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| 8-K - FEDERAL HOME LOAN BANK OF NEW YORK - Federal Home Loan Bank of New York | form_8-k.htm |
February
4, 2020
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
United by Our Mission
At the
Federal Home Loan Bank of New York, our housing mission is a source
of pride for our employees. At the center of this mission is our
Affordable Housing Program; as the AHP is funded through our
earnings, it takes contributions from every aspect of our
organization to drive our performance and help ensure that the AHP
remains a reliable source of grant funding for affordable housing
initiatives. We made our first AHP grants in 1990, and yesterday,
in announcing the 2020 AHP Round, we enter our fourth decade of
this vital program. This year, we are pleased to offer
approximately $38 million in available housing grant funds. To be
eligible for AHP funds, members must first submit applications on
behalf of project sponsors that are planning to purchase,
rehabilitate or construct affordable homes. The deadline for
submitting these applications for the 2020 AHP Round is Friday,
March 20, 2020, at 5:00 p.m.
I
encourage all of our members to submit applications and participate
in the AHP – our focus on supporting and strengthening the
communities we serve is not only shared across our team at the
FHLBNY, but across our entire cooperative. We have institutions
with different locations, business models and asset size, but all
are bound by the shared commitment to the communities they serve.
Through the AHP – and our other Community Investment programs
and products – the FHLBNY provides our members with ways to
not only strengthen their own relationships with their communities
and customers, but make new connections and create new business
opportunities.
The AHP
reflects the strength of the partnerships between the FHLBNY, our
members, our housing partners, dedicated developers and elected
officials at the federal, state and local levels, all focused on
creating affordable housing opportunities. These partnerships have
carried the AHP through its first three decades, and we look
forward to working with our members and all our partners to see
this program through the next decade and beyond.
NJBankers Economic Leadership Forum
The
annual NJBankers Economic Leadership Forum provides a great
opportunity to discuss and learn more about the issues that shape
New Jersey, as well as the challenges and opportunities facing its
local lenders. NJBankers shares the same commitment to these local
lenders that we do, and we always appreciate the opportunity to
participate in this great event. At the 2020 Economic Leadership
Forum, Edwin Artuz, our Head of Corporate Services and Director of
Diversity & Inclusion, participated in a panel discussion
titled “The Importance of Diversity & Inclusion in
Financial Services”. During the discussion, the panel
highlighted the reasons why a commitment to establishing and
maintaining a Diversity & Inclusion program is of critical
importance to today’s financial services institutions. At the
FHLBNY, supporting diversity and inclusion in a respectful manner
across our business is one of our Core Values. The ideals of mutual
respect, teamwork and serving the diverse communities in our
District are at the core of our corporate culture and are the
driving force behind our diversity and inclusion efforts. We see
the value of diversity and inclusion in our people, our partners
and our performance, and we were grateful for the opportunity to
have Edwin speak about our experiences at the Economic Leadership
Forum. We are thankful that NJBankers brought attention to this
issue, and brought so many thought leaders to discuss a number of
issues important to New Jersey’s local lenders. Stronger
local lenders means stronger communities, and a stronger
FHLBNY.
A Resilient Puerto Rico
Strong
local lenders have been and will continue to be at the center of
Puerto Rico’s efforts to recover from both the 2017
hurricanes and the tremors that have rocked the island over the
past two months. And now, community lenders outside of Puerto Rico
can also support these efforts. The Federal Reserve Bank of New
York has launched its Investment Connection program to support
recovery and resiliency in Puerto Rico, and financial institutions
outside of the Commonwealth can receive CRA credit for supporting
eligible activities on the Island. On January 27, I was honored to
speak at the Investment Connection Pitch Program event in San Juan,
which provided an opportunity for investors to receive proposals
for these activities. These are tangible investments – in
some cases literally putting roofs over families’ heads; in
others, assisting small businesses reopen their doors – that
provide an immediate impact and long-lasting benefits. Puerto Rico
is on its way to recovery, both financially and structurally, and
it is through the investments from community lenders both local and
beyond that Puerto Rico will not only recover, but
thrive.
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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