Memorandum
DATE: May 1, 2007
TO: Federal Home Loan Bank of New York Members
FROM: Paul B. Héroux
Head of Member Services
RE: Member Products Guide and Correspondent Services Manual
The Federal Home Loan Bank of New York (“HLB”) has updated its Member Products Guide (the “Guide”), its Correspondent Services Manual (the “Manual”), and Credit and Correspondent Fee Schedules effective May 1, 2007.
The Guide details the HLB’s credit and collateral standards. The Guide can assist you in finding helpful information on matters such as the requirements for advance borrowings, eligible collateral types, and service fee schedules.
The Manual describes the HLB’s correspondent services and associated program guidelines. The Manual provides helpful information on services such as 1Linksm, our secure internet banking system, Funds Transfer and Securities Safekeeping services, Overnight Investment Accounts, and service fee schedules.
Both the Manual and the Guide can be found on 1Link by clicking on the ‘Manuals and Guides’ tab. These documents are updated as needed throughout the year. The newly published versions of the Guide and the Manual reflect the most recent changes to HLB products and services.
Below are brief descriptions of the more substantive changes to the Member Products Guide:
- Prepayment of Advances (pages 17-31)
- Convertible Advances that are prepaid but immediately replaced with new equivalent Convertible Advances will use the LIBOR Curve as the ARR rather than the HLB COF.
- Collateral Guidelines (pages 36-56)
- Pledging of Collateral Purchased from, Serviced or Held by Parties other than Member: ‘Due diligence’ reporting responsibilities outlined
- Collateral Categories: “Listing & Segregation” Requirements updated
- CAMS Data Format: Notification of credit score requirement in collateral reporting.
- Fee Schedules (page 56-61)
- The fee schedules have been updated for 2007. Collateral fee schedule: Explanation of “Unscheduled Data Processing” fees.
- Correspondent Services: Note to customers regarding international wire fees charged by other institutions.
Below are brief descriptions of the more substantive changes to the Correspondent Services Manual:
- Funds Transfer (pages 35-48)
- International Wires Out: new description and instructions added.
- See revised ‘Cut-Off Times’ under the Wire Transfer Authorization and Agreement Terms and Conditions.
- Revised: Customer Domestic and International Repetitive Form
- Appendix E: Correspondent Services Fee Schedule (pages 66-67)
- The current 2007 fee schedule, effective May 1, 2007.
All questions may be directed to me at (212) 441-6808 or Jim Bernard, Vice President/Director Credit & Demand Services, at (212) 441-6721.