Item 7.01. Regulation FD Disclosure.

On July 14, 2009, the Federal Home Loan Bank of San Francisco ("Bank") published a communication to members announcing that the Bank will not repurchase excess capital stock on July 31, 2009, the next regularly scheduled repurchase date, as further discussed in the member communication, a copy of which is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Special Attention Bulletin No. 1329 dated July 14, 2009, issued by the Federal Home Loan Bank of San Francisco

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