Update to Collateral Eligibility Requirements for All Member Financial Institutions
The Federal Home Loan Bank of New York (FHLBNY) is pleased to announce a change to our collateral eligibility requirements for all member financial institutions.
The FHLBNY will accept split-rated, private label commercial mortgage backed securities (PL CMBS) as collateral to secure all extensions of credit. Previously, the FHLBNY’s eligibility criteria for PL CMBS collateral required a minimum “AAA” rating across all nationally recognized statistical rating organizations (NRSROs).
Eligible split-rated PL CMBS must carry at least one “AAA” rating and a minimum rating of any form of “AA” (i.e., AA+/-). The FHLBNY acknowledges ratings from Fitch, Moody’s, Standard & Poors, DBRS, Morningstar and Kroll. Additionally, split-rated PL CMBS will be subject to a pipeline delinquency screen and must carry a readily ascertainable price.
If you would like more information on PL CMBS eligibility or to learn more about pledging these types of securities, please visit the collateral guide or contact a Relationship Manager at (212) 441-6700.
FHLBNY Announces Results of 2023 Board of Director Elections
Dividend Announcement 3Q23: FHLBNY Declares a 9.50% Dividend for the Third Quarter of 2023
Coming Soon: The 2023 Small Business Recovery Grant Program
Enhancements to the Refundable Municipal Letter of Credit for Members Participating in the New Jersey Department of Banking and Insurance GUDPA Program
1Link® Migration: Phase I – Interim Access Portal