The Federal Home Loan Bank of New York (FHLBNY) is a cooperative bank that provides low-cost funding and other services to member financial institutions in New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands. The bank was established in 1932 and is one of 11 Federal Home Loan Banks in the United States. The FHLBNY is regulated by the Federal Housing Finance Agency and is owned by its member institutions. The bank's mission is to support the housing finance and community development needs of its members and the communities they serve. The FHLBNY is headquartered in New York City and has approximately 300 employees.