SAN FRANCISCO, May 28, 2021 (GLOBE NEWSWIRE) – The Federal Home Loan Bank of San Francisco (Banque) announced on May 28, 2021 that the 11e The District Weighted Monthly Cost of Funds Index (“COFI”) for April 2021 is 0.343%. The index for March 2021 was 0.377%.
As previously announced, the Bank will no longer calculate the COFI after the publication of the December 2021 index on January 31, 2022, due to the significant drop in the number of financial institutions eligible to report the data used for the calculation of the indices.
COFI is calculated based on the actual interest charges declared for a given month by savings institutions in Arizona, California and Nevada that are members of the Bank that meet the criteria for inclusion of the Bank in the COFI (“COFI Reporting Members”). For April 2021, 8 eligible establishments have reported COFI data. Changes in interest rates on variable rate mortgages offered by many financial institutions are linked to the COFI changes.
Although the Bank makes good faith efforts to be precise in calculating and publishing the COFI, the Bank does not guarantee, confirm or guarantee the accuracy of the data it receives from its COFI reporting members, the accuracy of the COFI calculation, or the accuracy of the COFI as published. The Bank does not examine the books and records of its COFI reporting members in order to confirm the accuracy of the data they provide to the Bank and used to calculate the COFI, and the Bank expressly disclaims any liability that may arise from any use of COFI or use of inaccurate data received from its COFI reporting members in the calculation of COFI. In addition, the Bank expressly declines any liability towards anyone for any inaccuracy in the COFI, whatever the cause, or for any resulting damage.
The Bank accepts data for COFI for a given month from reporting COFI members until 12:00 noon California time on the last business day of the following month and publishes COFI for that given month based on the data received at that time. -the. The Bank will neither revise nor republish the COFI for a given month on the basis of new or corrected data received after this period and expressly disclaims any liability which may result therefrom. In addition, although the Bank makes good faith efforts to publish COFI on or after 3:00 p.m. (California time) on the last business day of the following month, the Bank does not guarantee that it will always publish COFI. at that date and time, and the Bank expressly declines all responsibility for any delay in the publication of the COFI.
Certain corporate activities, such as charter changes or mergers, may cause the Bank to determine that a financial institution no longer qualifies as a reporting member of COFI and will no longer be included in COFI. Likewise, if the membership of a reporting member in the COFI bank ends, it will no longer be included in COFI. The impact of such deletions on COFI will depend entirely on the amount of interest expense and total funds of the terminated entity, and may be material.
For additional information and information on calculating COFI, removing a reporting member from COFI, and other questions regarding COFI, visit the Bank’s website at: www.fhlbsf.com.