Libor is not the only benchmark transition that needs attention

By Jeffrey Armstrong (January 20, 2022, 6:09 PM EST) — The US Libor transition has captured the attention of the financial and legal press now that the benchmark has officially entered its downturn phase.[1]

But another important interest rate index, in effect since 1981 and used to price American adjustable rate mortgages, or ARMs, will end even sooner: the Eleventh District Cost of Funds Index, or COFI, pronounced like coffee, issued by the Federal Home Loan Bank of San Francisco.[2] The final release date for the Eleventh District COFI is less than two weeks away.

COFI received limited coverage in the financial or legal press. There are few official guidelines regarding…

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