December 6, 2021
Contact: Brian Finnegan – (212) 441-6877
Federal Home Loan Bank of New York
Announces Results of 2021 Board of Director Elections
New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) announced today the results of the 2021 election for three positions on the FHLBNY’s Board of Directors whose terms will each commence on January 1, 2022. The terms of all the positions will run for four years, expiring on December 31, 2025.
The specific results of the election, which took place on November 30, 2021, were as follows:
- Mr. Thomas R. Cangemi was elected by the FHLBNY’s eligible New York members to serve as a Member Director representing New York. Mr. Cangemi is chairman, president and CEO of New York Community Bank.
- Mr. Larry E. Thompson was re-elected and Ms. Josie J. Thomas was elected by the FHLBNY’s eligible districtwide members to serve as Independent Directors. Mr. Thompson’s current term expires on December 31, 2021; he currently serves as the vice chairman of the FHLBNY’s Board of Directors. Mr. Thompson is the former vice chairman of The Depository Trust & Clearing Corporation. Ms. Thomas is a former ViacomCBS executive.
As previously announced, Mr. Carlos J. Vázquez was re-elected to serve as a Member Director representing Puerto Rico & the U.S. Virgin Islands, and Mr. Gerald L. Reeves was elected to serve as a Member Director representing New Jersey. 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. The terms of these positions will run also for four years, commencing on January 1, 2022 and expiring on December 31, 2025. Mr. Vázquez’s current term expires on December 31, 2021. He is senior executive vice president and director of Banco Popular de Puerto Rico. Mr. Reeves is president, CEO and director of Sturdy Savings Bank.
“The Federal Home Loan Bank of New York benefits greatly from the depth and breadth of our Board, which strengthens our ability to meet the needs of our members and the communities we serve,” said José R. González, president and CEO of the FHLBNY. “I look forward to continuing to benefit from the guidance Vice Chairman Thompson and Director Vázquez provide, and I am excited for the insights and experiences Mr. Cangemi, Mr. Reeves and Ms. Thomas will bring to their new roles. My colleagues and I at the FHLBNY will continue to work closely with all of our Directors to ensure that the cooperative remains a reliable strategic partner for our members.”
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 September 30, 2021, the FHLBNY serves 321 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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