What does “COFI” mean?
COFI is the acronym for the 11th District Monthly Weighted Average Cost of Funds Index. The COFI is not an interest rate. It reflects the interest expenses reported for a given month by the COFI Reporting Members, as described below. The interest expenses are incurred from the COFI Reporting Members’ various sources of funds. Deposits — including checking and savings accounts, certificates of deposit, money market deposit accounts, transaction accounts, and passbook accounts (collectively known as “Deposit Accounts”) — are the primary source of funds for most savings institutions. Other sources of funds include loans obtained through the credit program of the Bank (known as “advances”) and from other sources.
