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The New York Federal Reserve Bank officially opened in 1914. This date is significant as it marks the establishment of one of the key institutions in the United States for implementing monetary policy and supporting financial stability. The bank was part of the Federal Reserve System, which was created in response to a series of financial panics, particularly the Panic of 1907. The goal was to create a more flexible and stable financial system.

By 1914, the Federal Reserve Act had been passed, and the New York Federal Reserve Bank began its operations as a vital component of this broader effort to manage the economy and safeguard the banking system. It was the second district bank established in the Federal Reserve System and has played a crucial role in the global financial community ever since.

The years presented in other options do have significance in the context of the Federal Reserve's historical timeline, but they do not correspond to the actual year the New York Federal Reserve Bank commenced operations. For instance, while 1896 predates it significantly and relates to earlier banking developments, and 1910 was part of the prelude to the Fed's creation, these dates do not represent the opening year of the New York Federal Reserve Bank itself.