COVID-19 UPDATES

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 Reports from the FHLBNY President, José R. González:
July 2, 2020 — A Vital Conversation

May 7, 2020 — FHLBNY to Accept PPP Loans as Eligible Collateral

April 1, 2020 — Stability in a Crisis

March 13, 2020 — Novel COVID-19 update

FHLBNY Important Announcements

Collateral Guide Update

Paycheck Protection Program Loans are Now Eligible Collateral

On April 23, 2020, the FHLBNY’s regulator, the Federal Housing Finance Agency (FHFA), provided guidance on the Federal Home Loan Banks’ acceptance of Paycheck Protection Program (PPP) loans as collateral, subject to certain parameters. As part of our COVID-19 relief efforts, we are pleased to announce that the FHLBNY will accept PPP loans as eligible collateral from member institutions, subject to certain criteria relating to the FHFA’s guidance and the FHLBNY’s own internal review processes. This change is effective as of May 7, 2020.

To determine if your institution is eligible to pledge these loans as collateral, please contact your Relationship Manager at (212) 441-6700, or Anthony Kobel, manager of the FHLBNY’s Collateral Analysis Group, at (201) 356-1069.

The Pledge Form for this collateral type can be found here. It is our hope that by accepting this collateral, we remove some of the challenges our members may face in this area, and make it easier to keep funding flowing into the communities we all serve.

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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. View the most recent announcements regarding the potential impact of COVID-19 in the sidebar on this page.

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 January 15, 2021. 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.