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The Federal Home Loan Bank of New York (FHLBNY) announced the election of Larry E. Thompson as chairman of its board of directors.

Thompson’s term as chairman will begin on Jan. 1, 2024, and run for two years. He is the former vice chairman of The Depository Trust & Clearing Corporation and has served on the FHLBNY’s board as an independent director since 2014. He currently serves as the board’s vice chairman and chairs of the board’s Risk Committee.

Thompson is also the chairman-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 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.”