NEW YORK, Nov. 16, 2023 - The Federal Home Loan Bank of New York ("FHLBNY") announced today that Larry E. Thompson has been elected by its Board of Directors ("Board") to serve as Board chair for a two-year term that will commence on January 1, 2024. Mr. Thompson, who is the former vice chairman of The Depository Trust & Clearing Corporation, has served on the FHLBNY's Board as an Independent Director since January 1, 2014. He currently serves as the Board's vice chair, and as chair of the Board's Risk Committee. He is the chair-elect of the Council of Federal Home Loan Banks, which serves as the public voice of the Federal Home Loan Bank System.
"The critical importance of the FHLBNY's foundational liquidity mission has been on full display throughout 2023, as has the vital role we play in providing reliable funding for our members and dependable and consistent support to communities across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands," said Mr. Thompson. "It is a true honor to serve as chair of this cooperative, and I thank my fellow Directors for the trust they have put in me. The Board and management look forward to continuing to strengthen our franchise and further enhance the positive impact our cooperative makes in the lives of so many across our region."
"Throughout his service on our Board, Larry has provided guidance and insights that have been of significant value to both our management team and his fellow Directors, and under his leadership as chair, our Board will continue to be one of the great strengths of our franchise," said José R. González, president and CEO of the FHLBNY. "I also thank John Buran, who has served as Board chair since 2018 and will be retiring from the Board at year end, for the many contributions he has made to our cooperative in this role."
Mr. Thompson was vice chairman of The Depository Trust & Clearing Corporation ("DTCC") through the end of 2018, and previously served as the chief legal officer/general counsel of the firm since 2005. He has more than 30 years of experience as a senior executive in corporate law, risk management and regulatory affairs. In his role as DTCC vice chair, Mr. Thompson served as a senior advisor to DTCC and was responsible for all legal and regulatory activities of the company and its subsidiaries. He regularly interfaced with government and regulatory agencies on issues impacting the company. Mr. Thompson was chair of the Board of DTCC Deriv/SERV LLC and former chair of the DTCC Operating Committee. He was a member of the DTCC Management Committee, which is comprised of the company's executive leadership. In addition, Mr. Thompson was a member of the DTCC Management Risk Committee, where he helped oversee and assess a broad range of issues related to market, capital and operational risks facing the corporation. Mr. Thompson previously served as Chair of a DTCC Board subcommittee charged with reviewing the potential risk impacts of high frequency trading and algorithmic trading as a result of the Knight Capital market event of 2012. Mr. Thompson is the former Co-Chair of the DTCC Internal Risk Management Committee and former Chairman of The Depository Trust Company ("DTC") Internal Risk Management Committee. Mr. Thompson began his legal career with DTC as associate counsel in 1981 and was elected vice president and deputy general counsel in 1991, senior vice president in 1993, general counsel of DTC in 1999 and Managing Director and First Deputy General Counsel of DTCC in 2004. Previously, he was a partner in the New York law firm of Lake, Bogan, Lenoir, Jones & Thompson. Mr. Thompson began his legal career at Davis Polk & Wardwell. Mr. Thompson previously served on the Board of Directors of New York Portfolio Clearing, a former joint venture derivatives clearinghouse owned by NYSE Euronext and DTCC. He is currently on the Board of Directors of LedgerX LLC, a digital currency futures and options exchange and clearinghouse. In addition, he also served as former chair of the Securities Clearing Group and former co-chair of the Unified Clearing Group. His memberships included the New York State Bar Association; the New York County Lawyers' Association; Association of the Bar of the City of New York; Business Executives for National Security; and the Global Association of Risk Professionals. He is a former director of the Legal Aid Society of New York and a former director of The Studio Museum of Harlem.
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2023, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.
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 on 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.
CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com
SOURCE Federal Home Loan Bank of New York
