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President’s Report

July 18, 2017

A Vital Source of Guidance

José R. GonzálezLast month, the FHLBNY’s management team gathered with our Directors for the 2017 strategic Board off-site meeting. Spanning three days of comprehensive meetings, this annual event covers every aspect of our cooperative, from our performance to the products we offer, from our housing programs to the technology that runs our business, and from our membership to the environment in which we all operate. Each year, the strategic off-site provides us with the opportunity to discuss, develop and act on the strategies, initiatives and new products that drive our cooperative forward.

Our Board is at the center of this activity, not only during the annual off-site, but at each of its meetings that take place throughout the year. Ours is an active and involved Board, comprised of industry leaders in banking, housing and community development. Our Member Directors – who are drawn from the shareholders of our cooperative – provide significant insight into the needs of the members we serve, while our Independent Directors offer counsel as to how our cooperative can best support our many housing and community development partners. And together, all of our Directors provide management with guidance that is vital to the strength and performance of our franchise, ensuring that our cooperative continues to act on our mission and ably serve our members and our region.

Our Board serves a key function not only for our franchise, but also for our members: they are your representatives in our cooperative. That is why it is so important for all of our members to participate in the annual Director Election process. On June 30th, materials relating to this process, including the FHLBNY’s official Certificate of Nomination, were sent to all eligible shareholders. In total, five Directorships – one Member Directorship each representing our New Jersey, New York and Puerto Rico and U.S. Virgin Islands members; as well as two Independent Directorships representing our whole District – are up for election in 2017.

Eligible stockholders may, using the Certificate, nominate one person for each of their respective state’s open Member Directorships. Separately, those individuals interested in being nominated for the two open Independent Directorships must first submit an Independent Director Application Form to the FHLBNY. A copy of the Independent Director Application Form can be found on Corporate Governance page in the section entitled “About the FHLBNY’s 2017 Director Election.” All Certificates of Nomination and Independent Director Application Forms must be received at the FHLBNY by 5:00 p.m. ET on August 1, 2017.

Our Board provides our management team with guidance and insight as we develop and execute on the strategies that benefit our entire cooperative, and I encourage all of our members to participate in the election process. In this regard, as you consider potential nominations for Member Directorships and give thought to persons who might be interested in Independent Directorships, please keep diversity in mind. Your participation in this year’s Director election process is greatly appreciated, and will help keep the Board and the FHLBNY diverse and strong.

Recognition For Director Larry Thompson

As I noted, our Directors are industry leaders who lend their vast experience and expertise to our cooperative. The strength of our Board was on display at this year’s Markets Choice Awards, at which Larry Thompson, vice chairman of the Deposit Trust Clearing Corporation and an Independent Director on our Board, received Markets Media Group’s Lifetime Achievement Award. The Markets Choice Awards serve to recognize “excellence in markets,” and over the course of his career, Director Thompson has certainly earned this recognition.

FHLBNY President & CEO Jose R. Gonzalez, Director Larry Thompson (awardee) & Board Chairman Mike Horn

The History of a “Core Fixture”

Just as our Board plays an important role in our franchise, so too does our franchise play an important role in our nation’s housing market as part of the broader Federal Home Loan Bank System. Last month, the Consumer Federation of America issued “The Federal Home Loan Bank System: A Chronological Review and Discussion of Key Issues,” an extensive and far-reaching history of our System and its impact. The report begins with the statement:

The Federal Home Loan Bank system has been a core fixture of US support for housing and home finance since its creation in 1932.

Throughout our 85-year history, our cooperative has focused on providing this support, for both our members and the markets we serve. The Federal Home Loan Bank System ended 2016 with more than $1 trillion in assets and approximately 7,100 members. Ours is a System that is both vast and vital, with funding that reaches every community in our nation. The Consumer Federation of America report, which can be found at, succinctly summarizes the importance of our System – past, present and future.

The FHLBNY’s mission is an important one, and through the hard work of our team, our Board, our members and our community partners, we continue to act on it every day.José R. González
President and Chief Executive Officer

Please read the Newsletter for the Second Quarter 2017

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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