive experience for its suppliers, prospects, members, and business partners.

Below are highlights from the four key areas covered in the report: Employment, Procurement, Capital Markets – Funding & Investments, and Affordable Housing and Community Lending Programs.


Focused efforts were made during 2017 to promote diversity at all levels of the FHLBNY, from the Board of Directors to new hires using an array of tactics from social media to participation in traditional career fairs

During 2017, the FHLBNY employed 330 regular employees. The distribution of men (54%) and women (46%) was fairly balanced and has been for several years. The diversity of the Bank’s workforce is also very strong.  When combined, employees who identify themselves as Asian, Black or African American, and Hispanic or Latino make up 57% of our workforce.

diversity infographic

Here are highlights of the outcomes in 2017:

  • The FHLBNY took action to promote Board diversity. In its 2017 Director Election Announcement Package, a message encouraged members to consider diversity in nominating and electing qualified individuals to member and independent directorship positions. Subsequently, the FHLBNY received five applications to fill two open positions: three were from women and two were from incumbent male Directors (one of whom was a Black or African American male). The Board nominated the two incumbent candidates for the two Independent Directorships to be filled for terms beginning on January 1, 2018 and both nominees were elected.
  • The FHLBNY’s Board of Directors approved specific aspirational targets to help the Bank on a "best efforts basis" to measure progress over a three-year period towards achieving our objectives to enhance the number of Black or African American, Hispanic or Latino, and qualified disabled individuals at the Bank.
  • The FHLBNY took a variety of actions to expand its ability to reach a diversified applicant base, including hiring a Diversity and Inclusion Outreach Business Partner; participating in three virtual diversity career fairs; utilizing diverse employment agencies; placing postings on diversity-based websites; attending diversity and women job fairs in the New York Metropolitan area; participating in diversity and women-based networking groups; and maximizing its recruiter’s seat on LinkedIn.


FHLBNY expenditures among Minority, Women, and Disabled-Owned Businesses, which have been trending higher since 2014, reached $7.94 million in 2017

In regard to procurement, the 2017 Diversity and Inclusion Plan called for the FHLBNY to enhance its outreach efforts to Minority, Women, and Disabled-Owned Businesses (MWDOB), conduct educational meetings/sessions, enhance opportunities for MWDOBs to compete and bid on business with the Bank, and set aspirational spend targets among MWDOBs.

diversity infographic

Here are highlights of the outcomes in 2017:

  • The FHLBNY’s Board of Directors approved specific aspirational targets to help the Bank on a “best efforts basis” to measure progress over a three-year period towards achieving our objectives related to annual MWDOB spend as a percentage of total spend.
  • The FHLBNY had 920 active vendors and recorded expenditures with 424 vendors, of which 37 were MWDOBs.
  • The FHLBNY’s total expenditure for the year was approximately $54.19 million, of which $7.94 million was among MWDOBs. This was an increase from 2016 expenditures of $4.86 million and has been trending higher since 2014.
  • During 2017, existing definitions for Sole Source and Preferred Vendor were enhanced, a new category of Rush Order was developed, and the list of exclusions to spend and contract language was refined.
  • As part of Vendor Outreach activities, the FHLBNY conducted sessions with nine MWDOBs, and partnered with Contract Owners to process 270 engagements for purchase of goods and services. Of those engagements, 192 bid opportunities were provided to MWDOBs and 94 (49%) were awarded to them.
  • The FHLBNY continued to build on its effort to support and promote MWDOB activities by attending and hosting a variety of events throughout the year.

Capital Markets – Funding & Investments

The FHLBNY achieved dramatic increases in execution of business with MWDOBs across both the liability and asset sides of the balance sheet in 2017

The FHLBNY had another strong year of building and strengthening relationships as well as executing business with MWDOBs in 2017 on both the liability and asset sides of the balance sheet. The 2017 Diversity and Inclusion Plan called for the Bank to make specific efforts in several areas related to Capital Markets, including governance, outreach and education, opportunities, and reporting. In addition, The Board of Directors approved aspirational targets designed, on a best efforts basis, to measure progress in increasing the historical yearly average activity in 2018 for outreach, education and opportunity and to increase asset and liability trade touchpoints with MWDOBs.

Highlights of the outcomes during 2017 include the following items:

  • The FHLBNY witnessed an increase of 90% over last year in purchases of Mortgage Backed Securities (“MBS”) and Housing Finance bonds (HFA) from MWDOBs as it purchased $343 million of MBS/HFA; up from the $195 million purchased in 2016.
  • The FHLBNY issued $7.7 billion of Discount Notes and Negotiated Bonds, a 43% increase over last year’s $5.4 billion. In addition, the total issuance amount by the FHLBNY to MWDOBs for 2017 was $39.2 billion, a 104% increase over 2016’s total of $19.2 billion.
  • The FHLBNY purchased $1.9 billion of bonds, of which 32% came from a MWDOB firm.
  • The FHLBNY continued its effort to work with dealers and the other GSEs to develop ways to include more MWDOBs in MBS and HFA transactions and did its first Municipal Bond trade with a MWDOB.
  • The FHLBNY accomplished many outreach activities, including daily efforts and special events. For example, the FHLBNY reinforced contact with MWDOBs through phone calls, emails, Bloomberg messages, a conference panel and in-office visits and outings with several MWDOBs and lobbying outside firms to include MWDOBs in a number of deals.

Affordable Housing and Community Lending Programs

The FHLBNY’s multi-faceted approach to promoting affordable housing and community lending included special efforts to reach Native American tribes and involve employees from other departments across the Bank

The FHLBNY’s Second District is one of the most diverse in the country in terms of ethnicity, race, and economic status. The major cities in New York State (New York City, Albany, Buffalo, Rochester, Syracuse) and New Jersey (Camden, Elizabeth, Newark, Trenton) are prime examples. The district also includes the rural areas of Upstate New York, northern and southern New Jersey, and the central parts of Puerto Rico – areas where the population’s needs are quite different from those in the urban centers. By virtue of their design and eligibility criteria, the Bank’s affordable housing and community lending programs have a direct impact on very low- and low-income residents.

Below are highlights of efforts and achievements during 2017.

  • The FHLBNY’s community investment team undertook thorough review of the competitive Affordable Housing Program (“AHP”), including a survey of programs at the other Federal Home Loan Banks, extensive outreach with community groups and other stakeholders in the district, and consultations with industry experts, and gained a better understanding of unmet needs in the district. As part of this effort, team members made contact with all eight federally recognized Native American tribes in New York State to promote the AHP and learn about specific challenges tribes and their affiliated housing entities might face in submitting applications.
  • The AHP team led a training on the AHP for members of tribes from across the Eastern U.S., including those in New York State, at a program hosted by the Department of Housing and Urban Development’s Office of Native American Programs. Also, together with five other Federal Home Loan Banks, the FHLBNY sponsored and attended the National Indian Housing Council’s annual convention. Since these discussions and other activities began, the FHLBNY awarded its first AHP grant to a tribal housing project, the Akwesasne Housing Authority’s Sunrise Acres III supportive housing project.
  • Throughout 2017, colleagues across the FHLBNY became engaged in the AHP mission. AHP team members addressed residents and other community members at celebratory events such as ground-breakings and grand openings. For the first time, community investment team members were joined by colleagues from across the Bank, who heard first-hand about the impact of the Bank’s housing programs, including testimonies from project residents about the value of safe, affordable housing. The Bank’s marketing team shared these experiences on the Bank’s LinkedIn page to show potential employees and others the inclusive nature of the housing programs.
  • The FHLBNY welcomed two new members to its Affordable Housing Advisory Council, both women and members of minority groups. They joined five other women on the Council, including its chair. Women now account for half of the Council’s members.