President’s Report

June 2, 2020

Report from the President

A Balanced Provider and a Stable Partner

When we developed our 2019-2021 Strategic Plan, the reality of our current environment was unimaginable. But in our Strategic Plan, we stated that the FHLBNY’s strategic vision is “to be a balanced provider of liquidity to members in all operating environments.” It is this focus on our members and our ability to remain your reliable partner that positions us to respond to this crisis and remain a stable source of liquidity even in this most challenging operating environment.

But providing liquidity is not the only way in which we have been able to support our members amid this crisis. For example, on June 1, we launched the 2020 Homebuyer Dream Program® Round, with an initial installment of $3 million in funds made available. And last month, we announced our COVID-19 Relief Program, and we have seen significant member interest in using these tools to support the communities we all serve. This is best reflected in our Small Business Recovery Grant (SBRG) Program, a component of our overall Relief Program that we launched on May 12 to provide working capital through our members to small businesses across our District. Through the SBRG Program, members are able to provide grants of up to $10,000 to qualifying small businesses and non-profit organizations which have suffered a significant loss of revenue related to the pandemic. We made $5 million available through this program, and, in less than two weeks from the launch, we had allocated nearly all of it. In fact, we have already begun to approve grant applications, getting this funding out through our members to support the small businesses that comprise the fabric of our communities. We also continue to work with our members to accept Paycheck Protection Program loans as eligible collateral, helping to alleviate some of the challenges our members may face in this area, and making it easier to keep funding flowing into the community. The FHLBNY continues to build upon its array of products and services through the efforts of our Products, Services and Membership Committee (PSMC). Most recently, the PSMC conducted an effort to streamline the refund methodology of the Refundable Municipal Letter of Credit product, where, effective June 1, 2020, the refund of the unused portion of the Letter of Credit is now based on the average balance of the underlying secured municipal deposit account, versus the peak balance over the term of the Letter of Credit. This enhancement can enable members to more tightly manage collateralization, reduce expenses and create operational ease.

Our dependability also extends to our ability to provide a reasonable quarterly dividend, which we did last month when we announced a 5.90 percent dividend for the first quarter of 2020. Throughout the remainder of the year, we will continue to assess the potential effects of changes in the environment on our financial performance and dividend strategy. We believe that this return on our members’ investment in our cooperative enhances member value and reflects the strength of our franchise.

We are also focused on maintaining our high level of member engagement, even as we all remain in remote operating postures. Through our Relationship Managers and Member Services Desk, our people are always one phone call away. Our senior leadership has participated in industry group virtual meetings and conference calls, and we continue to meet with members to provide information on a wide variety of topics, from the LIBOR transition to our 2020 Affordable Housing Program funding round. We have also developed a series of webinars to provide our members with the information and solutions they need to navigate our current environment.  Through this series, we have covered our COVID-19 Relief Program, provided our Financial Economist’s outlook on the economy coming out of the crisis, hosted Darling Consulting to offer ALM strategies for the current environment, and discussed member collateral. Recordings of these webinars are available on our Financial Intelligence page, and I encourage all of our members to tune in to future sessions.

We know that the local lender is vital in any crisis, and will be relied upon as our communities and our economy begin to recover. We are well-positioned to support our members in these efforts, and are proud to serve as your trusted partner.

2020 FHLBNY Director Election Update

Our Board of Directors is a key part of our stability, guiding our decision-making and working with management on developing our strategy. This is why we ask our members to take an active role in the annual election process. This year, for the second year in a row, we will be partnering with Survey & Ballot Systems (SBS), to administer our electronic election. Later this month, SBS will send out the first communication related to the 2020 Director Election process – the call for Member Director nominations and Independent Director applications. To help ensure that your authorized voting Officer receives emails from SBS, please be sure you add – or verify that you have previously added – the following email address to your system as an approved sender: [email protected] We believe that electronic elections – especially in this environment – make it easier for our members to participate in this important process.

Our Board is a key part of our cooperative, and I encourage all of our members to participate in the election process. If you have any questions about this process, please contact our general counsel, Paul Friend, at [email protected].

Sincerely,

José R. González
President and Chief Executive Officer

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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Prior releases can be found on the SEC’s EDGAR System.

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

05/20/2020

Dividend Announcement 1Q20: The FHLBNY Declares a 5.90% Dividend for the First Quarter of 2020

05/07/2020

Report from the President: FHLBNY to Accept Paycheck Protection Program Loans as Eligible Collateral

04/01/2020

Report from the President: Stability in a Crisis - Our Cooperative Responds to the Pandemic

03/13/2020

Report from the President: Novel Coronavirus Update

03/09/2020

Report from the President: Closing the Books on a Strong 2019

02/20/2020

Report from the President: The FHLBNY Declares a 6.35% Dividend for the Fourth Quarter of 2019

02/04/2020

Report from the President: United by Our Mission

01/06/2020

Report from the President: A Reliable Partner for a New Decade

12/03/2019

Report from the President: Positioned to Meet Your Liquidity Needs; FHLBNY Board Update; Making an Impact

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the Third Quarter of 2019

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants; A Better FHLBNY.com; FHFA Provides LIBOR Transition Guidance; FHLBNY Board Elections Underway

09/05/2019

Report from the President: A Market Milestone; A Stable Outlook; Funding Dreams; Promoting Partnerships; Building Relationships; Paul Héroux, FHLBNY Chief Bank Operations Officer, to Retire; 2019 FHLBNY Director Election Update; Looking Ahead

08/15/2019

Dividend Announcement 2Q19: The FHLBNY Declares a 6.35% Dividend for the Second Quarter of 2019

07/02/2019

Report from the President: A New Era of Creating Homeownership Opportunities; FHLBNY Commences 2019 Director Election Process

06/03/2019

Report from the President: Jersey City Welcomes FHLBNY Board; 2019 FHLBNY Director Election Update

05/16/2019

Dividend Announcement 1Q19: The FHLBNY Declares a 6.35% Dividend for the First Quarter of 2019

04/02/2019

Report from the President: Reflecting on a Record Year for the Federal Home Loan Bank System; FHLBNY 2019 Member Symposium

03/04/2019

Report from the President: A Year of Strong Performance; FHLBNY Announces Fourth Quarter 2018 Dividend; 50th Round of Affordable Housing Program Opens

02/13/2019

Dividend Announcement 4Q18: The FHLBNY Declares a 6.90% Dividend for the Fourth Quarter of 2018

02/04/2019

Report from the President: Engaging Members, Enhancing Value

01/03/2019

Report from the President: A Strong Year, A Strategy for Success

12/03/2018

Report from the President: Developing a Market for Our Members; A Record Round; FHLBNY Board Update

11/15/2018

Dividend Announcement 3Q18: The FHLBNY Declares a 6.90% Dividend for the Third Quarter of 2018

10/09/2018

Report from the President: A Proven Partner; Balance Sheet Support; Board Election Update

09/05/2018

Report from the President: A Critical Role; Strong Performance, Positioned to Help

08/16/2018

Dividend Announcement 2Q18: The FHLBNY Declares a 6.75% Dividend for the Second Quarter of 2018

07/30/2018

Member Advantage: Looking Back While Looking Forward

05/24/2018

Dividend Announcement 1Q18: The FHLBNY Declares a 6.50% Dividend for the First Quarter of 2018

04/24/2018

Member Advantage: Disaster Relief Program Grants Introduced

03/02/2018

Report from the President: Closing the Chapter on a Record 2017; FHLBNY Announces Fourth Quarter 2017 Dividend; FHLBNY Increases 2017 AHP Round Awards

02/15/2018

Dividend Announcement 4Q17: The FHLBNY Declares a 6.50% Dividend for the Fourth Quarter of 2017;

02/01/2018

Report from the President: Leading Our Franchise Forward; A Record 2017; NJBankers Economic Leadership Forum

01/16/2018

Member Advantage: A Strong Partner in the New Year

11/16/2017

Dividend Announcement 3Q17: The FHLBNY Declares a 6.00% Dividend for the Third Quarter of 2017;

09/05/2017

Report from the President: The Importance of Dependability; Engaging Our Membership;

08/17/2017

Dividend Announcement 2Q17: The FHLBNY Declares a 5.50% Dividend for the Second Quarter of 2017;

08/01/2017

At the Bank: FHLBNY Announces Second Quarter Operating Highlights; Continued Focus on Increasing the Value of Membership

07/18/2017

Member Advantage: Our Board serves a key function not only for our franchise, but also for our members: they are your representatives in our cooperative

06/01/2017

At the Bank: Confirming Our Strength; FHLBNY Declares First Quarter 2017 Dividend; FHLBNY Opens New Headquarters; AHP Applications Due June 9th

05/17/2017

Dividend Announcement 1Q17: The FHLBNY Declares a 5.00% Dividend for the First Quarter of 2017;

05/05/2017

At the Bank: Nationwide Dependability; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window Now Open

04/13/2017

The Reach of Our Housing Mission: A Reliable Partner for the Communities We All Serve; FDIC Publishes Federal Home Loan Bank Product Guide

03/01/2017

At the Bank: A Strong Year for Our Cooperative and Our System; FHLBNY Announces Fourth Quarter 2016 Dividend; FHLBNY Names Chief Risk Officer

02/16/2017

Dividend Announcement: FHLBNY Declares a 5.65% Dividend for the Fourth Quarter of 2016

02/01/2017

At the Bank: Positioned to Thrive in 2017; Mourning FHLBNY Director Caren Franzini

01/04/2017

Member Advantage: To say that 2016 was an “interesting” year would be an understatement

12/01/2016

At the Bank: FHLBNY Awards 2016 AHP Grants; FHLBNY Announces Third Quarter Dividend

11/17/2016

Dividend Announcement: FHLBNY Declares a 5.00% Dividend for the Third Quarter of 2016

11/01/2016

At the Bank: A Sturdy Strategic Partner

10/11/2016

Member Advantage: Last month, S&P Global Ratings issued a report on the Federal Home Loan Bank System

09/06/2016

At the Bank: A Wide Range of Products for Our Members

08/18/2016

Dividend Announcement: FHLBNY Declares a 4.75% Dividend for the Second Quarter of 2016

08/03/2016

Member Advantage: On May 6, Moody’s Investors Service issued credit opinions on both the FHLBNY and the Federal Home Loan Bank System.

05/19/2016

Dividend Announcement: FHLBNY Declares a 4.50% Dividend for the First Quarter of 2016

05/03/2016

At the Bank: A Stable Support System; FHLBNY Announces First Quarter Operating Highlights; AHP Grant Application Window to Open in Late May

03/28/2016

Member Advantage: Our mission is to advance housing opportunity and local community development by supporting members in serving their markets

02/18/2016

Dividend Announcement: FHLBNY Declares a 4.65% Dividend for the Fourth Quarter of 2015

02/04/2016

At the Bank: FHFA Membership Rule Strengthens System

01/12/2016

At the Bank: Focused On Enhancing Member Value; Michael M. Horn Reelected Board Chair

12/03/2015

Member Advantage: Consider the many ways in which you can leverage your relationship with the FHLBNY

11/19/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Third Quarter of 2015

11/02/2015

At the Bank: The Cornerstones of Our Franchise; FHLBNY Announces Third Quarter Results; Board of Director Elections Underway

10/01/2015

At the Bank: A Cooperative Partner for the Region; Board of Director Elections Underway

09/03/2015

At the Bank: A Stable Partner

08/20/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the Second Quarter of 2015

08/03/2015

At the Bank: A Solid Foundation, and Well-Positioned for the Future

06/01/2015

At the Bank: Consistency and Reliability; On-Balance Sheet Support; Off-Balance Sheet Support; Community Support; Lehman Brothers Files Suit; An 11-Member System

05/21/2015

Dividend Announcement: FHLBNY Declares a 4.10% Dividend for the First Quarter of 2015

05/04/2015

At the Bank: A Solid Start for the FHLBNY; A Solid Start for the System; Consistent Performance, Stable Partnership

04/01/2015

At the Bank: A Reliable System That Works; A New Look, the Same Purpose

03/03/2015

At the Bank: A Strong 2014 and a Trusted Partner; Des Moines and Seattle Members Approve Merger; In Washington

02/19/2015

Dividend Announcement: FHLBNY Declares a 4.60% Dividend for the Fourth Quarter of 2014

02/04/2015

At the Bank: Challenges and Opportunities; FHLBNY Announces AHP Awards; In Washington

01/06/2015

At the Bank: Stability Amid Change; In Washington; FHFA Approves Federal Home Loan Bank Merger Application

Latest News

06/02/2020

Report from the President: A Balanced Provider and a Stable Partner

06/01/2020

Enhancements to the FHLBNY’s Refundable Municipal Letters of Credit

05/01/2020

Federal Home Loan Bank of New York Announces COVID-19 Relief Program

12/11/2019

A Review of Housing Statistics at the End of 2019

11/05/2019

Five Ways to Manage Your Balance Sheet in a Volatile Rate Environment