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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, 2021
TO:
All
Stockholders
(Addressed
Individually)
SUBJECT:
Report from the
President
FHLBNY Unveils SOFR-Linked ARC Advance Enhancement
At the
FHLBNY, we foster a culture built on results, safety, caring and
learning. This means that we are focused on the reliable delivery
of services to our members, supported by our conservative, low-risk
business approach. Our culture focuses on relationships and mutual
trust to foster interconnectedness and collaboration while also
supporting innovation, agility and flexibility.
Our
collaborative culture helps drive innovation. As an example of
this, in January, the FHLBNY unveiled a new offering to our
membership: a Compounding SOFR-Linked Adjustable Rate Credit
(“ARC”) Advance, an enhancement to the SOFR-Linked ARC
Advance we originally launched in 2018. This product enhancement
was developed in response to member demand, positioning our current
offerings to align with developing industry needs. Through
significant collaboration by a number of functions across our
organization, we were quickly able to develop a product that not
only expands and enhances our SOFR advance offerings, but also
reflects our ability to meet challenges in an agile and
collaborative manner. This is the type of challenge we welcome
because it represents an opportunity for us to better serve our
members and fulfill our mission.
NJBankers Economic Leadership Forum
On
January 15, NJBankers held its 10th annual Economic
Leadership Forum to highlight the challenges and opportunities
facing New Jersey’s economy. This is an event that we look
forward to every year, as it gives us an opportunity to connect
with, and hear from, so many of our members and community partners.
NJBankers shares the same commitment to New Jersey’s local
lenders that we do, and we always appreciate the opportunity to
participate in this great event. And while the pandemic
necessitated that today’s event be held virtually, we still
found opportunities to connect, creating a virtual
“booth” to engage with our members during the
day.
At the
Forum, our Chief Business Officer, Adam Goldstein, led the panel
discussion, “Culture Amid COVID: How the Crisis Revealed the
Importance of Company Culture.” He was joined by Wendy Cama,
a partner at Crowe LLP; Heather Hendry, the Information Security
Officer at Peapack-Gladstone Bank; and Kevin Cummings, chairman and
CEO of Investors Bank and a member of our Board of
Directors.
Director
Cummings noted that it is a company’s culture that creates
the excitement and optimism its employees feel coming to work each
day, and which can help a company make a difference for its people,
its customers and the communities it serves. This has been the aim
of our own culture management initiative at the FHLBNY, and it was
terrific to hear the panel discuss their own culture initiatives,
with the entire panel recognizing the value and importance of a
strong company culture, especially amid a pandemic. As Adam stated,
“in a time when so many of us are apart, a company’s
culture can help keep its people together.”
We are
thankful that NJBankers continued its tradition of holding this
important annual event despite the ongoing challenges presented by
the pandemic, virtually bringing together so many thought leaders
to discuss a number of issues important to New Jersey’s local
lenders – those institutions that will be vital to our
region’s recovery. Stronger local lenders mean stronger
communities, and a stronger FHLBNY.
Our
housing mission is central to our culture, and we take great pride
in our ability to partner with our members and housing
organizations to drive affordable housing opportunities across our
region. On January 19, our Community Investment team hosted a
webinar to discuss key changes to our Affordable Housing Program (AHP) and the Homebuyer
Dream Program®
(HDP) and Community Lending
Programs for 2021. These programs are at the heart of our housing
mission, and are vital to so many members and community partners,
as reflected in the more than 900 registrants for the session. We
recorded the webinar (found here) to ensure all stakeholders have
the opportunity to receive the information discussed. On February
3, we announced a series of virtual
training sessions on the AHP and HDP beginning in late February
2021. Each virtual session is open to all members and housing
partners, though we have grouped them by regions within our
District to enhance the value of each session. For more information
on these sessions, and to register for one, please visit our
registration page. We look forward to discussing how our
cooperative can assist you in financing your next housing
initiative.
FHLBNY Welcomes New Directors
Our
company culture starts at the very top, with an active, collegial
and collaborative Board of Directors focused on our mission and the
stability of our franchise. Later this month, our Board will hold
its first set of meetings of 2021. This year, we welcome two new
Directors: Danelle M. Barrett, a retired U.S. Navy Rear Admiral,
who joins as an Independent Director; and Member Director Thomas J.
Kemly, president and CEO of Columbia Bank, based in New Jersey.
Last month, our management team held a New Director Orientation for
Directors Barrett and Kemly to provide an overview of the reliable
funding products and programs we offer our members, the support we
provide to our communities, the dedicated team across the Bank that
makes it all possible and the Board’s role in our
cooperative. During this session, our team was excited to hear
Director Kemly speak about his institution’s use of our Small
Business Recovery Grant Program, which so many of our members have
put to work in the communities they serve.
Our
February meetings also mark the first without long-serving former
Directors Joseph R. Ficalora, Jay M. Ford and C. Cathleen Raffaeli,
who retired from our Board at year-end 2020. We thank Joe, Jay and
Cathi for their many contributions to our cooperative over their
nearly 40 years of combined service to our Board.
We look
forward to the contributions that Directors Barrett and Kemly will
make to our Board and our cooperative in their new roles, and our
entire team looks forward to working together with our Board to
help ensure the FHLBNY continues to serve as a stable source of
liquidity and a reliable partner for our members and communities
throughout 2021.
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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