8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 6, 2007

Federal Home Loan Bank of New York
__________________________________________
(Exact name of registrant as specified in its charter)

Federally Chartered Corporation	000-51397	136400946
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
101 Park Avenue, Floor 5, New York, New York		10178-0599
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 212-441-6616

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) Election of Directors.

On November 6, 2007, the Federal Home Loan Bank of New York ("Bank") announced that John M. Scarchilli, President and Chief Executive Officer, Pioneer Savings Bank, Troy, NY; Joseph R. Ficalora, Chairman, President and CEO, New York Community Bank, Westbury, NY; Ronald E. Hermance, Chairman, President and CEO, Hudson City Savings Bank, Paramus, NJ; and Kevin J. Lynch, Chairman, President and CEO, Oritani Savings Bank, Washington Township, NJ (collectively, the "Reelected Directors") were each reelected by the Bank’s members to serve on the Board of Directors ("Board") of the Bank for three-year terms commencing January 1, 2008 and ending December 31, 2010. (All of the Reelected Directors currently serve on the Board; their terms expire on December 31, 2007.)

The reelection of the Reelected Directors took place in accordance with the rules governing the election of Federal Home Loan Bank directors by Bank members specified in the Federal Home Loan Bank Act and in the related regulations of the Federal Housing Finance Board ("FHFB"), the regulator of the Federal Home Loan Banks.

At the time of this filing, none of the Reelected Directors has been named to serve on any committee of the Board for 2008; further, whether the Reelected Directors are expected to be named to serve on any committee of the Board for 2008 has not been determined. (Mr. Scarchilli currently serves on the Audit and Housing Committees of the Board; Mr. Ficalora currently serves on the Audit and Housing Committees of the Board; Mr. Hermance currently serves on the Executive, Corporate Governance, and External Affairs Committees of the Board; and Mr. Lynch currently serves on the Executive, Compensation and Human Resources, and Housing Committees of the Board.)

Compensation of the Reelected Directors is expected be in accordance with a Director Compensation Plan ("Compensation Plan") which is currently anticipated to be voted on by the Board in January of 2008. The details of the Co mpensation Plan are not known at this time.

Information about the previous reappointment by the FHFB of two Directors to serve on the Board for three-year terms commencing January 1, 2008 and ending December 31, 2010 was published in a Current Report on Form 8-K dated September 20, 2007.

Additional information about the Reelected Directors is included in the FHLBNY’s Press Release dated November 6, 2007. A copy of this Press Release is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 FHLBNY's Press Release dated November 6, 2007.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of New York
November 6, 2007	By:	/s/ Patrick A. Morgan
		Name: Patrick A. Morgan
		Title: Senior Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.	Description
99.1	FHLBNY's Press Release dated November 6, 2007.

EX-99.1

FOR IMMEDIATE RELEASE
November 6, 2007 CONTACT: Eric Amig
(212) 441-6807

FHLBNY Announces Board of Director Election Results:
Joseph R. Ficalora, Ronald E. Hermance, Kevin J. Lynch, and
John M. Scarchilli are Reelected to the Board

New York, New York – The Federal Home Loan Bank of New York (FHLBNY) announced today the results of the 2007 election for the FHLBNY’s Board of Directors. Four directors were reelected and each will serve a three-year term that will begin January 1, 2008.

The four reelected directors are:

• Joseph R. Ficalora, Chairman, President and Chief Executive Officer of New York Community Bank, Westbury, New York. Mr. Ficalora is currently serving as a member of the Board; his service began in January, 2005.

• Ronald E. Hermance, Jr., Chairman, President and Chief Executive Officer of Hudson City Savings Bank, Paramus, New Jersey. Mr. Hermance is currently serving as a member of the Board; his service began in January, 2005.

• Kevin J. Lynch, Chairman, President and Chief Executive Officer of Oritani Savings Bank, Washington Township, New Jersey. Mr. Lynch is currently serving as a member of the Board; his service began in January, 2005.

• John M. Scarchilli, President and Chief Executive Officer of Pioneer Savings Bank, Troy, New York. Mr. Scarchilli is currently serving as a member of the Board; his service began in September, 2006.

The FHLBNY is a Congressionally chartered, $100 billion, wholesale Bank. It is part of the

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Federal Home Loan Bank of New York
November 6, 2007
Page 2

Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The Federal Home Loan Bank of New York serves 291 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This report contains 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.

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