Insurance Companies

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. Copies of Certificate of Incorporation and CDFI Fund Certification for state-chartered non-NCUA insured CDFI credit unions, CDFI loan fund or CDFI venture capital fund. If the CDFI Fund Certification is more than 3 years old, provide a written statement, on your letterhead, attesting that there have been no material events or occurrences since the date of certification that would adversely affect your strategic direction, mission or business operations.
4. Preliminary/Eligibility Worksheets for applicants. In addition, insurance companies should also provide the latest NAIC authorized control level risk-based capital requirements and ratio. CDFIs should provide regulatory financial reports.
5. Latest two Audited Financial Statements. If Audited Financial Statements are unavailable, submit the following, in the order of preference: 1) CPA conducted Directors’ Examination; 2) External Auditors’ Review of Financial Statements; 3) External Auditors’ Compilation of Financial Statements; 4) Independent Accounts’ Report on Applying Agreed-Upon Procedures. If applicable, Management Letter and Response. If applicable, holding company’s Annual Report, Forms 10-K and 10-Q.
6. If applicable, provide management response to the latest Safety and Soundness Examination Report.
7. If applicable, provide Community Reinvestment Act (CRA) Performance Evaluation, if unavailable, informal or preliminary evaluation.
8. If you are not subject to the CRA (insurance companies, credit unions and non-depository CDFIs), please provide the following two documents (collectively known as the Home Financing Policy):
   1. 1. 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.
      2. Written justification letter, on company letterhead: include 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.
9. Please provide the name of the regulatory contact and their e-mail address for FHLBNY to confirm nonobjection to applicant becoming an FHLBNY member.
10. Member Attestation Form – to be sent electronically by FHLBNY to applicant. Once completed, applicant can return form electronically.
11. If your charter approval date is within 3 years of the date we receive your application, provide the following:
    1. 1. Business Plan for Charter Application; and
       2. 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.
12. 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.

For assistance, please contact a Relationship Manager at (212) 441-6700.