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January 24, 2019

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 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.

Changes to the Guide include:

Updates to the following sections effective as of January 2019

General Requirements subsection of the Advances to Insurance Companies section (page 10)

Capital Stock Requirements (page 13 – 14)

Special Provisions: the addition of a new section entitled “Risk Factors Relating to General Home Loan Bank of New York Adjustable Rate Credit Advances” highlighting potential risks associated with variable rate products (page 31)

On-Site Collateral Reviews highlighting Interagency Guidance Compliance testing (“IAGCT”) and criteria (page 54)

Updates to the following fees sections, previously communicated on November 28, 2018

Removal of Letters of Credit Draw Fee (ALL) in Appendix 1 – Member Services: Service Fee 2019 (page 59)

Removal of all Collateral Operations fees from Appendix 2 Collateral Services: Service Fees: (page 60)

Removal of the following fee from Appendix 3 – Correspondent Services: Service Fees: Securities Held At The Fed (page 61)

Removal of the following fee from the Miscellaneous Deposit Services Service Provided: Pass Through Reserve (page 62)

Changes to the Manual include:

Updates to the following sections effective as of January 2019

The Manual’s “Introduction” and Glossary has been updated to delineate that under the Bank Act, correspondent services are not available to housing associates not otherwise available for membership (page 5 & 43)

Minimum System Requirements section (page 13-14)

Removal of “A copy of the latest Correspondent Services Fee schedule is mailed to each Member annually” from the Billing section (page 25)

Updates to the following fee sections, eliminating the following fees, previously communicated on November 28, 2018

Correspondent Services Fee Schedule 2019: Removal of Securities Held at The Fed fee (page 48)

Miscellaneous Deposit Services: removal of Pass Through Reserves fee (page 49)

If you have any questions about the FHLBNY’s Manual or Guide,
please contact your Relationship Manager (212) 441-6700 or the Member Service Desk at 1-800-546-5101 (option 1).

10/08/2024

Additional funding has been added to the 0% Development Advance (ZDA) Program

08/30/2024

2024 Update to the Member Products Guide

07/22/2024

The 2024 Small Business Recovery Grant Program

06/03/2024

FHLBNY Affordable Housing Advisory Council Open Nomination Period – For 2025 Service

04/30/2024

Update to Forward Starting Advances

03/21/2024

2024 Update to the Member Products Guide (March 2024)

01/25/2024

2024 Update to the Member Products Guide & Correspondent Services Manual

01/02/2024

Introducing HDP® Plus from the FHLBNY

10/30/2023

Coming Soon: The 2023 Small Business Recovery Grant Program

10/26/2023

Municipal Bonds are Now Eligible Collateral

10/17/2023

2023 FHLBNY Board Elections Are Underway

10/05/2023

Update to the Member Products Guide & Correspondent Services Manual

09/11/2023

Introducing a New URL to Access Your FHLBNY Systems

08/23/2023

Price Incentives for Advances Executed Before Noon - Starting Tuesday, September 5, 2023

07/05/2023

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)

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Latest News

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10/08/2024

Additional funding has been added to the 0% Development Advance (ZDA) Program

01/24/2022

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