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  • Comment Detail

  • Date: 09/27/22
    First Name: JOHN
    Last Name: HOLTZHAUER
    Email: john.holtzhauer@unilever.com
    Organization Type: other
    Organization: UNILEVER FEDERAL CREDIT UNION

  • Comment

    Good afternoon. Our credit union has been a member of the Federal Home Loan Bank of New York since 2007. We are a small credit union, with limited funding availability. We have been using the FHLB's Mortgage Partnership Finance and Mortgage Asset Program for the past 13 years. Our credit union is able to originate and sell fixed rate mortgage loans to the FHLBNY using these programs. This enables us to offer fixed rate mortgage funding to our members. Many of our members are 1st time homebuyers. Thru these programs, we are also able to service the mortgage loans that we sell to the FHLBNY. This enables our members to conduct business with us locally---they are able to do business with a local servicer. Our credit union also has the ability to borrower from the FHLBNY thru their Advance program. This provides additional liquidity to our credit union that can be used to provide additional mortgage financing for our members. We have many of our members who move to the United States from other countries. They have no U.S. credit established when they come to the U.S. and often have difficulty purchasing a home and car. Thru the FHLBNY's Advance program, the additional funding that we are able to access provides needed capital to our members who do not have an established U.S. credit history.

    During the pandemic, the FHLBNY provided funding to our credit union , so that we could offer grants to small businesses and non-profits. Because of the funding that the FHLBNY provided to us, our credit union was able to provide 30 grants, in the amount of $10,000.00 each, to local businesses and non-profits that had been impacted by the ongoing pandemic. All of these businesses had realized a substantial decrease in their revenue as a result of the pandemic. The grants provided funding to these businesses that assisted them with continuing to maintain their business operations.

    The FHLBNY also provides funding to local communities thru their Affordable Housing Program---- grants are provided so that affordable housing can be made available to senior citizens and citizens of moderate to low income. This has meant that many citizens have been able to obtain housing at costs that are below the typical market averages for the area.

    The Federal Home Loan Bank of NY has been an enormous benefit to our credit union members and our community.