VAPR Federal Credit Union joins Federal Home Loan Bank of New York
VAPR Federal Credit Union (VAPR FCU) announced it has joined the Federal Home Loan Bank of New York (FHLBNY) cooperative.
This affiliation will provide VAPR FCU further growth and development opportunities that will result in direct benefits for the communities it serves, it stated.
“This partnership with FHLBNY more than an achievement for VAPR Federal Credit Union, represents direct opportunities for our credit union by having access to capital that will allow us to provide financing and other banking services at competitive prices,” said VAPR FCU CEO José Ernesto Ramos-Monell.
“We’re a financial institution with more than 70 years of service in Puerto Rico. This will allow us to increase our reach and provide additional tools to support the economic growth of our island,” he added.
The FHLBNY serves regulated financial institutions such as commercial banks, credit unions, community development financial institutions (CDFI), and insurance companies in New York, New Jersey, Puerto Rico, and the US Virgin Islands.
“The Federal Home Loan Bank of New York is pleased to welcome VAPR Federal Credit Union to our cooperative,” said FHLBNY CEO José R. Gonzalez.
“VAPR is our third partner cooperative headquartered in Puerto Rico. Its membership will allow our resources to achieve a greater reach throughout the island,” González said.
“The FHLBNY has been a trusted partner for financial institutions in Puerto Rico for decades, and our new partnership with VAPR will serve to expand our support to the island’s financial sector,” he added.
FHLBNY members have access to multiple financial services including reliable low-cost funding, flexible borrowing terms, securities safekeeping, fixed and floating-rate advanced products, risk mitigation products, community investment through access to economic development and affordable housing programs and innovative services in mortgage loans, among others.
The FHLBNY officially approved VAPR Federal Credit Union’s membership application Oct. 12, 2022. The FHLBNY currently has more than 15 members in Puerto Rico and the US Virgin Islands.