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June 21, 2017

Update to the Member Products Guide & Correspondent Services Manual

The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide (Guide) and the Correspondent Services Manual (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 (e.g., requirements for advance borrowings, eligible collateral types, service fee schedules, etc).

Both documents can be found by signing on to 1Link®, our internet system and clicking on the ‘Manuals and Guides’ tab. The Guide is updated as needed throughout the year.

The changes to the Guide include:

Approval for Health Insurance Companies to become Members and their corresponding “requirements” (pages 10-11);

Removal of references relating to Captive Insurance Companies (no longer eligible members);

Update to the Adjustable Rate Credit (“ARC”) pre-payment fee calculation examples, including replacement funding requirements for better clarity (pages 23 – 32); and

Deletion of the following sections titled; Copy of Prospectus, Private Placement Securities, Securities Collateral Reporting and Pricing, and Guidelines on Repo Advance Margin Calls.

The changes to the Manual include:

Update to specify that Term Deposits are non-redeemable (page 8);

Addition of references to 1LinkSK throughout the document with corresponding updates relating to access and process;

Additional detail provided for Wire In and Out instructions (page 28 – 32); and

Removal of Sample Daily Advice of Account Activity and Correspondent Service Activity Statement, and section titled Third Party Processors and United States Savings Bonds.

If you have any questions about the FHLBNY’s Manual or Guide, please contact your Relationship Manager at (212) 441-6700.

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