SAN FRANCISCO, March 31, 2021 (GLOBE NEWSWIRE) – The Federal Home Loan Bank of San Francisco (Banque) announced on March 31, 2021 that the 11e The District Weighted Average Monthly Cost of Funds (“COFI”) index for February 2021 is 0.408%. The index for January 2021 was 0.457%.
As previously announced, the Bank will no longer calculate the COFI after the publication of the index from December 2021 to 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 from the actual interest expense reported for a given month by savings institutions in Arizona, California and Nevada that are members of the Bank that meet the Bank’s criteria for inclusion in COFI. (“COFI declaring members”). For February 2021, 9 eligible institutions 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 a good faith effort to be precise in the calculation and publication of the COFI, the Bank does not guarantee, confirm or guarantee the accuracy of the data it receives from its COFI reporting members, l ‘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 any person for any inaccuracy in the COFI, whatever the cause, or for any damage resulting therefrom.
The Bank accepts data for COFI for a given month from COFI reporting 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 that date and expressly disclaims any liability that may arise therefrom. In addition, although the Bank makes a good faith effort to publish COFI on the last business day of the following month at or after 3:00 p.m. California time, the Bank does not guarantee that it will always publish COFI on that date and time, and the Bank expressly declines any 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 bank membership of a COFI reporting member is terminated, they will no longer be included in COFI. The impact of these deletions on COFI will depend entirely on the amount of interest expense and total funds of the deleted entity, and can be significant.
For more information and information on the calculation of COFI, dismissal of a COFI-declaring member and other matters relating to COFI, visit the Bank’s website at www.fhlbsf.com.
CONTACT: Mary Long, 415-616-2556 (office), 415-572-6717 (mobile), [email protected]