FHLBank San Francisco Added Two Banking Executives
Owners and managers should note new leadership additions as regional banks refine their governance oversight.
Updated on Oct. 1, 2026 in People
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The Federal Home Loan Bank of San Francisco elected Michael Boden and re-elected Chang Liu to serve four-year terms on its board of directors. These appointments involve key leadership from Arizona and California financial institutions.
Why it matters
Board shifts at regional Federal Home Loan Banks can influence local credit availability and regulatory governance strategies. Understanding the background of these directors helps operators gauge the priorities shaping regional financial policy.
The directors will serve four-year terms, beginning January 1, 2027, and ending December 31, 2030. These appointments follow the management of $4.5 billion in assets by OneAZ Credit Union and over 31 years of industry experience held by Chang Liu.
The players
Michael Boden
President and CEO of OneAZ Credit Union, a financial cooperative managing $4.5 billion in assets.
Chang Liu
President and CEO of Cathay Bank, a commercial bank with over 31 years of leadership experience in financial services.
Federal Home Loan Bank of San Francisco
A member-owned cooperative and wholesale bank that provides liquidity to financial institutions in Arizona, California, and Nevada.
The details
Michael Boden, President and CEO of OneAZ Credit Union, was elected by Arizona members to his first term as an Arizona member director. Chang Liu, President and CEO of Cathay Bank, was re-elected by California members to continue as a California member director. These directors participate in the governance of FHLBank San Francisco, which provides liquidity to member institutions across Arizona, California, and Nevada.
Timeline
The election results were announced on October 1, 2026.
The new four-year terms begin on January 1, 2027.
The terms for both directors conclude on December 31, 2030.
Market Landscape
These appointments follow the governance protocols set by the Federal Home Loan Bank Act, ensuring board representation for member institutions within the district. The shift reflects a standard cycle of regional bank oversight as member directors rotate through four-year terms.
Operators should monitor these board appointments to understand how regional liquidity banks may shift their lending or compliance priorities in the coming years. Consider how your own financial partners interact with these district banks, as their policies often filter down to regional credit conditions.
The takeaway
Board leadership changes at the FHLBank level serve as a signal for upcoming strategic shifts in regional credit policy. Operators should watch for updated board committee assignments after the January 2027 start date to anticipate potential changes in liquidity availability.
Further reading
For broader trends in regional executive leadership, see our latest coverage on People.
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