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Bulletin 17

Update to the Member Products Guide & Correspondent Services Manual

The Federal Home Loan Bank of New York 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, etc.)

Both documents can be found by signing on to 1Link®, our internet banking system and clicking on the ‘Manuals and Guides’ tab. The Guide is updated as needed throughout the year. The newly published version of the Guide reflects changes to FHLBNY’s products and services.

The more substantive changes to the Guide include: approval for Insurance Companies and Non-depository Community Development Financial Institutions (CDFIs) to pledge 1st lien mortgage collateral; clarification for Advance requests for CDFI’s; and temporary increase to Safekeeping Services fee “on-line” transaction discounts. Below are brief descriptions of the most significant changes:

Max Lendable Value (pg. 44)
This section has been enhanced to specify the maximum lendable values assigned to pledged collateral from specific types of member institutions (Insured Depository Institutions, Insurance Companies, and CDFIs.)

Advances to Non-depository Community Development Financial Institutions [CDFIs] (pg. 9-10)
This section has been added to the MPG in order to clarify the steps required when a CDFI Member requests an Advance from the FHLBNY.

Correspondent Services Fees (MPG – pg. 60 / CSM – pg. 51)
Effective June 1, 2015, FHLB is implementing a temporary change to the Credit and Correspondent Services Fees as follows:

Safekeeping Services:
Beginning on June 1st and running through December 31st, an additional discount of $5 per transaction will be applied to Purchases / Sales transactions initiated by Members using the 1LinkSK® Self-Service feature. The per-transaction discount credit for these “on-line” transactions will be increased from $10 to $15. No other fees changes were made.

If you have any questions about the FHLBNY’s Credit, Collateral or Correspondent Services fees, please contact your Relationship Manager at (212) 441-6700.

Flexible funding structures at favorable rates and terms

Access to low-cost funds at favorable terms for the end loan recipient

Ability to match terms of the end loan to the customer to help hedge interest rate risk

Enhance CRA performance

Simple application process — members can apply for a project or program-specific commitment

Responsive commitment process — the member controls the funding

Upfront transactions — no hidden penalties

Established program since 1989 with $9.3 billion committed and $8.2 billion funded (as of 12/31/2015)

09/28/2022

2022 Update to MPG & CSM: Member Products Guide & Correspondent Services Manual

09/23/2022

Reintroducing Putable Advances, Fixed-Rate Advances with SOFR Cap and ARC Advances with Cap/Floor

07/05/2022

FHLBNY Affordable Housing Advisory Council Open Nomination Period

06/24/2022

Amendment to the FHLBNY Capital Plan Appendix Effective August 1, 2022

04/07/2022

Wire Transfers Migration to 1Link-IPR

01/24/2022

FHLBNY Announces Enhancements to the Rebate Program for Advances

01/03/2022

2022 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

12/03/2021

Updates to the 2022 Fee Schedules

08/24/2021

Important Announcement for Community Lending Programs Users

07/28/2021

An Enhancement to our Callable Adjustable Rate Credit Advance (Callable ARC)

07/20/2021

RSA SecurID® for 1Link-IPR Coming Soon

07/14/2021

Important Announcement Regarding the Upcoming FHLBNY Homepage Update

07/02/2021

FHLBNY CICA Disaster Relief Funding Update

04/14/2021

Enhancements to the Refundable Municipal Letter of Credit for Members Participating in the New Jersey Department of Banking and Insurance GUDPA Program

03/01/2021

Notice of FHLB Members Selected For Community Review (Effective March 1, 2021)

02/10/2021

FHLBNY Capital Stock Purchase Requirement for Letters of Credit (Effective March 1, 2021)

02/10/2021

2021 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

12/03/2020

2020 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

09/02/2020

Amendments to the FHLBNY Capital Plan (Effective October 2, 2020)

07/30/2020

FHLBNY CICA Disaster Relief Funding: Eligibility Expansion

05/15/2020

Update to the Member Products Guide

06/01/2020

Enhancements to the Refundable MULOC Product

04/23/2020

FHFA Provides Guidance on PPP Loans

01/03/2020

1Link® Migration: Phase I - Interim Portal Roll-out

12/31/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual (for Jan 2020)

12/17/2019

1Link® Migration: Phase I – Interim Access Portal

11/06/2019

Announcing the Callable Adjustable Rate Credit Advance Pilot Program

09/27/2019

FHLBank System Regulator Provides LIBOR Transition Guidance

06/04/2019

SOFR ARC: FHLBNY is pleased to announce the expansion of the SOFR-Linked ARC Advance Program

03/26/2019

Notice of Federal Home Loan Bank Members Selected For Community Review (March 26, 2019)

01/31/2019

Introducing the Homebuyer Dream Program: A New First-Time Homeowner Grant Program

01/24/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

01/04/2019

Announcement of Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security (UMBS)

11/28/2018

Updates to the 2019 Fee Schedules: In our continued effort to provide excellent service to our Members and maintain our focus on the core business of providing liquidity we are pleased to announce further streamlining of ancillary fees.

11/19/2018

The SOFR-Linked Adjustable Rate Credit Advance: The Federal Home Loan Bank of New York is pleased to announce the launch of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance.

10/10/2018

Nominations for AHAC: The Federal Home Loan Bank of New York (FHLBNY) is now accepting nominations for the FHLBNY’s Affordable Housing Advisory Council.

10/09/2018

A New Housing Program: A new first-time homeowner grant program is coming in mid-2019.

07/27/2018

D&I Status Report Highlights: In 2017, the FHLBNY made significant achievements in diversity and inclusion. These achievements are captured in our 2017 Diversity & Inclusion Status Report.

05/07/2018

AHP Proposed Rule: The FHFA has issued a Proposed Rule that calls for a number of changes to the AHP. We believe that many of these proposed changes will present significant challenges to our members, housing partners and other community stakeholders, and could impact how affordable housing is funded across our region.

04/20/2018

Member Products Guide & Correspondent Services Manual Update: The FHLBNY has updated its Member Products Guide and the Correspondent Services Manual. The Guide and Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist members in finding helpful information on the FHLBNY's Business Lines.

04/05/2018

Affordable Housing Program 2018: The Federal Home Loan Bank of New York is pleased to announce that approximately $45 million in housing grants will be available for the Affordable Housing Program 2018 Competitive Round.

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