COVID-19 UPDATES
FHLBNY COVID-19 Updates and Resources
To help your institution better prepare and respond to this evolving situation, we will keep this page updated as a dedicated resource for important member updates and curated information. Should you have questions, please refer to our key contacts.
Special Reports from the FHLBNY President, José R. González:
July 2, 2020 — A Vital ConversationMay 7, 2020 — FHLBNY to Accept PPP Loans as Eligible Collateral
FHLBNY COVID-19 Relief Program
In response to the COVID-19 pandemic, the FHLBNY has announced a targeted suite of tools to assist its members and community partners to respond to the needs of individuals, households, non-profit organizations and small businesses across the FHLBNY’s District.
View full Press Release or click on links below to learn about the programs.
FHLBNY Important Announcements
Collateral Guide Update
Paycheck Protection Program Loans are Now Eligible Collateral
On April 23, 2020, the FHLBNY’s regulator, the Federal Housing Finance Agency (FHFA), provided guidance on the Federal Home Loan Banks’ acceptance of Paycheck Protection Program (PPP) loans as collateral, subject to certain parameters. As part of our COVID-19 relief efforts, we are pleased to announce that the FHLBNY will accept PPP loans as eligible collateral from member institutions, subject to certain criteria relating to the FHFA’s guidance and the FHLBNY’s own internal review processes. This change is effective as of May 7, 2020.
To determine if your institution is eligible to pledge these loans as collateral, please contact your Relationship Manager at (212) 441-6700, or Anthony Kobel, manager of the FHLBNY’s Collateral Analysis Group, at (201) 356-1069.
The Pledge Form for this collateral type can be found here. It is our hope that by accepting this collateral, we remove some of the challenges our members may face in this area, and make it easier to keep funding flowing into the communities we all serve.
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The FHLBNY will provide additional support to our members through the acceptance of mortgage loans that have been extended forbearance by our members. Please contact your Relationship Manager or Collateral Analysis at [email protected] to ensure that your proposed forbearance programs fall within the approved parameters. To view the Collateral Guide, click here.
LIBOR-SOFR Transition Guidance Update
On March 16, 2020, the FHFA extended to June 30, 2020 the FHLBanks’ ability to enter into LIBOR-based instruments that mature after December 31, 2021, except for investments and option embedded products. To view the full bulletin, click here.
Mortgage Partnership Finance® (MPF) Program Update
MPF periodically issues announcements and updates on the MPF products, published through All Regs, an online service that publishes various mortgage lending industry resources and the MPF website. View the most recent announcements regarding the potential impact of COVID-19 in the sidebar on this page.
Municipal Letter of Credit (MULOC) Process Update
In supporting our members municipal deposit programs, the FHLBNY has instituted an alternate MULOC process, as many beneficiaries’ staff may not be in the office to receive overnight mail. If you would like additional information, please call your Relationship Manager at (212) 441-6700.
Wire Transfer Personal Identification (PIN) Renewal
To ensure that our members do not experience any disruption in initiating telephone wire transfers, and to stay ahead of member users’ PIN expiry, the Bank sent via overnight mail those “PIN Mailers” for those member users whose PIN is set to expire by March 1, 2021. As part of our security protocol, a PIN is one of the security requirements to perform a wire transfer transaction telephonically. As some members may have activated their Business Continuity plans, the Bank will accept electronically the signed PIN mailer signature form saved as a PDF. Please ensure that those staff who receive a “PIN Mailer” sign and return the appropriate portion to [email protected]. If you have any questions, please contact the Electronic Payments Group at (800) 824-2426.
FAQs Regarding COVID-19
Regulatory Guidance and Resources
Federal Housing Finance Agency
Mortgage help for homeowners impacted by the COVID-19.
Federal Emergency Management Agency (FEMA)
FEMA’s response to COVID-19.
NY Department of Financial Services
Industry guidance, information and measures New Yorkers can take to keep safe.
Office of the Comptroller of the Currency (OCC)
OCC’s response to COVID-19.
State of New Jersey Department of Banking and Insurance
Department resources, bulletins, and latest press releases regarding the COVID-19 outbreak.
If you are a member and have any questions on the potential impact of COVID-19 to your institution, we are here to help. Please contact a Relationship Manager at (212) 441-6700
or a Member Services Representative at 1-800-546-5101, option 1.
COVID-19
Related MPF®
Announcements
MPF Servicing Updates IIIMPF Traditional COVID-19 Loss Mitigation Updates (2/3/21)
COVID-19 Related Servicing Guidance for MPF Traditional (Conventional) Loans (2/24/21)
Impact of COVID-19 on Originations of MPF Traditional (Conventional) Loans (2/24/21)
MPF Traditional COVID-19 Payment Deferral Reminder (1/8/21)
For all for MPF Program Announcements
For upcoming MPF COVID-19 Related Webinars