Corporate Governance

About the FHLBNY’s 2025 Director Election

Director Election Announcement packages containing Member Director nomination certificates and other related information regarding the 2025 Director Election process were electronically transmitted to all eligible stockholders in our District on July 14, 2025. One Member Director seat representing New Jersey members, one Member Director seat representing Puerto Rico/U.S. Virgin Islands members, and one Independent Directorship seat will be up for election later this year for four-year terms that will each begin on January 1, 2026.

• A list of key dates in this year’s election is available here: List of Key 2025 Election Dates.
• A link to the Director job position description is here: Director Job Position Description.

Nomination Certificates for Open Member Director Seats

Nomination certificates for the two open Member Director seats must be electronically submitted by no later than 5:00 p.m. ET on August 13, 2025.

Independent Director Application Forms

Persons who are interested in being considered for nomination for the Independent Director seat on the FHLBNY’s Board of Directors must first submit an Independent Director Application Form to the FHLBNY. An executed copy of the Application Form must be submitted via email to [email protected] by no later than 5:00 p.m. ET on August 13, 2025. Please note that all Application Form submissions must include a resume.

A copy of the Application Form is available here: Federal Home Loan Bank Independent Director Application Form. Please use a full-featured PDF app for best results when inputting material.

To serve as an Independent Director, an individual must be a citizen of the United States and a resident of the Bank’s District (which includes New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands). What this means is that either:

1. The Independent Director candidate’s principal residence is located in the Bank District; or, if this is not the case,
2. The Independent Director candidate owns or leases in their own name a residence in the Bank District and in addition is employed in the Bank District.

Residency requirements are subject to strict scrutiny and review, and supporting documentation may be requested to substantiate that the Independent Director applicant satisfies these residency requirements.

An individual may not serve as an Independent Director if they (or the individual’s spouse) are an officer of any Federal Home Loan Bank or a director, officer, or employee of any member of the FHLBNY or of any recipient of advances from the FHLBNY, subject to certain exceptions for positions with holding companies.

In addition, individuals must either:

✓  have knowledge of, or experience in, one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law; or

✓  have more than four years of experience representing consumer or community interests in banking services, credit needs, housing, or consumer financial protections. Directors with these particular qualifications are called “Public Interest Directors”, which constitute a subset of the Independent Directors. The Board is required to have at least two Public Interest Directors at all times. Two of the current Independent Directors on the FHLBNY’s Board have been designated by the Board as Public Interest Directors. That said, the FHLBNY particularly welcomes submissions from persons who could qualify to serve on the Board as Public Interest Directors. Please note that qualifying experience in one of these four areas may have been acquired in professional, public service, or volunteer positions, so long as the work done was substantial in terms of time commitment and responsibility. Further, the experience must have involved advocating for, or otherwise acting primarily for the direct benefit of, consumer or community interests in one of the four areas. Also, the experience must have accrued from activities personally undertaken by the individual seeking nomination as a Public Interest Independent Director, as opposed to being attributed based solely on the activities of an organization with which the person was associated.

In reviewing nominations, the FHLBNY’s Board will consider whether the nominee’s knowledge or experience is commensurate with that needed to oversee a financial institution with the size and complexity of the FHLBNY.

Certain incumbent Independent Directors whose terms will expire or whose seats will be eliminated at the end of 2025 will also be considered for nomination to run for the open Independent Director seat.

Regarding Board Diversity

Like the FHLBNY itself, the FHLBNY’s Board of Directors consists of a talented group of dedicated individuals that benefit from, among other things, having diverse skills and backgrounds, and we expect that this will continue in the future. As you consider Member Director candidates to possibly nominate, please remember that officers at member institutions serving below the CEO level and all directors, not just the board chair, are eligible to serve on the FHLBNY’s Board. We also ask that you encourage qualified candidates outside your institution to consider applying for the open Independent Director seat. Your participation in this year’s Director election process is greatly appreciated and will help continue to keep the Board and the FHLBNY strong.

For more information, Director Election questions can be sent to Ronald Crawley, the FHLBNY’s Associate General Counsel, at [email protected].