<TABLE> <S> <C>

<PAGE>


<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from the
Balance Sheet and Statement of Income included in the Company's Form 10-Q
for the period ended March 31, 1997.

</LEGEND>
<CIK>           0001027283
<NAME>          CALIFORNIA FEDERAL PREFERRED CAPITAL CORPORATION
<MULTIPLIER>    1,000

       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1997
<CASH>                                               0
<INT-BEARING-DEPOSITS>                               0
<FED-FUNDS-SOLD>                                     0
<TRADING-ASSETS>                                     0
<INVESTMENTS-HELD-FOR-SALE>                     16,780
<INVESTMENTS-CARRYING>                               0
<INVESTMENTS-MARKET>                                 0
<LOANS>                                        972,960
<ALLOWANCE>                                      5,420
<TOTAL-ASSETS>                               1,002,857
<DEPOSITS>                                           0
<SHORT-TERM>                                         0
<LIABILITIES-OTHER>                                  7
<LONG-TERM>                                          0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                    500,000
<COMMON>                                             0
<OTHER-SE>                                     502,850
<TOTAL-LIABILITIES-AND-EQUITY>               1,002,857
<INTEREST-LOAN>                                 10,975
<INTEREST-INVEST>                                   67
<INTEREST-OTHER>                                     0
<INTEREST-TOTAL>                                11,042
<INTEREST-DEPOSIT>                                   0
<INTEREST-EXPENSE>                                   0
<INTEREST-INCOME-NET>                           11,042
<LOAN-LOSSES>                                      420
<SECURITIES-GAINS>                                   0
<EXPENSE-OTHER>                                     41
<INCOME-PRETAX>                                 10,581
<INCOME-PRE-EXTRAORDINARY>                      10,581
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    10,581<F1>
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0
<YIELD-ACTUAL>                                    7.30
<LOANS-NON>                                          0
<LOANS-PAST>                                         0
<LOANS-TROUBLED>                                     0
<LOANS-PROBLEM>                                      0
<ALLOWANCE-OPEN>                                     0
<CHARGE-OFFS>                                        0
<RECOVERIES>                                         0
<ALLOWANCE-CLOSE>                                5,420
<ALLOWANCE-DOMESTIC>                                 0
<ALLOWANCE-FOREIGN>                                  0
<ALLOWANCE-UNALLOCATED>                          5,420
        
<FN>
<F1>       Net income available to common Stockholders: $2,850.
</FN>

</TABLE>