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Membership Eligibility Test

Is your financial institution (a savings and loan association, savings bank, commercial bank, credit union, or insurance company) duly organized under the laws of the United States, the State of New York, the State of New Jersey, the Commonwealth of Puerto Rico, or U.S. Virgin Islands?

• If your answer is "Yes", proceed to the next question.
• If your answer is "No", unless the designated principal place of business of your institution is the State of New York, the State of New Jersey, the Commonwealth of Puerto Rico, or U.S. Virgin Islands, your institution is not eligible for membership in the Federal Home Loan Bank of New York.

Note: To designate a state other than the state where your institution maintains its home office as its principal place of business, your institution has to maintain, locate or hold at least 80 percent of its accounting books, records and ledgers in such designated state; conduct a majority of meetings of its board of directors and constituent committees in such designated state; and the place of employment of a majority of its five highest paid officers is located in such designated state.