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December 03, 2020

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).

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

Changes to the Guide effective as of 12/2020 include:

 

Updates to the following sections:

 

Acquired Member Assets Program (AMA):

 

The Mortgage Partnership Finance® (MPF®) Program section header was renamed to Acquired Member Assets (AMA) Program. This section was updated to include the implementation of the Mortgage Asset Program (MAPsm) and the credit enhancement for a loan sale into MAP (page 13).

 

Where applicable throughout the Guide, MPF was renamed to AMA, which is inclusive of both MPF and the newly launched MAP.

 

Capital Stock Requirements: The Guide was updated to reflect the two amendments to the FHLBNY’s Capital Plan (Plan) effective October 2, 2020 (page 13-15):

 

Requiring in the 1st Quarter of 2021 an Activity-Based Capital Stock Purchase Requirement for all new and renewing Letters of Credit, and

 

Limitations on Redemptions and Repurchases for Activity-Based Capital Stock.

 

Summary of Max Lendable Value: Added footnote to “Agency and US Treasury Securities” to reflect that these securities must be either issued, insured, or guaranteed by the U.S. government or agency thereof (page 47).

 

Remaining changes were confirming in nature.

 

Changes to the Manual effective as of 12/2020 include:

 

Updates to the following sections:

 

Member and FHLBNY Obligations in Connection with 1Link and 1LinkSK: Updated sub-section “Member’s Access to 1Link and 1LinkSK” to clarify access to the FHLBNY must be through a domestic IP address only (page 8).

 

User Registration: Updated sub-section “Acknowledgement of the GAF” to expand the individuals who may execute the GAF to include the Board Secretary, President, or CFO in addition to the Corporate / Assistance Corporate Secretary (page 14).

 

Throughout the Manual, “authorized employee” has been renamed to “authorized representative” and where applicable MPF was renamed to AMA, which is inclusive of both MPF and the newly launched MAP.

 

Remaining changes were confirming in nature.

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

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Municipal Bonds are Now Eligible Collateral

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Update to the Member Products Guide & Correspondent Services Manual

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

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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

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

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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

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

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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

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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

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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

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

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

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