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President’s Report

June 6, 2023

Report from the President
FHLBNY Announces 0% Development Advance Program

On June 5, the Federal Home Loan Bank of New York announced our new 0% Development Advance Program, which expands upon our successful Business Development Advance (“BDA”) to provide a full suite of zero percent advance products to provide members with subsidized funding to assist in the originating or purchasing of loans that address a number of key local community needs. In the coming months, we will add our Climate Development Advance, Infrastructure Development Advance and Tribal Development Advance offerings alongside the BDA, giving our cooperative a wide range of offerings under the 0% Development Advance Program to be even more responsive to our District’s needs. Members will be able to utilize the discounted liquidity made available through these advances to support their local communities by providing competitive interest rates to fund initiatives that help sustain local economies, foster job growth, enhance customer relationships and create opportunities for underserved communities.

We first launched the BDA in 2021 and saw a tremendous, and immediate, response from our members, who accessed the product to provide significant support for small business customers across our region. We anticipate that the 0% Development Advance Program will have a similar level of interest and impact when launched later this year. We will make $10 million in interest rate credits available for the Program upon launch, and members will be able to reserve credits of up to $250,000 on a first-come, first-served basis. More information on the Program will be provided as we draw closer to the launch date.

We are proud of the impact our cooperative has made through the BDA, and we are excited to build on this impact with the addition of our new advance products. The 0% Development Advance Program serves as a prime example of how our ability to execute on our foundational mission of delivering liquidity to our members can create opportunities for economic development in the communities we all serve.

A Nation of Local Lenders

The regional structure of the Federal Home Loan Bank System is one of our greatest strengths. It not only means that each FHLBank has close ties to the members and communities it serves, but it also gives the System a reach that spans the nation, allowing our liquidity to flow through these members into every community across the country.

This national presence was on full display in Washington, D.C. for a few days in late May at the 2023 FHLBank System Directors Conference, an annual event that draws directors from all 11 FHLBanks to our nation’s capital to discuss the current and future state of our System. Our Board of Directors was strongly represented, as was our senior management team, over the three days of meetings, panel discussions, presentations and educational sessions. The Conference agenda was significant, covering a wide array of topics ranging from our housing programs to risk management to information technology innovation across the System. But two key areas of discussion were the market-stabilizing role the System played by executing on our foundational liquidity mission at the onset of the banking challenges in mid-March 2023, and the Federal Housing Finance Agency’s FHLBank System at 100 initiative, which will make recommendations that will help chart the course for the System for its next century.

Of course, as both the events of March 2023 and the FHFA’s review process have made clear, these recommendations must ensure that nothing is done to disrupt, diminish or devalue our liquidity mission. We are there in times of crisis – as was the case a few months ago, or during the other myriad crises the System has responded to over its nine-decade history — and we are also there for everyday liquidity needs as well. The Federal Home Loan Banks matter every day because of who we serve.

America is a nation of local lenders, serving a wide, diverse and varying set of customer bases across this great country. When speaking with Member Directors at last month’s Conference, or hearing from our own members on a daily basis, or listening to the testimonials provided from local lenders throughout the country during the FHFA’s review, it becomes clear that liquidity needs vary from member to member – in volume, tenor, reason or date. The one constant is knowing that they can meet that need at their Home Loan Bank.

2023 FHLBNY Director Election Update

Our Board of Directors is essential to ensuring that we are always positioned to execute on our foundational liquidity mission and to support housing, representing and speaking for our members, guiding our decision-making and working with management on developing our strategy.  This is why we ask our members to take an active role in the annual election process.

The FHLBNY has once again partnered with Survey & Ballot Systems (“SBS”) to administer the 2023 Director election process.  To assure that your first email from SBS regarding the elections – covering nominations —  arrives safely in your inbox on June 26, 2023, please be sure to add the following email address to your email system to reduce the possibility of the email ‘bouncing’ or going into a ‘junk’ or ‘spam’ folder: [email protected].  If you do not receive this email by June 27, 2023, please contact SBS directly at [email protected].  Please note that only members of the FHLBNY that were stockholders as of December 31, 2022 will be able to participate in this year’s elections.

Our Board is a key part of our cooperative, and I encourage all of our members to participate in the election process. If you have any questions about this process, please contact our general counsel, Paul Friend, at [email protected].

Sincerely,

José R. González
President and Chief Executive Officer

# # #

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.



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Dividend Announcement 4Q23: FHLBNY Declares a 9.75% Dividend for the Fourth Quarter of 2023

01/09/2024

Report from the President: Looking at the Year Ahead

12/07/2023

Report from the President: Focusing on the Future

11/15/2023

Dividend Announcement 3Q23: FHLBNY Declares a 9.50% Dividend for the Third Quarter of 2023

11/02/2023

Report from the President: FHLBNY Announces Third Quarter 2023 Operating Highlights

09/05/2023

Report from the President: A Vital Mission, A Proven Value

08/17/2023

FHLBNY Declares an 8.50% Dividend for the Second Quarter of 2023

08/03/2023

Report from the President: One Year Into a 100-Year Review

07/11/2023

July 2023 Report from the President

06/06/2023

Report from the President: FHLBNY Announces 0% Development Advance Program

05/16/2023

Dividend Announcement 1Q23: The FHLBNY Declares a 7.75% Dividend for the First Quarter of 2023

04/04/2023

Report from the President: A Stabilizing Role

03/01/2023

Report from the President: Growing Advances and a Growing Public Profile

02/15/2023

Dividend Announcement 4Q22: The FHLBNY Declares a 7.50% Dividend for the Foruth Quarter of 2022

02/06/2023

Report from the President: Liquidity is the Mission and the Means

01/09/2023

Report from the President: A Profound Importance

12/01/2022

Report from the President: Grateful For Our Role

11/17/2022

Dividend Announcement 3Q22: The FHLBNY Declares a 6.75% Dividend for the Third Quarter of 2022

11/03/2022

Report from the President: FHLBNY Announces Third Quarter Operating Highlights

10/07/2022

Report from the President: The System’s Stakeholders Speak

09/01/2022

Report from the President: The Voice of the Local Lender

08/18/2022

Dividend Announcement 2Q22: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2022

08/02/2022

Report from the President: Looking Ahead to 100 Years of the Federal Home Loan Banks

07/05/2022

Report from the President: Federal Home Loan Bank System Turns 90

06/02/2022

Report from the President: Approaching 90, the Power of Partnership Prevails

05/12/2022

Dividend Announcement 1Q22: The FHLBNY Declares a 4.75% Dividend for the First Quarter of 2022

04/05/2022

Report from the President: FHLBNY Files 2021 Form 10-K – Stability Throughout the Year

03/03/2022

Report from the President: Closing the Books on 2021

02/17/2022

Dividend Announcement 4Q21: The FHLBNY Declares a 4.36% Dividend for the Fourth Quarter of 2021

02/01/2022

Report from the President: Enhancing the Value of Membership

01/06/2022

Report from the President: A Strategic Focus on Stability and Service

12/07/2021

Report from the President: Together Again

11/18/2021

Dividend Announcement 3Q21: The FHLBNY Declares a 4.40% Dividend for the Third Quarter of 2021

11/02/2021

Report from the President: FHLBNY Announces 3Q21 Operating Highlights

10/04/2021

Report from the President: An Unwavering Focus on Our Members and Supporting Our Communities

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 3Q20 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 2Q20 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

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the 3Q19

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants

09/05/2019

Report from the President: A Market Milestone

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

04/02/2019

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

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

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