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January 24, 2019

Update to the Member Products Guide & Correspondent Services Manual

The Federal Home Loan Bank of New York (FHLBNY) has updated its Member Products Guide (Guide) and the Correspondent Services Manual (Manual). The Guide and the Manual detail the FHLBNY’s credit, collateral and correspondent services standards and can assist you in finding helpful information on FHLBNY’s product and services matters (e.g.; requirements for advance borrowings, eligible collateral types, and service fee schedules, etc.)

Both documents can be found by signing on to 1Link®, our internet banking system and clicking on the ‘Manuals and Guides’ tab. The Guide is updated as needed throughout the year. The newly published version of the Guide reflects changes to FHLBNY’s products and services.

Changes to the Guide include:

Updates to the following sections effective as of January 2019

General Requirements subsection of the Advances to Insurance Companies section (page 10)

Capital Stock Requirements (page 13 – 14)

Special Provisions: the addition of a new section entitled “Risk Factors Relating to General Home Loan Bank of New York Adjustable Rate Credit Advances” highlighting potential risks associated with variable rate products (page 31)

On-Site Collateral Reviews highlighting Interagency Guidance Compliance testing (“IAGCT”) and criteria (page 54)

Updates to the following fees sections, previously communicated on November 28, 2018

Removal of Letters of Credit Draw Fee (ALL) in Appendix 1 – Member Services: Service Fee 2019 (page 59)

Removal of all Collateral Operations fees from Appendix 2 Collateral Services: Service Fees: (page 60)

Removal of the following fee from Appendix 3 – Correspondent Services: Service Fees: Securities Held At The Fed (page 61)

Removal of the following fee from the Miscellaneous Deposit Services Service Provided: Pass Through Reserve (page 62)

Changes to the Manual include:

Updates to the following sections effective as of January 2019

The Manual’s “Introduction” and Glossary has been updated to delineate that under the Bank Act, correspondent services are not available to housing associates not otherwise available for membership (page 5 & 43)

Minimum System Requirements section (page 13-14)

Removal of “A copy of the latest Correspondent Services Fee schedule is mailed to each Member annually” from the Billing section (page 25)

Updates to the following fee sections, eliminating the following fees, previously communicated on November 28, 2018

Correspondent Services Fee Schedule 2019: Removal of Securities Held at The Fed fee (page 48)

Miscellaneous Deposit Services: removal of Pass Through Reserves fee (page 49)

If you have any questions about the FHLBNY’s Manual or Guide,
please contact your Relationship Manager (212) 441-6700 or the Member Service Desk at 1-800-546-5101 (option 1).

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