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Bulletins

September 27, 2019

FHLBank System Regulator Provides LIBOR 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.

 

The financial markets are preparing for the expected phase-out of the London Interbank Offered Rate (LIBOR) by the end of 2021.

As part of this transition, the Federal Housing Finance Agency (FHFA) recently issued a supervisory letter to all Federal Home Loan Banks (FHLBanks). The FHFA, our regulator, has required that by March 31, 2020, the FHLBanks cease entering into new LIBOR-referenced instruments with maturities beyond December 31, 2021. This change will impact certain FHLBNY products, including: the Adjustable Rate Credit Advance, Callable Advance, Fixed-Rate with Cap Advance and Putable Advance, as well as stand-alone derivatives we transact for members. As you know, in November 2018, we launched our Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit Advance product, providing members with the ability to transact floating-rate advances using the SOFR index.

The full letter from the FHFA is available for your reference at: https://www.fhfa.gov/Media/PublicAffairs/PublicAffairsDocuments/Supervisory-Letter_Planning-for-LIBOR-Phase-Out.pdf.

The 11 Federal Home Loan Banks (FHLBanks) are participating in industry-wide efforts to ensure an orderly transition to an alternative reference rate. As a result, each FHLBank has developed a multi-year plan to reduce its LIBOR exposures over time.

The transition from LIBOR is a significant event, and one for which we must all be prepared. We are focused on ensuring that this transition is as smooth as possible, both for our cooperative and our members. And throughout this process, we – and all of the Federal Home Loan Banks – will continue to serve as a resource for our members as you undergo your own transition from LIBOR. For more information on the impact of the supervisory letter on your business with the FHLBNY; or to discuss the LIBOR transition and how the FHLBNY can assist you in these efforts, including educational outreach, webinars and training sessions, please contact your Relationship Manager at (212) 441-6700.

There is also additional information on LIBOR transition available at the following:

 

FHLBNY: LIBOR’s Transition to SOFR
https://fhlbny.com/financial-intelligence/libors-transition-to-sofr/

 

Alternative Reference Rates Committee
https://www.newyorkfed.org/arrc

 

Federal Reserve Bank of New York
https://apps.newyorkfed.org/markets/autorates/sofr

 

International Swap and Derivatives Association
https://www.isda.org

 

CME Group
https://www.cmegroup.com/trading/interest-rates/

 

Intercontinental Exchange
https://www.theice.com/iba/libor

 

FASB Financial Accounting Standards Board
https://www.fasb.org

Disclaimer:Notwithstanding any language to the contrary, nothing contained in this disclosure is intended to constitute an offer, inducement, promise, or contract of any kind. This product description and pricing may be subject to change without notice.

The content provided in this disclosure is presented as a courtesy to be used only for informational purposes and is not represented to be error free. The Federal Home Loan Bank of New York (FHLBNY) makes no representations or warranties of any kind with respect to the content contained herein, such representations and warranties being expressly disclaimed. The FHLBNY is not a financial or investment advisor.

Moreover, FHLBNY does not represent or warrant that the content of this disclosure is accurate, complete or current for any specific or particular purpose or application. It is not intended to provide nor should anyone consider that it provides legal, accounting, tax or other advice. Such advice should only be rendered in reference to the particular facts and circumstances appropriate to each situation. FHLBNY encourages you to contact appropriate professional(s) and consultant(s) to assess your specific needs and circumstances and to render such advice accordingly. In addition, FHLBNY is not endorsing or recommending the use of the means or methods contained in or through this disclosure for any special or particular purpose.

It is solely your responsibility to evaluate the risks or merits of any funding or investment strategy. In no event will FHLBNY or any of its officers, directors or employees be liable for any damages – whether direct, indirect, special, general, consequential, for alleged lost profits, or otherwise – that might result from any use of or reliance on these materials..

08/24/2021

Important Announcement for Community Lending Programs Users

07/28/2021

An Enhancement to our Callable Adjustable Rate Credit Advance (Callable ARC)

07/20/2021

RSA SecurID® for 1Link-IPR Coming Soon

07/14/2021

Important Announcement Regarding the Upcoming FHLBNY Homepage Update

07/02/2021

FHLBNY CICA Disaster Relief Funding Update

04/14/2021

Enhancements to the Refundable Municipal Letter of Credit for Members Participating in the New Jersey Department of Banking and Insurance GUDPA Program

03/01/2021

Notice of FHLB Members Selected For Community Review (Effective March 1, 2021)

02/10/2021

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

02/10/2021

2021 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

12/03/2020

2020 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

09/02/2020

Amendments to the FHLBNY Capital Plan (Effective October 2, 2020)

07/30/2020

FHLBNY CICA Disaster Relief Funding: Eligibility Expansion

05/15/2020

Update to the Member Products Guide

06/01/2020

Enhancements to the Refundable MULOC Product

04/23/2020

FHFA Provides Guidance on PPP Loans

01/03/2020

1Link® Migration: Phase I - Interim Portal Roll-out

12/31/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual (for Jan 2020)

12/17/2019

1Link® Migration: Phase I – Interim Access Portal

11/06/2019

Announcing the Callable Adjustable Rate Credit Advance Pilot Program

09/27/2019

FHLBank System Regulator Provides LIBOR Transition Guidance

06/04/2019

SOFR ARC: FHLBNY is pleased to announce the expansion of the SOFR-Linked ARC Advance Program

03/26/2019

Notice of Federal Home Loan Bank Members Selected For Community Review (March 26, 2019)

01/31/2019

Introducing the Homebuyer Dream Program: A New First-Time Homeowner Grant Program

01/24/2019

2019 Update to MPG & CSM: Member Products Guide and the Correspondent Services Manual

01/04/2019

Announcement of Fannie Mae and Freddie Mac Uniform Mortgage-Backed Security (UMBS)

11/28/2018

Updates to the 2019 Fee Schedules: In our continued effort to provide excellent service to our Members and maintain our focus on the core business of providing liquidity we are pleased to announce further streamlining of ancillary fees.

11/19/2018

The SOFR-Linked Adjustable Rate Credit Advance: The Federal Home Loan Bank of New York is pleased to announce the launch of the Secured Overnight Financing Rate (SOFR)-Linked Adjustable Rate Credit (ARC) Advance.

10/10/2018

Nominations for AHAC: The Federal Home Loan Bank of New York (FHLBNY) is now accepting nominations for the FHLBNY’s Affordable Housing Advisory Council.

10/09/2018

A New Housing Program: A new first-time homeowner grant program is coming in mid-2019.

07/27/2018

D&I Status Report Highlights: In 2017, the FHLBNY made significant achievements in diversity and inclusion. These achievements are captured in our 2017 Diversity & Inclusion Status Report.

05/07/2018

AHP Proposed Rule: The FHFA has issued a Proposed Rule that calls for a number of changes to the AHP. We believe that many of these proposed changes will present significant challenges to our members, housing partners and other community stakeholders, and could impact how affordable housing is funded across our region.

04/20/2018

Member Products Guide & Correspondent Services Manual Update: The FHLBNY has updated its Member Products Guide and the Correspondent Services Manual. The Guide and Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist members in finding helpful information on the FHLBNY's Business Lines.

04/05/2018

Affordable Housing Program 2018: The Federal Home Loan Bank of New York is pleased to announce that approximately $45 million in housing grants will be available for the Affordable Housing Program 2018 Competitive Round.

08/01/2017

FHLBNY Capital Plan Revisions: On August 1, 2017, revisions to the FHLBNY Capital Plan will become effective. RE: FHLBNY Capital Plan Revisions - Effective August 1, 2017

07/12/2017

Announcement Regarding Overnight Advance Processing: Members may now process their Overnight Advances by calling the Member Services Desk for the same low rate as processing this transaction on 1Link.

06/21/2017

Update to Member Products Guide & Correspondent Services Manual: The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide and the Correspondent Services Manual.

05/31/2017

2016 Annual Report to Members: Our members drive our franchise. In this Annual Report, we have included testimonials from a diverse range of members, all of whom share their thoughts on the value and importance of their membership in our cooperative.

05/22/2017

A New Home for FHLBNY: The Federal Home Loan Bank of New York is pleased to inform you that our New York office has moved to a more modern and open space on the sixth and seventh floors of the 101 Park Avenue location.

05/11/2017

Affordable Housing Program 2017: The Federal Home Loan Bank of New York is pleased to announce that approximately $33.2 million in housing grants is available for the Affordable Housing Program 2017 Competitive Round.

04/03/2017

Affordable Housing Program 2017: The Federal Home Loan Bank of New York is pleased to announce that approximately $33.2 million in housing grants will be available for the upcoming Affordable Housing Program 2017 Competitive Round.

02/15/2017

FHLBNY Bulletin No. 027: The Federal Housing Finance Agency (“FHFA”) has issued a final rule amending its community support regulation, 12 CFR Part 1290

01/11/2017

FHLBNY Bulletin No. 026: To 1LinkSM and 1LinkSKSM Users

12/01/2016

FHLBNY Bulletin No. 025: Update to the 2017 Fee Schedules

05/31/2016

FHLBNY Bulletin No. 024: Updates to the 2016 Fee Schedules

04/06/2016

FHLBNY Bulletin No. 023: Announcing the New Symmetrical Prepayment Advance (SPA) Feature; Why Use a SPA Feature?; Available SPA Advance Structures

03/01/2016

FHLBNY Bulletin No. 022: Updates to the 2016 Fee Schedules

12/17/2015

FHLBNY Bulletin No. 021: The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce an advance prepayment Rebate Program : FHLBNY Announces Rebate Program for Advances

09/29/2015

FHLBNY Bulletin No. 020: Putable Advance Modification Program has expanded: previously modified Putable Advances can now be re-modified : Update to the Putable Advance Modification Program

09/22/2015

FHLBNY Bulletin No. 019: The FHLBNY Will Accept Split-rated, Private Label Commercial Mortgage Backed Securities as Collateral to Secure All Extensions of Credit

04/27/2015

FHLBNY Bulletin No. 017: Update to the Member Products Guide & Correspondent Services Manual

Latest News

11/18/2021

John R. Buran Re-Elected Chairman Of The FHLBNY (2021 Election)

11/18/2021

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08/24/2021

Important Announcement for Community Lending Programs Users

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A Review of Housing Statistics at the End of 2019

11/05/2019

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