As a result of your feedback (and thank you for your suggestions), the Federal Home Loan Bank of New York (“HLB”) made improvements to the process for transacting Convertible Advances. Effective immediately, you will no longer need to wait for a pre-transaction disclosure fax to complete a Convertible Advance. Instead, the pre-transaction disclosure titled, “Structured Advance Valuation and Disclosure,” has been placed on the Convertible Rates section of our website, where it will be updated regularly to reflect market conditions. The document may be viewed here:
Convertible Pre-Transaction Disclosure
Prior to executing a Convertible Advance trade, our Credit Service Representatives will ask if you have had an opportunity to review the disclosure and if you have any questions regarding the associated risks. If you confirm that you understand the risks outlined in the disclosure, we can then execute the trade.
If you would like to use the former method of having a pre-transaction disclosure faxed to you, we will be happy to accommodate your request. We are confident that our members will welcome this enhanced process change with great enthusiasm. It provides data contained in the former disclosure and shortens the trade process, resulting in a smoother and more efficient transaction.
If you have any questions, comments, or other suggestions, please contact your Calling Officer at 212-441-6700.