Bulletins

March 6, 2025

Amendments to the FHLBNY Capital Plan (Effective April 7, 2025)

On April 7, 2025, the Federal Home Loan Bank of New York (FHLBNY) will amend its Capital Plan (Plan) which defines the rights of our stockholders of the FHLBNY’s Class B Capital Stock. These changes are the outcome of the normal periodic review.

In summary, the Plan is being adjusted as follows:

Section 4.2 – Activity-Based Stock Purchase Requirement:  The FHLBNY has removed references to ‘delivery commitments’ in connection with the establishment of Activity-Based Stock Purchase Requirements for Acquired Member Assets activity.  The removal of these references to delivery commitments reflects current standard operating procedures relating to the timing of capital stock purchases under the FHLBNY’s Mortgage Asset Program (MAP®).  This practice was put into effect with the launch of MAP in March 2021 and continues in practice today.

Section 7 – Termination of Membership in the FHLBNY:  Various amendments throughout Section 7 are being made to align with changes that were made to internal FHLBNY policies regarding voluntary and involuntary withdrawal of membership.  In particular:

• Section 7.1 – Voluntary Withdrawal from Membership:
  • 7.1.2 Access to Benefits of Membership: In summary, changes are being made to clarify that members that voluntarily withdraw from membership will be classified as “Other Institutions” and will not be able to receive any further services, including advances (other than certain limited services required to unwind positions in an orderly manner).
• Section 7.2 – Involuntary Termination of Membership:
  
  • 7.2.1 Authority to Terminate Membership: Specifically, the changes address scenarios allowing the FHLBNY to terminate membership, such as the voluntary termination of FDIC deposit or NCUA share insurance, or when members are placed in (a) conservatorship or rehabilitation, (b) receivership or (c) other legal custodianship under federal or state law.
  • 7.2.2 Access to Benefits of Membership: Similar to Section 7.1.1 above, the changes are intended to add clarity regarding the status of involuntarily terminated entities, referring to them as “Other Institutions” and indicating that such entities do not have access to services or benefits of membership except for limited services required to unwind positions in an orderly manner.
• Section 7.5 – Relocation of Principal Place of Business:
  • 7.5.1 General: The changes are intended to clarify the timing of when membership will be terminated by the Board after relocation of a member’s principal place of business as defined in applicable regulations.

Finally, various edits have been made to the Plan to remove outdated provisions pertaining to the original capital stock transition and implementation process.

A copy of the amended Plan that will go into effect on April 7, 2025, is now available.

View FHLBNY Capital Plan (Effective April 7, 2025)

If you have any questions about the Capital Plan or these amendments, please call me at (212) 441-6703 or your Relationship Manager at (212) 441-6700.

Sincerely,

Adam Goldstein
Chief Business Officer