COVID-19 UPDATES
FHLBNY COVID-19 Updates and Resources
Amid the global Novel Coronavirus (COVID-19) pandemic, the stability and reliability of our franchise is paramount to the value we offer our members. In any and all operating environments, the FHLBNY is focused on remaining a reliable partner and source of information to our members.
To help your institution better prepare and respond to this evolving situation, we will keep this page updated as a dedicated resource for important member updates and curated information. Should you have questions, please refer to our key contacts.
Special Report from the President (March 13, 2020)
Read the Novel COVID-19 update from FHLBNY President and CEO José R. González.
FHLBNY Important Announcements
Annual Membership Stock Calculation – Response Required by March 30, 2020
As a reminder, please return your capital stock verification forms by March 30. The purchase or repurchase of capital stock will take place on April 3. For your convenience, this year’s membership capital stock communication was e-mailed to you as well. If you have any questions, please email [email protected] or call the Member Services Desk at (212) 441-6600.
Collateral Guide Update
The FHLBNY will provide additional support to our members through the acceptance of mortgage loans that have been extended forbearance by our members. Please contact your Relationship Manager or Collateral Analysis at [email protected] to ensure that your proposed forbearance programs fall within the approved parameters. To view the Collateral Guide, click here.
LIBOR-SOFR Transition Guidance Update
On March 16, 2020, the FHFA extended to June 30, 2020 the FHLBanks’ ability to enter into LIBOR-based instruments that mature after December 31, 2021, except for investments and option embedded products. To view the full bulletin, click here.
Mortgage Partnership Finance™ (MPF) Program Update
MPF periodically issues announcements and updates on the MPF products, published through All Regs, an online service that publishes various mortgage lending industry resources and the MPF website. The most recent announcement provides an update regarding the potential impact of COVID-19.
April 1, 2020 — The FHLBNY will waive delivery commitment extensions fees for delivery commitments expiring from April 1, 2020 to April 15, 2020. The delivery commitment may be extended for no more than a total of 30 days, and the waiver process will be a rebate at month-end for fees charged.
Municipal Letter of Credit (MULOC) Process Update
In supporting our members municipal deposit programs, the FHLBNY has instituted an alternate MULOC process, as many beneficiaries’ staff may not be in the office to receive overnight mail. If you would like additional information, please call your Relationship Manager at (212) 441-6700.
Wire Transfer Personal Identification (PIN) Renewal
To ensure that our members do not experience any disruption in initiating telephone wire transfers, and to stay ahead of member users’ PIN expiry, the Bank sent via overnight mail those “PIN Mailers” for those member users whose PIN is set to expire by mid-July, 2020. As part of our security protocol, a PIN is one of the security requirements to perform a wire transfer transaction telephonically. As some members may have activated their Business Continuity plans, the Bank will accept electronically the signed PIN mailer signature form saved as a PDF. Please ensure that those staff who receive a “PIN Mailer” sign and return the appropriate portion to [email protected]. If you have any questions, please contact the Electronic Payments Group at (800) 824-2426.
Regulatory Guidance and Resources
Federal Housing Finance Agency
Mortgage help for homeowners impacted by the COVID-19.
Federal Emergency Management Agency (FEMA)
FEMA’s response to COVID-19.
NY Department of Financial Services
Industry guidance, information and measures New Yorkers can take to keep safe.
Office of the Comptroller of the Currency (OCC)
OCC’s response to COVID-19.
State of New Jersey Department of Banking and Insurance
Department resources, bulletins, and latest press releases regarding the COVID-19 outbreak.
If you are a member and have any questions on the potential impact of COVID-19 to your institution, we are here to help. Please contact a Relationship Manager at (212) 441-6700
or a Member Services Representative at 1-800-546-5101, option 1.
Note: It is not the role of the FHLBNY to provide advice on which advances, if any, should be submitted for modification. Therefore, entire portfolios cannot be submitted for analysis, and each modification request must be identified individually by an advance number.
Disclaimer: Notwithstanding any language to the contrary, nothing contained in these disclosures is intended to constitute an offer, inducement, promise, or contract of any kind. Any product descriptions and pricing may be subject to change without notice.
The content provided in these disclosures is presented as a courtesy to be used only for informational purposes and is not represented to be error free. The FHLBNY makes no representations or warranties of any kind with respect to the content contained herein, such representations and warranties being expressly disclaimed. The FHLBNY is not a financial or investment advisor.
Moreover, the FHLBNY does not represent or warrant that the content of these disclosures is accurate, complete or current for any specific or particular purpose or application. It is not intended to provide nor should anyone consider that it provides legal, accounting, tax or other advice. Such advice should only be rendered in reference to the particular facts and circumstances appropriate to each situation. The FHLBNY encourages you to contact appropriate professional(s) and consultant(s) to assess your specific needs and circumstances and to render such advice accordingly. In addition, the FHLBNY is not endorsing or recommending the use of the means or methods contained in or through these disclosures for any special or particular purpose.
It is solely your responsibility to evaluate the risks or merits of any funding or investment strategy. In no event will FHLBNY or any of its officers, directors or employees be liable for any damages — whether direct, indirect, special, general, consequential, for alleged lost profits, or otherwise – that might result from any use of or reliance on these materials.