Federal Home Loan Bank of New York, serves the financial needs of housing and community development lenders in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. The bank offers its members a variety of credit products, lending services, correspondent services and programs and also acts as an intermediary between its members and third parties for interest rate swaps, and uses interest rate exchange agreements as part of its asset-liability management policy. To use the Home Loan Bank s credit, community development and mortgage finance products, a financial institution must first become a member of the Home Loan Bank. Only regulated financial institutions, including savings banks, savings and loan associations, commercial banks, credit unions and insurance companies located in New York, New Jersey, Puerto Rico or the Virgin Islands may apply for membership. The Home Loan Bank of New York is a part of the congressionally chartered, nationwide Federal Home Loan Bank System which was created in 1932 to provide a flexible credit source for member community lenders engaged in home mortgage and neighborhood lending.