Membership Application Checklist
The following is a list of forms, applications and documents that are required for membership at the FHLBNY.
Please submit the following documents required for membership application:
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 Worksheets for applicants that do not file a FFIEC Call Report. 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. Depository institutions must have a minimum 3 composite rating to apply for membership.
7. If applicable, provide Community Reinvestment Act Performance Evaluation, if unavailable, informal or preliminary CRA performance evaluation.
8. If you are not subject to the CRA or do not have a satisfactory CRA rating, provide a home financing policy written justification, on your letterhead, detailing the following:
- How and why your home financing policy is consistent with the FHLB System’s housing finance mission; and
- How and why your home financing credit policy and lending practices meet the credit needs of your community.
9. Copy of written notification to primary regulator or CDFI Fund indicating your intent to join FHLBNY.
10. If you intend to pledge mortgages as collateral, submit loan data through FHLBNY File Transfer Service.
11. 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 institution’s letterhead, detailing specifically how your home financing credit policy and lending practices include originating or purchasing home mortgage loans with a 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.
Please also submit the following documents:
1. Business plan.
2. Asset/Liability management and interest rate risk policy.
Please contact a Relationship Manager at (212) 441-6700 or John Brandon at (212) 441-6884 if you need assistance with the forms.