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| 8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
June 7,
2021
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from
the President
A Stable Partner for the Recovery Ahead
On May
28, we announced that our Board had approved a 4.75 percent
dividend for the first quarter of 2021, with the $62.2 million cash
dividend distributed to member institutions on June 1. Our ability
to provide a reasonable return on our members’ investment in
our cooperative reflects the stability and reliability of our
franchise.
This
stability is seen in all that we do, from the liquidity provided
through our advances, and from our Letter of Credit offerings to
the secondary market support offered through our Mortgage Asset
Program. This stability drives our performance, which has remained
solid despite ongoing pressures affecting our operating
environment. And this performance, in turn, fuels our ability to
work with our members to make a tangible impact in the communities
we all serve, most notably through our Affordable Housing Program
(“AHP”), Homebuyer Dream Program®
(HDP®)
and Small Business Recovery Grant Program. On May 21, we closed the
application period for the 2021 AHP Round, for which we have $36
million in grant funding available for affordable housing
initiatives. Our 2021 HDP Round is currently open, with $16.3
million available for grants made in support of homeownership
opportunities. We are always grateful for our members’
participation in these projects, which make a real and lasting
difference in the lives of so many across our District, especially
now. Our members are truly a vital and committed part of every
community across our District, and essential to our region’s
recovery. We are well-positioned to support our members in these
efforts, and are proud to serve as your trusted
partner.
2021 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, the FHLBNY will once again partner with Survey & Ballot
Systems (“SBS”) to administer our 2021 Director
elections electronically. To help ensure emails from SBS arrive
safely in your inbox – with the first email, regarding Member
Director nominations and Independent Director applications,
expected to be sent out on June 28, 2021 – please add the
following email address as an approved sender: noreply@directvote.net. If you
do not receive an email from SBS by June 29, 2021, please
contact
support@directvote.net. Please note that only members of the
FHLBNY who were stockholders as of December 31, 2020 will be able
to participate in this year’s elections.
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 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 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.
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