By Paul Peduto

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In recent months, the Federal Home Loan Bank of Boston has implemented a number of changes designed to provide new expertise and focus to the products and services we provide our members.

Key to this new effort is soliciting feedback directly from members through meetings and surveys designed to assess the effectiveness of our products and services.

In addition, the Bank will soon have on board a new product and solutions director to provide strategic and tactical leadership for new product development in collaboration with other Bank departments.

In May, the Bank’s Member Services Department launched Daily Advance Rates and Specials, an e-mail newsletter that provides timely information on upcoming specials, current rates and business conditions, strategies to help members utilize Bank products under current conditions, and information on members’ use of Bank specials.

In another effort to better serve your needs, we have expanded our relationship manager team through the addition of account managers Loughlin Cleary and Val Smith. These new members of the team will complement the work of our relationship managers and Bank staff in providing creative solutions to your business needs.

Our reasons for making these adjustments are twofold: We recognize that the banking industry is undergoing significant change as growing competition and narrowing margins create new challenges for our members. In addition, the number of wholesale funding sources available to our members is growing, making it especially important for us to develop products that will maintain our position as the funding source of choice for members.

Stay tuned for updates as we continue to refine our strategies for better serving your business needs.

For more information about Bank products and services, please contact your relationship manager.

Paul M. Peduto is first vice president/sales and business development at the Federal Home Loan Bank of Boston.