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President’s Report

September 1, 2021

Report from the President

25 Years of Creating Homeownership Opportunities

On July 31, 2021, we marked the end of an era at the FHLBNY when we officially closed our
First Home Clubsm.  Our cooperative first launched the First Home Club in 1995 as a grant program to help first-time homebuyers achieve their dream of homeownership.  Over the course of the program, the FHLBNY joined with our members to commit more than $133 million in First Home Club grants, helping nearly 18,200 households achieve that dream.  When we first offered the First Home Club, no similar program existed in the Federal Home Loan Bank System; today, all 11 Home Loan Banks offer programs modeled after the First Home Club that directly support affordable homeownership opportunities in communities across the nation, reflecting the ripple effect of our efforts.  Of course, our efforts to support affordable homeownership continue today through our enhanced set-aside program, the Homebuyer Dream Program®, a program that has become even more vital amid the pandemic as households look for the security a home provides.  And our cooperative also continues to support affordable housing initiatives through our annual Affordable Housing Program grants, which we will announce in the fourth quarter of 2021.

Enhancing the Member Experience 
Last month, the FHLBNY successfully implemented multi-factor authentication (“MFA”) for members accessing our 1Link® system, an update that upgrades access for more than 2,700 member-users.  This change not only significantly improves the FHLBNY’s security posture, but also positions us well for the future as we continue to build on our online capabilities.  The MFA update also enhances our member experience – a key ongoing effort across our organization.

This effort is also seen on our website, which we upgraded over the summer.   The new FHLBNY.com provides a more dynamic communication hub for our members, facilitating more engagement with key content and creating easier access to our 1Link, 1LinkSK and MAP® sections.  We also updated the site’s color palette to better align with our overall user experience initiative, make the site more easily navigated, and provide a more consistent feel throughout the user experience.

Our focus on members was also on display earlier this summer with the launch of enhancements to our SOFR ARC and Callable SOFR ARC products.  In response to member requests, the FHLBNY developed a new Simple Average Interest SOFR convention for these products, aligning them with the industry standard payment convention and fulfilling Member requests.  We also developed a modification to the Callable SOFR ARC product to reduce the minimum term to a four-month final maturity, from seven months, again at the request of our members.

These innovative efforts around both our SOFR products, new website and security posture were driven by contributions from across the FHLBNY, reflecting not only the strong internal collaboration that has continued to move our franchise forward even within our remote posture, but also the fact that focusing on our members runs through our entire organization, strengthening our cooperative.

A Special Role
This continued strength was recognized recently by credit analysis from S&P and Moody’s.  In a July 2021 report, S&P highlighted our role as a funding source for the banking system and our importance to the implementation of U.S. housing policy as key strengths in support of our AA+ rating.  In its own report on the overall Federal Home Loan Bank System also published in July, Moody’s Aaa rating highlighted the System’s “exceptional” asset quality, good earnings stability and strong capitalization.  Moody’s also noted the Federal Home Loan Banks’ “special role as reliable providers of liquidity to the US banking system, most recently demonstrated in 1Q20 when systemwide advances increased significantly as the coronavirus pandemic negatively impacted funding markets.

2021 FHLBNY Director Election Update
Our strength and commitment are also reflected within our Board of Directors.  The FHLBNY’s Board is vital to all aspects of our operations, from overseeing our housing programs to providing key insights into our member experience.  This is why it is important for our members to participate in the annual Director Election.

I am pleased to report that we have already completed two key components of the 2021 Director Election.  Last week, we filed a Form 8-K announcing that Gerald L. Reeves, president, CEO and Director of Sturdy Savings Bank in West Cape May, New Jersey, and Carlos J. Vázquez, Senior Executive Vice President and Director of Banco Popular de Puerto Rico in San Juan, Puerto Rico, had been deemed elected to serve as Member Directors representing our New Jersey and Puerto Rico and U.S. Virgin Islands members, respectively, for four-year terms commencing January 1, 2022.  Each was the only nominee for their respective open Member Director seat, and they accepted their nominations; as such, no formal election process was required.  I am very excited to welcome Mr. Reeves to the Board, and to welcome back Director Vázquez, who currently sits on our Board and serves as chair of its Technology Committee, vice chair of its Risk Committee and as a member of its Executive and Strategic Planning committees.

With that said, we still need your vote.  We plan to electronically launch the 2021 Director Election process for two Districtwide Independent Director seats and one New York Member Director seat on October 12, 2021.  We continue to partner with Survey & Ballot Systems to administer this process.  To help ensure your election email arrives in your inbox on October 12, please ensure that the following address is added to your email system as an approved sender: [email protected].  If you do not receive your election email by October 13, please contact [email protected].

Your participation in this year’s Director election process is greatly appreciated, and will help continue to keep the Board and the FHLBNY diverse – and strong.  If you have any questions, please contact our general counsel, Paul Friend, at [email protected]​.

Sincerely,

José R. González
President and Chief Executive Officer

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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.

Prior releases can be found on the SEC’s EDGAR System.

09/01/2021

Report from the President: 25 Years of Creating Homeownership Opportunities

08/19/2021

Dividend Announcement 2Q21: The FHLBNY Declares a 4.60% Dividend for the Second Quarter of 2021

07/01/2021

Report from the President: FHLBNY Commences 2021 Director Election Process

06/07/2021

Report from the President: A Stable Partner for the Recovery Ahead

05/28/2021

Dividend Announcement 1Q21: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2021

04/05/2021

Report from the President: FHLBNY Files 2020 Form 10-K – Stability Throughout the Year

03/02/2021

Report from the President: Meeting Member Needs

02/18/2021

Dividend Announcement 4Q20: The FHLBNY Declares a 5.00% Dividend for the Fourth Quarter of 2020

02/04/2021

Report from the President: FHLBNY Unveils SOFR-Linked ARC Advance Enhancement

01/05/2021

Report from the President: A Proven Partnership to Help a Region Recover

12/02/2020

Report from the President: A Steady Foundation

11/19/2020

Dividend Announcement 3Q20: The FHLBNY Declares a 5.10% Dividend for the Third Quarter of 2020

11/02/2020

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/05/2020

Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

08/04/2020

Report from the President: FHLBNY Announces Second Quarter Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Dividend Announcement 4Q19: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs; FHLBNY Board Update; Making an Impact

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the Third Quarter of 2019

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants; A Better FHLBNY.com; FHFA Provides LIBOR Transition Guidance; FHLBNY Board Elections Underway

09/05/2019

Report from the President: A Market Milestone; A Stable Outlook; Funding Dreams; Promoting Partnerships; Building Relationships; Paul Héroux, FHLBNY Chief Bank Operations Officer, to Retire; 2019 FHLBNY Director Election Update; Looking Ahead

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

01/16/2018

Member Advantage: A Strong Partner in the New Year

12/03/2018

Report from the President: Developing a Market for Our Members; A Record Round; FHLBNY Board Update

11/15/2018

Dividend Announcement 3Q18: The FHLBNY Declares a 6.90% Dividend for the Third Quarter of 2018

10/09/2018

Report from the President: A Proven Partner; Balance Sheet Support; Board Election Update

09/05/2018

Report from the President: A Critical Role; Strong Performance, Positioned to Help

08/16/2018

Dividend Announcement 2Q18: The FHLBNY Declares a 6.75% Dividend for the Second Quarter of 2018

05/24/2018

Dividend Announcement 1Q18: The FHLBNY Declares a 6.50% Dividend for the First Quarter of 2018

04/24/2018

Member Advantage: Disaster Relief Program Grants Introduced

03/02/2018

Report from the President: Closing the Chapter on a Record 2017; FHLBNY Announces Fourth Quarter 2017 Dividend; FHLBNY Increases 2017 AHP Round Awards

02/15/2018

Dividend Announcement 4Q17: The FHLBNY Declares a 6.50% Dividend for the Fourth Quarter of 2017;

02/01/2018

Report from the President: Leading Our Franchise Forward; A Record 2017; NJBankers Economic Leadership Forum

07/30/2018

Member Advantage: Looking Back While Looking Forward

07/18/2017

Member Advantage: Our Board serves a key function not only for our franchise, but also for our members: they are your representatives in our cooperative

01/04/2017

Member Advantage: To say that 2016 was an “interesting” year would be an understatement

11/16/2017

Dividend Announcement 3Q17: The FHLBNY Declares a 6.00% Dividend for the Third Quarter of 2017;

09/05/2017

Report from the President: The Importance of Dependability; Engaging Our Membership;

08/17/2017

Dividend Announcement 2Q17: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2017;

08/01/2017

At the Bank: FHLBNY Announces Second Quarter Operating Highlights; Continued Focus on Increasing the Value of Membership

06/01/2017

At the Bank: Confirming Our Strength; FHLBNY Declares First Quarter 2017 Dividend; FHLBNY Opens New Headquarters; AHP Applications Due June 9th

05/17/2017

Dividend Announcement 1Q17: The FHLBNY Declares a 5.00% Dividend for the First Quarter of 2017;

05/05/2017

At the Bank: Nationwide Dependability; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window Now Open

04/13/2017

The Reach of Our Housing Mission: A Reliable Partner for the Communities We All Serve; FDIC Publishes Federal Home Loan Bank Product Guide

03/01/2017

At the Bank: A Strong Year for Our Cooperative and Our System; FHLBNY Announces Fourth Quarter 2016 Dividend; FHLBNY Names Chief Risk Officer

02/16/2017

Dividend Announcement: FHLBNY Declares a 5.65% Dividend for the Fourth Quarter of 2016

02/01/2017

At the Bank: Positioned to Thrive in 2017; Mourning FHLBNY Director Caren Franzini

10/11/2016

Member Advantage: Last month, S&P Global Ratings issued a report on the Federal Home Loan Bank System

08/03/2016

Member Advantage: On May 6, Moody’s Investors Service issued credit opinions on both the FHLBNY and the Federal Home Loan Bank System.

03/28/2016

Member Advantage: Our mission is to advance housing opportunity and local community development by supporting members in serving their markets

12/01/2016

At the Bank: FHLBNY Awards 2016 AHP Grants; FHLBNY Announces Third Quarter Dividend

11/17/2016

Dividend Announcement: FHLBNY Declares a 5.00% Dividend for the Third Quarter of 2016

11/01/2016

At the Bank: A Sturdy Strategic Partner

09/06/2016

At the Bank: A Wide Range of Products for Our Members

08/18/2016

Dividend Announcement: FHLBNY Declares a 4.75% Dividend for the Second Quarter of 2016

05/19/2016

Dividend Announcement: FHLBNY Declares a 4.50% Dividend for the First Quarter of 2016

05/03/2016

At the Bank: A Stable Support System; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window to Open in Late May

02/18/2016

Dividend Announcement: FHLBNY Declares a 4.65% Dividend for the Fourth Quarter of 2015

02/04/2016

At the Bank: FHFA Membership Rule Strengthens System

01/12/2016

At the Bank: Focused On Enhancing Member Value; Michael M. Horn Reelected Board Chair

01/06/2015

At the Bank: Stability Amid Change; In Washington; FHFA Approves Federal Home Loan Bank Merger Application

02/04/2015

At the Bank: Challenges and Opportunities; FHLBNY Announces AHP Awards; In Washington

02/19/2015

Dividend Announcement: FHLBNY Declares a 4.60% Dividend for the Fourth Quarter of 2014

03/03/2015

At the Bank: A Strong 2014 and a Trusted Partner; Des Moines and Seattle Members Approve Merger; In Washington

04/01/2015

At the Bank: A Reliable System That Works; A New Look, the Same Purpose

05/04/2015

At the Bank: A Solid Start for the FHLBNY; A Solid Start for the System; Consistent Performance, Stable Partnership

05/21/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the First Quarter of 2015

06/01/2015

At the Bank: Consistency and Reliability; On-Balance Sheet Support; Off-Balance Sheet Support; Community Support; Lehman Brothers Files Suit; An 11-Member System

08/03/2015

At the Bank: A Solid Foundation, and Well-Positioned for the Future

08/20/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Second Quarter of 2015

09/03/2015

At the Bank: A Stable Partner

10/01/2015

At the Bank: A Cooperative Partner for the Region; Board of Director Elections Underway

11/02/2015

At the Bank: The Cornerstones of Our Franchise; FHLBNY Announces Third Quarter Results; Board of Director Elections Underway

11/19/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Third Quarter of 2015

12/03/2015

Member Advantage: Consider the many ways in which you can leverage your relationship with the FHLBNY

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