Change in Letters of Credit (LOC) Fulfillment Period

The Federal Home Loan Bank of New York (FHLBNY) supports member institutions’ liquidity, asset/liability management, and housing and economic development through its Letters of Credit (LOC) program.

Effective November 3, 2025, if a default occurs and a LOC draw certificate is submitted, the FHLBNY will disburse payment no later than the close of business on the next business day following the FHLBNY's receipt of a valid draw certificate. Previously, payments were made the same day if the LOC draw certificate was submitted before 11:00 a.m.; otherwise, payment was processed the next business day. This modification only applies to LOCs issued on or after November 3, 2025.

This change will help streamline the payment process and supports the FHLBNY’s operational and liquidity management for the LOC program.

Should you have any questions please feel free to contact the Member Services Desk at msd@fhlbny.com or (212) 441-6600 or your Relationship Manager at fhlbny@fhlbny.com or (212) 441-6700.

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