Federal Home Loan Bank of New York Joins
Council of Home Loan Banks
Contact: Eric Amig - 212 441-6807 |
May 20 , 2003 |
New York, New York - At its May meeting, the Board of Directors of the Federal Home Loan Bank of New York voted unanimously to join the Council of Federal Home Loan Banks. The Council is a trade association of the Federal Home Loan Bank System located in Washington, D.C., now representing 11 of the 12 Federal Home Loan Banks.
"We are delighted to join the Council," said Atwood Collins, III, Chairman of the Federal Home Loan Bank of New York and Executive Vice President of Manufacturers and Traders Trust Company, Buffalo, New York. "The Council is a policy shaper in Washington. This organization has a proven track record of ensuring that the policymakers on Capitol Hill and in the Administration are given the complete facts."
"We need to take a long-range view of the many important issues facing the FHLBank System," said Ches Brooks, Chairman of the Council and Chairman and CEO of Omnibank, N.A., Houston, Texas. "Having New York as a member of the Council will really enhance our ability to address those issues and meet the needs of our 8,000 member financial institutions."
The Federal Home Loan Bank of New York is a AAA-rated, Congressionally-chartered, $98 billion wholesale Bank. It is part of the Federal Home Loan Bank System, the national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank of New York serves 300 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.
The FHLBanks are a government-sponsored enterprise (GSE) created in 1932 to ensure affordable housing for all Americans. Today they also provide funding for small business, rural and agricultural loans. 8,041 community financial institutions around the country are members of the Federal Home Loan Bank System. The Council of Federal Home Loan Banks is headquartered in Washington, D.C., and represents the FHLBanks of Atlanta, Boston, Cincinnati, Dallas, Des Moines, Indianapolis, New York, Pittsburgh, San Francisco, Seattle and Topeka.