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President’s Report

December 3, 2019

Report from the President

Positioned to Meet Your Liquidity Needs

From the first interest rate cuts in more than a decade to the significant mid-September disruption in the U.S. repo market, this year has been defined by market volatility. In such challenging operating environments, access to a dependable source of liquidity becomes even more important. On November 6, we launched our new Callable Adjustable Rate Credit Advance (Callable ARC) pilot program – the newest addition to our suite of credit products intended to provide members with uninterrupted access to liquidity.

The Callable ARC offers two distinct option structures that give our members the flexibility to meet the demands of a fluctuating balance sheet. The call feature can be used to strategically extinguish – and potentially rebook – the advance when the remaining term reaches either a one-month- or one-year- left-to-maturity window, affording greater control in managing liquidity needs with no additional prepayment fees. And as the market continues to prepare for the transition from LIBOR, the Callable ARC is available with either one-month LIBOR or Secured Overnight Financing Rate indices, enabling members to match the interest rate characteristics of adjustable-rate assets. The Callable ARC is also in line with our efforts to ensure that the transition from LIBOR is as smooth as possible, both for our cooperative and our members. As we reported in September, the Federal Housing Finance Agency, our regulator, issued a supervisory letter to all Federal Home Loan Banks requiring that by March 31, 2020, we cease entering into new LIBOR-referenced financial assets, liabilities and derivatives 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. Throughout the transition process, the FHLBNY will continue to serve as a resource to our members to aid in your own transitions.

From our consistent performance to our steady dividend to our ability to provide funding in all markets, we pride ourselves in being a reliable partner for our members. The products we offer are a reflection of this reliability, as we continue to develop new and innovative ways to meet your funding needs. For more information on the Callable ARC, or any of our products and programs, please contact your Relationship Manager at (212) 441-6700.

FHLBNY Board Update

The insight and guidance our Board provides contributes to our stability and plays a key role in the success of our franchise. As we previously reported, in early November, our membership voted to re-elect Directors John R. Buran and Thomas L. Hoy to serve as New York Member Directors; and DeForest B. Soaries, Jr. and Ángela Weyne to serve as Independent Directors, all for four-year terms beginning January 2020.  This year marked our first election with electronic ballots, and I thank all of our members who participated in what we found to be a smooth process.

In addition, at the Board’s November 2019 meeting, the Board re-elected John Buran, to continue to serve as Board chair for a two-year term commencing January 1, 2020, reflecting the strong leadership he has provided in his two years leading our Board.

Making an Impact

It was our Board that, in December 2017, approved the allocation of $5 million towards the funding of our Homeowner and Small Business Recovery Grant Programs – part of our effort to help communities in Puerto Rico and the U.S. Virgin Islands continue to recover from the dual impacts of hurricanes Irma and Maria, created with the understanding that the local lender is key to relief and rebuilding efforts following natural disasters. We launched the programs in March 2018, and last month we disbursed the final dollars. In total, these programs supported 530 households and 156 small businesses. I thank our Puerto Rico and U.S. Virgin Island members and their non-profit partners for their engagement in these programs, and the work they continue to do to strengthen the Caribbean. Whether through these grant programs and our Disaster Relief Funding, or through the Affordable Housing Program and the Homebuyer Dream Program, our members continue to utilize their access to the FHLBNY to make tangible, immediate and long-lasting impacts in the communities we all serve.

This has been a year marked by both challenges and opportunities. But throughout 2019, our membership has continued to serve their customers and their communities, and our members have thrived. We have been proud to serve as your reliable partner in 2019, and as we close out 2019 and begin to focus on the New Year, I hope you will continue to invest in our franchise.

My colleagues and I wish you all the best this holiday season, and we look forward to working with you to help ensure a strong close to 2019 and a successful 2020.

 

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 of 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, 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. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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Report from the President: A Proven Partnership to Help a Region Recover

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Report from the President: A Steady Foundation

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Report from the President: FHLBNY Announces 3Q20 Operating Highlights

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Report from the President: A Stable Partner and a Strong Culture

09/03/2020

Report from the President: A Stable Foundation

08/20/2020

Dividend Announcement 2Q20: The FHLBNY Declares A 5.60% Dividend For The Second Quarter Of 2020

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Report from the President: FHLBNY Announces 2Q20 Operating Highlights

07/02/2020

Report from the President: A Vital Conversation

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

Dividend Announcement 4Q19: 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

11/21/2019

Report from the President: The FHLBNY Declares a 6.35% Dividend for the 3Q19

10/15/2019

Report from the President: The FHLBNY Announces 2019 Affordable Housing Program Grants

09/05/2019

Report from the President: A Market Milestone

05/16/2019

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

06/03/2019

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

07/02/2019

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

08/15/2019

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

01/16/2018

Member Advantage: A Strong Partner in the New Year

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

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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

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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;

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

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01/04/2017

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

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

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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;

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

06/01/2017

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

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

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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

10/11/2016

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

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.

03/28/2016

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

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

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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

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

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

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

01/06/2015

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

02/04/2015

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

02/19/2015

Dividend Announcement 4Q14: The FHLBNY Declares a 4.60% Dividend for the Fourth Quarter of 2014

03/03/2015

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

04/01/2015

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

05/04/2015

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

05/21/2015

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

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

08/03/2015

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

08/20/2015

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

09/03/2015

At the Bank: A Stable Partner

10/01/2015

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

11/02/2015

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

11/19/2015

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

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

Latest News

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

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Dividend Announcement 3Q21: The FHLBNY Declares a 4.40% Dividend for the Third Quarter of 2021

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Important Announcement for Community Lending Programs Users

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A Review of Housing Statistics at the End of 2019

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