The Federal Home Loan Bank of San Francisco announced July 31, 2012,
that the 11th District Monthly Weighted Average Cost of Funds
Index (“COFI”) for June 2012 is 1.116%. The index for May 2012 was
1.118%.
The COFI is computed from the actual interest expense reported for a
given month by the Arizona, California, and Nevada savings institutions
members of the Federal Home Loan Bank of San Francisco that satisfy the
Bank’s criteria for inclusion in the COFI (“COFI Reporting Members”).
Changes in interest rates on adjustable rate mortgage loans offered by
many financial institutions are tied to changes in the COFI.
Although the Federal Home Loan Bank of San Francisco makes a good faith
effort to be accurate in the calculation and publication of the COFI,
the Bank does not warrant, 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 for
the purpose of confirming the accuracy of the data they deliver to the
Bank used to calculate the COFI, and the Bank expressly disclaims all
liability that may arise from any use of the COFI or the use of
inaccurate data received from its COFI Reporting Members in calculating
the COFI. In addition, the Bank expressly disclaims any liability to any
person for any inaccuracy in the COFI, regardless of the cause, or for
any resulting damages.
The Bank accepts data for the COFI for a given month from the COFI
Reporting Members until 12 noon California time on the last business day
of the following month and publishes the COFI for that given month based
on data received by that time. The Bank will not revise or republish the
COFI for a given month based on new or corrected data received after
that time and expressly disclaims all liability that may arise as a
result. In addition, although the Bank makes a good faith effort to
publish the COFI on the last business day of the following month at or
after 3 p.m. California time, the Bank does not guarantee that it will
always publish the COFI at that date and time, and the Bank expressly
disclaims any liability for any delay in publishing the COFI.
Certain corporate activity, such as charter changes or mergers, may
cause the Bank to determine that a financial institution no longer
qualifies as a COFI Reporting Member and will no longer be included in
the COFI. Similarly, if a COFI Reporting Member’s Bank membership is
terminated, it will no longer be included in the COFI. The impact of
such removals on the COFI will depend entirely on the amount of interest
expense and total funds of the entity being removed, and may be
significant.
For additional information and disclosures about the calculation of the
COFI, removal of a COFI Reporting Member, and other matters concerning
the COFI, visit the Bank’s website at www.fhlbsf.com.
