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

Federal Home Loan Bank of New York
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(Exact name of registrant as specified in its charter)

Not Applicable
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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:

[  ]  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))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) Election of Directors.

On November 17, 2009, the Federal Home Loan Bank of New York ("Bank") announced that Mr. Michael M. Horn and Mr. Joseph J. Melone (the "Elected Directors") had both been elected by the Bank’s membership on November 13, 2009 to serve as Independent Directors on the Board of Directors ("Board") of the Bank commencing on January 1, 2010. The term of Mr. Horn will be for four years; the term of Mr. Melone will be for two years. (Both of the Elected Directors currently serve on the Board; their current terms expire on December 31, 2009.) A copy of a report being sent to Bank members providing detailed information about this matter is attached as Exhibit 99.1.

The election of Mr. Horn and Mr. Melone took place in accordance with the rules governing the election of Federal Home Loan Bank directors contained in the Federal Home Loan Bank Act and in the related regulations of the Federal Housing Finance Agency ("FHFA"), the regulator of the Federal Home Loan Banks.

At the time of this filing, neither of the Elected Directors has been named to serve on any committee of the Board for 2010; further, whether the Elected Directors are expected to be named to serve on any committee of the Board for 2010 has not yet been determined. (Mr. Horn is currently Chairman of the Board and serves on the Board’s Executive and Audit Committees. Mr. Melone currently serves on the Board’s Audit, Government & Congressional Affairs and Strategic Planning Committees.)

Compensation of the Elected Directors is expected to be in accordance with a 2010 Director Compensation Plan ("Compensation Plan") which will be voted on by the Board at a later time. Details regarding the Compensation Plan will be disclosed after the Compensation Plan is adopted in an appropriate filing with the U.S. Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 2009 Final Director Election Report dated November 17, 2009.

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 hereunto duly authorized.

Exhibit Index