June 26, 2020
Contact: Brian Finnegan – (212) 441-6877
Federal Home Loan Bank of New York
Commences 2020 Board of Directors Election Process
— FHLBNY soliciting nominations for five Director seats —
New York, NY – The Federal Home Loan Bank of New York (FHLBNY) is now soliciting nominations for candidates to serve on its Board of Directors (Board) for terms commencing on January 1, 2021, the FHLBNY announced in an electronic communication sent to its members on June 26, 2020.
“The depth and diversity of Board is key to the success of our franchise,” said José R. González, president and CEO of the FHLBNY. “Our Directors are active and engaged, providing our team with guidance and insight as we develop and execute on strategies and initiatives that benefit our entire cooperative. I encourage all of our members to participate in the election process.”
In total, five Directorships – one seat representing the FHLBNY’s New Jersey members, two seats representing the FHLBNY’s New York members, and two Independent Directorships representing the whole District – are up for election in 2020.
The FHLBNY’s official Certificate of Nomination was included in the communication sent to eligible members on June 26, 2020. Eligible New Jersey-based stockholders may, using the Certificate, nominate one person for the open New Jersey Member Directorship. Eligible New York-based stockholders may, again using the Certificate, nominate one person for each of the two open New York Member Directorships.
Separately, those individuals interested in being nominated for the two open Independent Directorships must first submit an Independent Director Application Form and a resume to the FHLBNY.
All electronic Certificates of Nomination must be submitted, and all emailed Independent Director Application Forms and resumes must be received by the FHLBNY, by 5:00 p.m. ET on July 28, 2020.
For more information on the election, including a copy of the Independent Director Application Form and a list of key election dates, see our Corporate Governance page.
The FHLBNY’s Board of Directors consists of a talented group of dedicated individuals that benefits from, among other things, demographic (including gender and racial) diversity, and the FHLBNY expects that this will continue in the future. As members consider potential nominations for Member Directorships and give thought to persons who might be interested in Independent Directorships, please keep diversity in mind.
Questions on the 2020 Director election process should be directed to Paul Friend, the FHLBNY’s General Counsel, at [email protected].
About the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of March 31, 2020, the FHLBNY serves 322 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.
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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 on 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, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as 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. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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