FHLBNY Capital Stock Purchase Requirement for Letters of Credit (Effective March 1, 2021)

Through this notice, the Federal Home Loan Bank of New York (“FHLBNY”) hereby announces that, effective March 1, 2021, the FHLBNY will implement an activity-based capital stock purchase requirement of 0.125% on the outstanding principal balance of new and renewing Letters of Credit issued by the FHLBNY on a Member’s behalf.

Previously, on September 2, 2020, the FHLBNY notified its members of its amended Capital Plan (Plan) which became effective October 2, 2020. The amended Plan included a capital stock purchase requirement for all new and renewing Letters of Credit. At that time, the FHLBNY said that the specific purchase requirement would be announced by the FHLBNY at least 10 days ahead of the implementation date, that the implementation of the new purchase requirement was expected to take place no later than March 31, 2021, and that the purchase requirement would in no event be less than 0.10% or more than 2.50% of the outstanding principal balance of new and renewing Letters of Credit.

A copy of the Plan that will go into effect on March 1, 2021, is available at www.fhlbny.com/capital-plan.

If you have any questions about the Capital Plan, please call your Relationship Manager at (212) 441-6700.

Thank you for your support.

No items found

Bulletins

# # #

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.