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December 31, 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).

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 Member Products Guide include:

Updates to the following sections effective as of January 2020:

Prepayment Of Advances: Update to section “Non-Contractual Prepayment” regarding financial terms for credit products that may require modification due to the LIBOR transition (page 20)

Special Provisions: Update to section “LIBOR Cessation” (formerly known as “LIBOR Transition (Impact on Credit Products)”) regarding financial terms for credit products that may require modification due to the LIBOR transition (page 31)

Special Provisions: Update to 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 32)

All changes to the Correspondent Services Manual are considered conforming in nature.

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


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.

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