Credit Unions

1. Original FHLBNY Membership Application.
2. Original Membership Forms & Agreements (refer to HLB-100).
3. Copy of Charter/Organization Certificate/Certificate of Authority. If applicable, copy of Certificate(s) of Name Change, and copy of Certificate of Incorporation.
4. Preliminary/Eligibility Worksheets for applicants.
5. Latest two annual Audited Financial Statements in GAAP in Spanish and English.
6. If applicable, provide management response to the latest COSSEC regulatory Report of Examination(s).
7. Please provide the following two documents (collectively known as the Home Financing Policy)
   • Housing, community and economic development nexus document, on company letterhead: include excerpts from any lending and/or investment policies or other applicable policies. Provide copies of any lending and investment policies with the membership application package.
   • Written justification letter, on company letterhead: include the quantities/amounts of the different categories that are detailed in the home financing policy document (mortgage lending, investments, insurance products, educational resources or charitable contributions, etc.) that are applicable to your institution.
8. Please provide the name of the regulatory contact and their e-mail address for FHLBNY to confirm nonobjection to applicant becoming an FHLBNY member.
9. Member Attestation Form – to be sent electronically by FHLBNY to applicant. Once completed, applicant can return form electronically.
10. If your charter approval date is within 3 years of the date we receive your application, provide the following:
    • Business Plan for Charter Application; and
    • Makes long-term home mortgage loans written justification, on your letterhead, detailing specifically how your home financing credit policy and lending practices include originating or purchasing home mortgage loans with an original term to maturity of 5 years or greater
11. If you were involved in a significant merger in the last 6 quarters, provide combined regulatory financial reports. If the merger is expected in the next 2 quarters, provide pro forma combined financial statements.
12. For Puerto Rico-chartered Non-Federally-Insured Credit Union applicants the following are also required:
    • Required to provide conversion of all applicable annual audited metrics to GAAP in English.
    • At the time of membership and on a continuous annual basis, each applicant must attest they are in compliance with COSSEC Regulation 8665, Article 2.18.2. The auditor must be peer reviewed by the Colegio de Contadores Públicos Autorizados de Puerto Rico (“Colegio de CPA de PR”), and have received a “pass” rating on their most recent review conducted by the Colegio de CPA de PR.
13. All Non-Federally-Insured Credit Union applicants must also submit one of the following in order to deem the membership application file complete:
    • A written statement from the applicant's appropriate State regulator that the applicant met all of the eligibility requirements for Federal share insurance as of the date of the request sent; or
    • A written statement from the applicant's appropriate State regulator that it cannot or will not make a determination regarding the applicant's eligibility for Federal share insurance; or
    • A written statement from the applicant, prepared no earlier than the end of the six-month period beginning on the date of the request, certifying that the applicant did not receive from its appropriate State regulator within that six-month period either a response as described above or a response stating that the applicant did not meet all of the eligibility requirements for Federal share insurance as of the date of the request.

Please contact Alexies Sornoza at (212) 441-6708 or the Membership Team at (212) 441-6787 if you need assistance with the forms.