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| 8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
November
2, 2020
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
FHLBNY Announces Third Quarter Operating Highlights
On
October 29, the Federal Home Loan Bank of New York announced our
operating highlights for the third quarter of 2020. Our continued
strong performance, both for the quarter and through the first nine
months of the year, even in such a challenging environment,
positions the FHLBNY as a stable and reliable partner to our
members and the communities we all serve.
Our
performance in the third quarter was driven by continued strong
advance demand from our members – closing the quarter with
$106.2 billion in funding out to our members. The local lender is
truly a vital and committed part of every community across our
District and our country, and essential in this time of crisis.
This is why our partnership with our members, and our ability to
provide the liquidity on which members rely to help meet the needs
of your customers and communities, is so important.
The
value of FHLBNY membership extends beyond daily access to
liquidity, and throughout the year, we have seen members take full
advantage of all that our cooperative offers to provide support
where it is needed in the wake of the pandemic. Through our Small
Business Recovery Grant Program, members provided $8 million in
grant funding to 750 small businesses and 486 non-profit
organizations impacted by the pandemic in communities across our
District. Our members have also accessed nearly $500 million in
Disaster Relief Funding to assist in pandemic-related economic
recovery efforts in their communities. We also continue to
experience significant member interest in our existing
community-focused programs, awarding more than $17 million in
grants for our set-aside homeownership programs in 2020, and soon
joining with our members to announce our annual Affordable Housing
Program grants later this year. We will continue our strong support
for affordable housing next year: through the first three quarters
of this year, we have set aside more than $38 million for the 2021
Affordable Housing Program round.
2020 FHLBNY Board Election Update
Last
month, early voting for the 2020 General Election kicked off in New
Jersey and New York, with both states experiencing significant
turnout ahead of Election Day. And while the General Election
concludes on Tuesday, November 3, our own 2020 Director Election
will close the following day, at 5:00 p.m. ET on Wednesday,
November 4. Ballots were sent electronically to all eligible member
institutions last month.
This
year, five Directorships – two seats representing our New
York members, one seat representing our New Jersey members and two
Independent Directorships representing the whole District –
are up for election for four-year terms commencing on January 1,
2021. Our Board is a key part of our cooperative, and I thank all
of our customers who have already submitted their votes. If you
have not yet voted, I encourage you to participate in the election
process before the deadline. If you have any questions, please
contact our general counsel, Paul Friend, at generalcounsel@fhlbny.com.
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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