Attached files
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| EX-4.1 - AMENDED AND RESTATED CAPITAL PLAN OF THE FEDERAL HOME LOAN BANK OF NEW YORK, EFF - Federal Home Loan Bank of New York | capitalplaneffective10-02000.htm |
UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): September 2,
2020
Federal
Home Loan Bank of New York
(Exact name of Registrant as Specified in Its Charter)
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Federally Chartered Corporation
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000-51397
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136400946
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(State or Other
Jurisdiction
of Incorporation)
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(Commission File
Number)
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(IRS
Employer
Identification No.)
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101 Park
Avenue,
New York, New York
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10178-0599
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s Telephone Number,
Including Area Code: (212) 441-6616
Not Applicable
(Former Name or Former Address, if Changed Since Last
Report)
___________________________
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instructions
A.2. below):
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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None
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N/A
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N/A
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933
(§ 230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§ 240.12b-2 of this
chapter).
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.03 Material Modification to Rights of Security
Holders.
Item 8.01 Other Events.
On
September 2, 2020, the Federal Home Loan Bank of New York
("FHLBNY") informed its membership of certain amendments to the
FHLBNY’s Capital Plan ("Plan"). The Plan defines the rights
of the holders of the FHLBNY’s Class B Capital Stock. The
amended Plan will become effective on October 2, 2020.
The
first amendment to the Plan involves a change to the Activity-Based
Stock Purchase Requirement at Section 4.2 of the Plan that will
require Members to purchase activity-based stock for all new and
renewing Letters of Credit. The specific purchase requirement will
be announced by the FHLBNY at least 10 days ahead of the
implementation date. In this regard, implementation of this new
purchase requirement is expected to take place no later than March
31, 2021. The purchase requirement will in no event be less than
0.10% or more than 2.50% of the outstanding principal balance of
the off-balance sheet item relating to all types of new and
renewing Letters of Credit which the FHLBNY has transacted on a
Member’s behalf and issued under the Irrevocable Letter of
Credit Agreement between the FHLBNY and the Member.
The
second amendment to the Plan pertains to Section 2.2.4 of the Plan,
"Limitations on Redemptions and Repurchases". Here, the FHLBNY is
adding a subsection called "FHLBNY's Discretion to Suspend
Repurchases of Excess Capital Stock". The new subsection is
intended to provide the FHLBNY with additional flexibility in
managing capital in unlikely situations by allowing for the
suspension of the repurchase of shares of excess Capital Stock in
order to:
●
help
prevent capital ratios falling below the FHLBNY’s
regulatory-mandated requirements and Board-approved thresholds as a
result of Member actions with respect to the management of advance
balances; or
●
help
assure the fulfillment of Member contractual obligations to the
FHLBNY.
Upon the FHLBNY’s determination that the capital management
or contractual obligation issues described above have been
mitigated or resolved, the FHLBNY will reinstate the repurchase of
excess Capital Stock.
Other
minor non-substantive changes were made to update various
regulatory references contained in the Plan.
The foregoing description of the amendments to the Plan is
qualified in its entirety by reference to a copy of the amended
Plan included herein as Exhibit 4.1 to this Current Report on Form
8-K.
(d)
Exhibits.
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Exhibit
Number
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Description
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4.1
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-
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Amended and Restated Capital Plan of the Federal Home Loan Bank of New York, effective as of October 2, 2020. |
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
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Federal Home Loan
Bank of New York
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Date: September 2,
2020
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By:
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/s/
Kevin M.
Neylan
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Name: Kevin
M. Neylan
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Title: Senior
Vice President and Chief Financial Officer
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