March 13, 2020
FHLBank Boston Announcement Regarding COVID-19
Given the escalating concerns regarding COVID-19, FHLBank Boston is actively monitoring the situation and enacting business process changes that will ensure our ability to continue to serve your needs while keeping our staff as safe and healthy as possible.
Business Process Changes
Toward that end, we are taking the following actions:
- Restricting non-essential business travel through April 30, 2020. We encourage virtual member meetings instead of in-person meetings where possible. This includes member meetings with our Member Services and Housing teams, as well as collateral reviews by our Collateral team. Collateral reviews will not be conducted at member sites until further notice. Members with urgent collateral pledging needs should contact the Bank. Members of the Collateral review team will contact members who have scheduled collateral reviews regarding other options.
- Cancelling, postponing, or moving member events to virtual settings through April 30, 2020. We will make additional decisions regarding other Q2 member events as warranted.
- Restricting non-essential vendor visits to the Bank. Bank staff will invite only operationally essential vendors and guests to our headquarters.
- Limiting Bank staff in our offices to operationally critical roles, while other staff works from home. Until further notice, all non-critical roles will be asked to work from home.
We want to assure you that the Bank has a robust Business Continuity Management Program in place that is designed to ensure continued service to our members. We expect that normal operations will remain in place even as Bank staff operate via remote locations.
It is possible as this situation evolves that our telephone-based advances initiation process through the Member Funding Desk may experience longer wait times than usual. In order to mitigate any related impact, we strongly encourage you to confirm the credentials of all authorized borrowers at your institution on Online Banking to ensure that you can execute advances transactions online. Please contact customer service or your relationship manager if you have any questions or require assistance.
Rest assured during this turbulent time that FHLBank Boston remains committed to providing liquidity and ready and able to meet member funding needs and the FHLBank System continues to access the credit markets successfully each day.
As the situation evolves and further changes are warranted, we will keep you informed.
Senior Vice President, Member Services