2020 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’s 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^®, our 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 12/2020 include:

Updates to the following sections:

Acquired Member Assets Program (AMA):

The Mortgage Partnership Finance^® (MPF^®) Program section header was renamed to Acquired Member Assets (AMA) Program. This section was updated to include the implementation of the Mortgage Asset Program (MAP^sm) and the credit enhancement for a loan sale into MAP (page 13).

Where applicable throughout the Guide, MPF was renamed to AMA, which is inclusive of both MPF and the newly launched MAP.

Capital Stock Requirements: The Guide was updated to reflect the two amendments to the FHLBNY’s Capital Plan (Plan) effective October 2, 2020 (page 13-15):

Requiring in the 1st Quarter of 2021 an Activity-Based Capital Stock Purchase Requirement for all new and renewing Letters of Credit, and

Limitations on Redemptions and Repurchases for Activity-Based Capital Stock.

Summary of Max Lendable Value: Added footnote to “Agency and US Treasury Securities” to reflect that these securities must be either issued, insured, or guaranteed by the U.S. government or agency thereof (page 47).

Remaining changes were confirming in nature.

Changes to the Manual effective as of 12/2020 include:

Updates to the following sections:

Member and FHLBNY Obligations in Connection with 1Link and 1LinkSK: Updated sub-section “Member’s Access to 1Link and 1LinkSK” to clarify access to the FHLBNY must be through a domestic IP address only (page 8).

User Registration: Updated sub-section “Acknowledgement of the GAF” to expand the individuals who may execute the GAF to include the Board Secretary, President, or CFO in addition to the Corporate / Assistance Corporate Secretary (page 14).

Throughout the Manual, “authorized employee” has been renamed to “authorized representative” and where applicable MPF was renamed to AMA, which is inclusive of both MPF and the newly launched MAP.

Remaining changes were confirming 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).

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
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.