Evp Chief Diversity & Inclusion Officer
202010 years
Member of the senior executive leadership team, responsible for overseeing the companys commitment to D& I across all its businesses and functions. Partnered with key stakeholders across the company to advance diversity as a core business imperative. Created and chaired the Diversity & Inclusion Council, facilitating authentic conversations about difficult issues impacting cultural transformation and making inclusion an integral consideration in programming and business decisions. Championed a
Member of the senior executive leadership team, responsible for overseeing the companys commitment to D& I across all its businesses and functions. Partnered with key stakeholders across the company to advance diversity as a core business imperative. Created and chaired the Diversity & Inclusion Council, facilitating authentic conversations about difficult issues impacting cultural transformation and making inclusion an integral consideration in programming and business decisions. Championed a transformation that improved inclusive representation in creative and business roles as well as an increase in spending with businesses owned by under-represented groups. Integral member of the Executive Sustainability Council. Launched and sponsored employee business resource groups, served as the primary liaison to advocacy and community groups on D& I issues and led company-wide communication on the impact of unconscious bias and the importance of inclusive sponsorship.
The National Nonprofit Will Have Access To New Finance Services
CSH announced it has joined the Federal Home Loan Bank of New York cooperative of eligible commercial banks, credit unions, savings institutions, community development financial institutions , and insurance companies. As an FHLBNY member, the national nonprofit now has access to competitively priced financing and other banking services.
This announcement is not only a sign of confidence in CSH as a strong CDFI, our new partnership with FHLBNY will directly benefit local providers receiving our loans to create supportive housing for very vulnerable people who do not have homes or want to live independently in their community, said Deborah De Santis, president and CEO of CSH. FHLBNY offers a number of important services allowing us more creativity and flexibility in meeting the short- and long-term needs of our borrowers developing the supportive housing that improves lives and strengthens communities.
Although there are more than 800 CDFIs nationwide, CSH is one of only four dozen nationwide that make up the 7,000 member institutions in the Federal Home Loan Bank system, according to the organization. Each member is a shareholder in one of the regional Federal Home Loan Banks, which are privately capitalized, separate corporate entities operating in a cooperative structure.
CSH is the fourth CDFI to join the FHLBNY cooperative. This achievement demonstrates the growing leadership CSH and CDFIs have in driving both financial and social impact.
- Low-cost funding
Affordable Housing Program General Fund Overview
The 2022 Affordable Housing General Fund application period is now closed.
Each year since 1990, the FHLBNY has set aside 10% of its private earnings to support the creation and preservation of housing for lower income families and individuals through the Affordable Housing Program . AHP funds are awarded to members who submit applications on behalf of project sponsors who are planning to purchase, rehabilitate, or construct affordable homes or apartments. Funds are awarded through a competitive process which typically takes place either once or twice a year, at the FHLBNYs discretion.
Benefits to Members
- Gain CRA credit for successful participation
- Strengthen the community you serve
- Build relationships with non-profit groups and businesses
Eligible Uses of AHP General Fund Subsidy
Acquisition, construction, or rehabilitation of:
| Rental HousingIn which at least 20% of the projects occupants must earn 50% or less of the area median income | Owner-Occupied HousingIn which households earn 80% or less of the area median income |
Eligible projects may include
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How The Fhlbanks Are Funded
The Federal Home Loan Banks issue bonds, discount notes, and other forms of term debt in the capital markets to raise funds. These are known as consolidated obligations.
The FHLB Office of Finance manages debt issuance for all 11 FHLBanks. While each debt instrument is issued individually by each bank, it is backed collectively by all banks in the system, providing for a lower-risk investment.
On June 23, 2021, the U.S. Supreme Court ruled that the head of the Federal Housing Finance Agency , which oversees the FHLB, could be removed without cause. Later the same day, President Joe Biden removed Trump-appointed FHFA Director Mark Calabria and appointed Sandra L. Thompson as acting director.
Facts And Procedural Background
The following facts are uncontested by the parties:
Plaintiff Kim L. Sauter worked as a Residential Loan Review Analyst for defendant Federal Home Loan Bank of New York from November 22, 2004 to March 20, 2007. Prior to her termination, Sauter had been approved for FMLA-protected leave for March 21, 2007 so that she could have an embellization procedure performed on March 27, 2007.
On March 20, 2007, Edwin Artuz, defendant’s Director of Human Resources, and Wendy Ianonne, defendant’s immediate supervisor, met with Sauter to explain to her that she was being terminated as of that date. After Ianonne left the room, Artuz spent an additional ninety minutes with Sauter, clarifying the reasons for her termination. At this meeting, Artuz provided Sauter with a three-page Severance Release and Letter Agreement . The Release explained that if Sauter executed the Release, she would be provided with four weeks of severance benefits. It further stated that if she was a participant in the FHLBNY’s Employee Medical Benefits Plan at the date of termination, her medical, vision, and dental benefits under the Medical Plan would terminate as of that date. However, it notified Sauter that she might choose the option, as provided under COBRA, of continuing her medical, vision, and dental benefits under the Medical Plan. On the second page, under the underlined heading of “Release,” the Release read:
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Financial Results And Condition
Since August 2006, all 11 banks have been registered with the United States Securities and Exchange Commission and all financial statements and other filings are available to the public at the SEC web site .
On August 5, 2011, the Federal Housing Finance Agency announced that the FHLBanks had satisfied their obligation to make payments related to the Resolution Funding Corporation bonds. The Banks were required to pay 20 percent of their net income toward the RefCorp bond payments. Each Bank now pays 20% of its net income into its own separate restricted retained earnings account until the account equals one percent of that Bank’s outstanding consolidated obligations.
At December 31, 2014, each of the FHLBanks was in compliance with its statutory minimum capital requirements and the FHLBank System as a whole was above its minimum capital requirements.
On March 27, 2015, the FHLBanks Office of Finance published the 2014 Combined Financial Report. For 2014, the FHLBanks recorded net income of $2,245 million. Combined assets of the FHLBanks were $913.3 billion as of December 31, 2014. Of this total, advances equaled $571 billion. Investments were the second largest component at $267 billion. Mortgage loans held for portfolio were $44 billion. The FHLBanks made affordable housing contributions of $269 million in 2014.
Federal Home Loan Bank Of New York Declares A 550% Dividend For The Second Quarter Of 2022
NEW YORK, Aug. 18, 2022 /PRNewswire/ — The Federal Home Loan Bank of New York is pleased to announce that, on August 18, 2022, its Board of Directors approved a dividend for the second quarter of 2022 of 5.50% . The dollar amount of the dividend will be approximately $64.6 million. The cash dividend will be distributed to member financial institutions on August 19, 2022.
“Through the first half of 2022, we have seen advances levels steadily increase both at the FHLBNY and across the Federal Home Loan Bank System as our members look to their reliable liquidity partner amid an ever-changing operating environment,” said José R. González, president, and CEO of the FHLBNY. “Our reliability is reflected not only in the uninterrupted availability of our funding but our continued ability to provide a consistent and reasonable return on the capital our members have invested in our cooperative.”
The health and economic crises resulting from COVID-19 continue to be unpredictable and may affect the environment in which the FHLBNY operates. Changes to market and business conditions may negatively impact the FHLBNY’s financial performance and level of dividends. The FHLBNY will continue to assess the potential effects of changes in the environment on its financial performance and dividend strategy.
The FHLBNY filed its Form 10-Q for the second quarter of 2022 with the U.S. Securities and Exchange Commission on August 11, 2022.
About the Federal Home Loan Bank of New York
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A Whether The Release Is Enforceable
Employees may waive employment claims against their employers so long as the waiver is made “knowingly and willfully.” See Cuchara v. Gai-Tronics Corp., 129 F. App’x. 728, 730 ). To determine whether a release is valid, the Third Circuit directs courts to consider the totality of circumstances surrounding its execution. See id. at 731 . To do so, district courts should consider the following non-exhaustive factors:
the clarity and specificity of the release language the plaintiff’s education and business experience the amount of time plaintiff had for deliberation of the release before signing it whether plaintiff knew or should have known her rights upon execution of the release before signing it whether plaintiff was encouraged to seek, or in fact received benefit of counsel whether there was opportunity for negotiation of the terms of the release and whether the consideration given in exchange for the waiver and accepted by the employee exceeds the benefits to which she was already entitled to by law.
Cirillo v. Arco Chemical Co.See W.B. v. Matula
1. Clarity and Specificity of the Release Language
The Release reads, in relevant part:
. The Court finds the Release language sufficiently clear to communicate effectively the consequences of executing the agreement. See Cirillo, 862 F.2d at 452 .
2. Education and Experience
3. Time to Deliberate Whether to Sign the Release
4. Whether Sauter Knew or Should Have Known Her Rights
What Is The Federal Home Loan Bank System
The Federal Home Loan Bank System is a consortium of 11 regional banks across the U.S. that provide a reliable stream of cash to other banks and lenders to finance housing, infrastructure, economic development, and other individual and community needs. The Federal Housing Finance Agency oversees the FHLB.
While the FHLB itself is overseen by a government bureau and its mandate reflects a public purpose, each bank in the FHLB network is privately capitalized and does not receive any government funding.
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History Of The Fhlb System
The Federal Home Loan Bank System was developed in response to the Great Depression, which devastated the U.S. economyespecially the banking industry. It was created by the Federal Home Loan Bank Act of 1932, the first in a series of bills that sought to make homeownership an achievable goal for more Americans. The rationale was by providing banks with low-cost funds to be used for mortgages. They would be more likely to make loans as a result, individuals would find it easier to borrow money to buy homes, thus stimulating the residential real estate market.
The FHLB originally consisted of 12 independent, regional wholesale banks . The Act provided them with total funding of $125 million. In 2015, though, the Seattle and Des Moines banks merged, reducing the total number of FHLBanks to its current 11.
The Act also created the Federal Home Loan Bank Board to oversee the system. It was discontinued in 1989, and oversight responsibility was transferred to the Federal Housing Finance Board and regulatory responsibility to the Office of Thrift Supervision . Since 2008, the FHLB has been regulated by the Federal Housing Finance Agency, created by the Housing and Economic Recovery Act .
Federal Home Loan Bank Of New York Announces Full
NEW YORK, Feb. 22, 2022 /PRNewswire/ — The Federal Home Loan Bank of New York today released its unaudited financial highlights for the quarter and year ended December 31, 2021.
The FHLBNY’s net income for 2021 was $265.5 million, a decrease of $176.9 million, or 40.0%, from net income of $442.4 million for 2020. Net interest income for the year was $540.6 million, a decrease of $212.4 million, or 28.2%, from $753.0 for 2020. This decrease was primarily attributed to a decline of $38.3 billion in average earning assets balances compared with the prior year, including a decrease of $28.3 billion in average advances balances as members’ funding needs remain lower, driven primarily by the significant amount of liquidity on member bank balance sheets and liquidity made available through government support actions. The FHLBNY’s return on average equity for 2021 was 3.89%, compared to ROE of 5.59% for 2020.
As of December 31, 2021, total assets were $105.4 billion, a decrease of $31.6 billion, or 23.1%, from total assets of $137.0 billion as of December 31, 2020. As of December 31, 2021, advances were $71.5 billion, a decrease of $20.6 billion, or 22.4%, from $92.1 billion as of December 31, 2020. Average advances balances, at par, were $80.0 billion in 2021, $27.7 billion or 25.7% lower than the average advances balance level of $107.7 billion in 2020. A decrease in liquidity investments also contributed to the decline in total assets.
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How The Federal Home Loan Bank System Works
The 11 regional banks comprising the Federal Home Loan Bank System, known as FHLBanks, are structured as privately capitalized corporationsspecifically, cooperatives. They are owned by their members, local financial institutions which buy stock in the FHLBank. The institutions must engage in real estate lending as a condition of membership. As cooperatives, the FHLBanks pay no federal or state income taxes.
The Federal Home Loan Bank Of New York
The Federal Home Loan Bank of New York helps community lenders in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands advance housing and community growth. The FHLBNY is part of the congressionally chartered, nationwide Federal Home Loan Bank System, which was created in 1932 to provide a flexible credit liquidity source for member community lenders engaged in home mortgage and neighborhood lending. The FHLBNY increases the availability of mortgages and home finance to families of all income levels by offering high-value correspondent and cash management services to assist our members in more effectively serving their neighborhoods and meeting their Community Reinvestment Act responsibilities.
Our Mission
The mission of the Federal Home Loan Bank of New York is to advance housing opportunity and local community development by supporting members in serving their markets.
The FHLBNY meets our mission by providing our members with access to economical wholesale credit and assistance through our credit products, mortgage finance program, housing and community lending programs, and correspondent services to increase the availability of home finance to families of all incomes.
Our Core Values
Our Core Values formalize the principles that have long reflected our culture and guided our decision-making:
How We Lend Money
How We Help All Communities
How We Help Low-Income Communities
The Federal Home Loan Bank System
Key Contacts
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B Whether The Release Is Void Because It Was Signed Under Duress
Sauter further argues that the Release is unenforceable because it was signed under duress. Under New Jersey law, ” party alleging economic distress must show that he has been the victim of a wrongful or illegal act or threat” that “deprive the victim of his unfettered will.” See Campbell Soup Co. v. Desatnick, 58 F.Supp. 2d 477, 492 ). The “decisive factor” in determining whether a contract has been signed under economic duress is the “wrongfulness of the pressure exerted.” See id. . “Merely taking advantage of another’s financial difficulty,” however, “is not duress.” 28 Richard A. Lord, Williston on Contracts§ 71.43 . “conomic pressure alone is insufficient to establish a claim of duress that would void an otherwise valid release.” Cirillo, 862 F.2d at 452 ) see also Knoll v. Equinox Fitness Clubs, 2003 WL 23018807, at *8 ).
Finally, Sauter did not sign the Release under either economic or emotional duress because there was adequacy of consideration in the contract between Sauter and the FHLBNY. “Where there is adequacy of consideration, there is generally no duress.” 28 Richard A. Lord, Williston on Contracts§ 71.43 see also Campbell, 58 F.Supp. 2d at 492 . As explained earlier, the four weeks of severance pay of $5,465.64 and reimbursement of $669.15 for the premium associated with one month of continuation of health insurance under COBRA constitute adequate consideration. Her duress defense is therefore precluded.
Sauter V Federal Home Loan Bank Of New York
using New Jersey law to evaluate whether economic duress rendered a release of federal claims void
In Sauter, this Court held that twenty-one days was more than enough time for the plaintiff in that case to “consult with legal counsel and… to negotiate the terms of the release with her former employer.”
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C Whether The Release Is Invalid Because Fmla Claims Cannot Be Waived
Plaintiff argues that the her waiver of FMLA claims under the Release is invalid because it is contrary to the language of 29 C.F.R. § 825.220 which reads:
§ 825.220 How are employees protected who request leave or otherwise assert FMLA rights?
. . .
Employees cannot waive, nor may employers induce employees to waive, their rights under FMLA. For example, employees cannot “trade off” the right to take FMLA leave against some other benefit offered by the employer. This does not prevent an employee’s voluntary and uncoerced acceptance of a “light duty” assignment while recovering from a serious health condition ). In such a circumstance the employee’s right to restoration to the same or an equivalent position is available until 12 weeks have passed within the 12-month period, including all FMLA leave taken and the period of “light duty.”
The Court finds the decision of the Fifth Circuit and the Eastern District of Pennsylvania to be particularly persuasive since they give proper deference to the Department of Labor’s interpretation of its own regulation. See Auer v. Robbins, 519 U.S. 452, 461, 117 S. Ct. 905, 137 L. Ed. 2d 79 see also Christensen v. Harris County, 529 U.S. 576, 588, 120 S. Ct. 1655, 146 L. Ed. 2d 621 . The waiver of FMLA claims under the Release is not invalid under 825.220 since the waiver was limited only to prior claims and did not seek to have plaintiff waive her future FMLA rights.
