Federal Home Loan Bank of New York (FHLBNY) provides funds for residential mortgages and community development to more than 330 member banks, savings and loans, credit unions, and life insurance companies in New York, New Jersey, Puerto Rico, and the US Virgin Islands. One of a dozen Federal Home Loan Banks (FHLBs) in the US, it is cooperatively owned by its member institutions and supervised by the Federal Housing Finance Agency. FHLBNY, like the others in the system, is privately capitalized; it receives no taxpayer funding. The bank instead raises funds mainly by issuing debt instruments in the capital markets.