SAN FRANCISCO, May 28, 2021 (GLOBE NEWSWIRE) – The Federal Home Loan Bank of San Francisco (bank) announced on May 28, 2021 that the 11thth The district’s Monthly Weighted Average Cost Index (“COFI”) for April 2021 is 0.343%. The index for March 2021 was 0.377%.
As previously announced, after the December 2021 index was published, the Bank will no longer calculate the COFI on January 31, 2022, as the number of financial institutions authorized to report the data used to calculate the indices has decreased significantly.
The COFI is calculated from the actual interest expense reported by members of the bank in Arizona, California and Nevada for a given month that meet the bank’s criteria for inclusion in the COFI (“COFI Reporting Members”). For April 2021, 8 eligible institutes reported COFI data. Changes in the interest rate for variable rate mortgage loans offered by many financial institutions are associated with changes in the COFI.
While the Bank makes good faith efforts to be correct in calculating and publishing the COFI, the Bank makes no guarantee, confirmation or guarantee as to the accuracy of the information it receives from its COFI reporting members. or the accuracy of the COFI as published. The bank does not review the books and records of its COFI reporters to confirm the accuracy of the data they submit to the bank for the calculation of the COFI and expressly disclaims any liability arising out of the use of the COFI or its use inaccurate data obtained from its COFI rapporteurs in calculating the COFI. In addition, the bank expressly rejects any liability to persons for inaccuracies in the COFI, regardless of the cause or for any damage resulting therefrom.
The bank accepts data for the COFI for a given month from the COFI reporters until the last business day of the following month at 12:00 noon, California time, and publishes the COFI for that given month based on the data received at that time. The Bank will not revise or republish the COFI for any given month on the basis of new or corrected data received after that time and expressly disclaims any liability resulting therefrom. While the Bank makes good faith efforts to publish the COFI at or after 3 p.m. California time on the last business day of the following month, the Bank does not guarantee that it will always publish the COFI at that time. and the bank expressly disclaims any liability for any delay in the publication of the COFI.
Certain corporate activities, such as amendments to the articles of association or mergers, may result in the bank determining that a financial institution no longer qualifies as a COFI reporting member and is no longer included in the COFI. If a COFI reporting member’s bank membership is terminated, it will also no longer be included in the COFI. The impact of such moves on the COFI depends entirely on the amount of interest paid and the total funds of the company being removed and can be significant.
For more information and details on how the COFI is calculated, how to remove a COFI reporter and other matters related to the COFI, please visit the bank’s website at www.fhlbsf.com.