Navigating Change: The Champions of Main Street - Less than a week!   

  The food has been ordered, cars are being filled with PAC Silent Auction items to bring to Saratoga, and the anticipation and excitement of the annual convention continues to build. Speakers are finalizing their travel plans, introductions and speeches are getting their final touches, and all of the small details are being meticulously poured over so everything comes together this Sunday.  

 Even mother nature is getting into the spirit of the event. The forecast for Sunday-Tuesday in Saratoga Springs is for partly cloudy skies and temperatures topping in the high 50s and lower 60s. Sounds like good golf weather if you ask me! Even if you aren't hitting the links, the Gideon Putnum is nestled in Saratoga Spa State Park, a beautiful venue for walking, running, rollerblading, or biking. 

Ever wonder where the Gideon Putnum got it's name?  

• It was named after the man who created Broadway back in the 1800s!

We cannot wait to see you, and show you what IBANYS has been up to this year!

Have any last minute convention questions? erinc@ibanys.net  

The Federal Home Loan Banks: A model that works     

Thousands of community lenders everywhere in America rely on the Federal Home Loan Banks as strong sources of funds for financing housing, jobs and economic growth.

Every community in America needs capital and credit flowing to it. That is the money that keeps communities vibrant and growing. Virtually every community lending institution in the U.S. relies on a regional Federal Home Loan Bank for funds to support its local economy.  

The Federal Home Loan Bank of New York proudly counts 206 local lenders as members of its cooperative. At the end of the second quarter of 2011, the FHLBNY had $35.4 billion in advances being put to work in communities across New York by its members. And through its incredibly successful Affordable Housing Program, the FHLBNY has partnered with its members to provide nearly $240 million in affordable housing grants across New York State, resulting in the creation of more than 32,000 homes.

The following are current issues of interest to FHLBank members:

• The Administration has proposed some troublesome changes to the Federal Home Loan Bank System. It has recommended limiting membership to one FHLBank. Additionally, it wants to limit advances to members based on size. These proposals tamper unnecessarily with a model that works. If enacted, these proposals would undermine fundamental strengths of the FHLBank model that has worked so well through all economic cycles.

• The FHLBanks are 12 regionally focused, member-owned cooperatives that provide lenders with short- and long-term funding through collateralized loans called "advances". Advances rose during the 2008-2009 period when the FHLBanks were a vital source of liquidity to the U.S. financial system. Advances currently have declined. The expansion and contraction of advances demonstrates the ability of the FHLBank model to respond to market fluctuations in demand.