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Bulletin 21

FHLBNY Announces Rebate Program for Advances

The Federal Home Loan Bank of New York (the “FHLBNY” or the “Bank”) is pleased to announce an advance prepayment Rebate Program. Under the Rebate Program, which represents a new enhancement to our current advance prepayment methodology, the FHLBNY will provide members with a cash rebate on a portion of the fees paid relating to the early extinguishment of Eligible Advances when new Eligible Advances are obtained within 30 calendar days1. To receive the cash rebate, the prepaid advance(s) must have a remaining term of one year or longer, and new
advance(s) must have a term of six months or longer.

The Rebate Program is designed to:

  • be responsive to member needs and enhance the value of our advance offerings;
  • offer members additional flexibility with balance sheet management; and
  • strengthen and add value to your Co-op.

The amount of the actual rebate is dependent upon the characteristics of the prepaid and new advance(s), e.g., product type, origination date, principal amounts, and duration. The FHLBNY’s regular advance terms and conditions will apply, and the Bank reserves the right in its sole discretion to amend, rescind, or reinstate the Rebate Program at any time.

How it works:

  1. Member prepays an outstanding Eligible Advance that has a term remaining to maturity of at least one year.
  2. Member decides to obtain a new Eligible Advance with a term of six months or greater within 30 days from prepayment (called the Rebate Window).
  3. Member receives the rebate in cash.

For more information on the Rebate Program, including eligibility requirements, please contact your Relationship Manager at (212) 441-6700.

1Advances booked under the Community Lending Program and advances with remaining maturities of less than one year are not Eligible Advances. Members that have already prepaid Eligible Advances since October 1, 2015 will qualify for a rebate if they book new Eligible Advances by December 31, 2015.

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FHLBNY Affordable Housing Advisory Council Open Nomination Period – For 2024 Service

06/30/2023

2023 Update to the Member Products Guide

06/05/2023

Coming Soon: Expansion of Our 0% Advance Offerings

02/22/2023

Notice of FHLB Members Selected For Community Review (Effective February 23, 2023)

01/20/2023

2023 Update to the Member Products Guide & Correspondent Services Manual

11/16/2022

Prepare for the 1Link Migration in December 2022

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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