2021 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

The Federal Home Loan Bank of New York (“FHLBNY”) has updated its Member Products Guide (“Guide”) and the Correspondent Services Manual (“Manual”). The Guide and the Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist you in finding helpful information on FHLBNY product and services matters (e.g. requirements for advance borrowings, eligible collateral types and service fee schedules).

Both documents can be found by signing on to 1Link®, the FHLBNY’s internet banking system, and clicking on the ‘Manuals and Guides’ tab. The Guide and Manual are updated as needed throughout the year.

Changes to the Guide effective as of 2/2021 include:

Updates to the language that define Large Member Borrowers and their corresponding credit limits, which replaces the section relating to “Members who are the principal operating banking subsidiary of Global Systemically Important Bank (page 8).

Clarification that the FHLBNY offers SOFR-Linked Advances (page 18).

Approval of Participation Certificates for Mortgage Loans Held in a Trust outlines specific requirements for pledging participation certificates for mortgage collateral held in a trust (page 41).

Confirmation that no Fee changes have been made for 2021 (Appendixes 1-3).

Remaining changes were conforming in nature.

Changes to the Manual effective as of 2/2021 include:

Updates to the accepted Signatures on the GAF (page 14).

Remaining changes were conforming in nature.

If you have any questions about the FHLBNY’s Manual or Guide, please contact your Relationship Manager at (212) 441-6700, or the Member Service Desk at 1-800-546-5101 (option 1).

Thank you for your support.

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This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.