CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the nearly $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of approximately 400 companies and 19,000 individual members
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CREFC Annual Conference 2025
June 9 - 11
New York

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News

Treasury Secretary Testifies to the House Financial Services Committee

May 13, 2025

U.S. Treasury Secretary Scott Bessent offered his first annual testimony to Congress last week before the House Financial Services Committee. In a lively hearing, lawmakers debated a broad range of topics, including tariffs and cryptocurrency.

The big picture: 

  • Republicans, led by Chairman French Hill (R-AR), praised Bessent’s “America First” strategy that aims to bring jobs back to the U.S. through tariffs, tax cuts, and efforts to reduce red tape. They called for tough stances on China, stricter rules on American investments going abroad, and reforms to global institutions like the International Monetary Fund and the World Bank.
  • Democrats led by Rep. Maxine Waters (D-CA) slammed the administration’s tariffs, blaming them for shrinking the economy and driving up prices. Rep. Nydia Velázquez (D-NY) demanded more transparency on trade negotiations. Bessent responded, saying:

We’re negotiating with 18 countries, but I can’t name them yet, as it would not benefit the United States and would compromise ongoing negotiations.
Basel III Endgame bank capital rules were also a topic of discussion. Secretary Bessent agreed with Rep. Andy Barr (R-KY) that current capital rules are too strict for small banking institutions.

  • Bessent promised changes that would level the playing field for U.S. financial institutions and signaled he would take significant industry feedback to inform any re-written endgame proposal: 
I think we want to safely and soundly expand the regulated financial system and get smaller banks on equal footing with nonbanks … I think that these capital levels that are predictable, are very important for that.
Regulator Appointments: When asked about the long delay in naming a new FDIC Chair, Bessent said acting chair Travis Hill is doing a “solid job” and a permanent pick is under consideration.

Digital assets: Bessent said the U.S. should be the “premier destination for digital assets,” noting that Treasury’s plan submitted to President Trump outlines how financial institutions can participate in the digital asset space.

Bottom line: Bessent backed President Donald Trump’s approach to China, and the White House’s business-friendly policies and efforts on digital assets while addressing sharp criticism from Democrats.

Contact James Montfort (JMontfort@crefc.org) with any questions.

Contact  

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Treasury Secretary Testifies to the House Financial Services Committee
May 13, 2025
U.S. Treasury Secretary Scott Bessent offered his first annual testimony to Congress last week before the House Financial Services Committee.
More info...

News

NCREIF - CREFC Debt Fund Aggregate Announcement

May 13, 2025

As you know, we have been producing the NCREIF / CREFC Open-end Debt Fund Aggregate for approximately two years. Today, the Aggregate includes funds with sharply different styles and strategies of debt investing, making it useful for understanding the overall risk and return characteristics of the open-end debt fund market. Currently, the Aggregate is too varied to serve as an index or a benchmarking tool. Nevertheless, it represents a crucial first step in developing a more targeted index of funds operating within a specific style or strategy.

Introducing Open-End Debt Fund Investment Styles and Criteria

A task force and the data contributing managers have been working diligently for the past few years to create index parameters / fund inclusion criteria, for three different styles of open-end debt fund investment. 
 
These parameters will be used to categorize the funds included in the Aggregate into their respective style indices. The Aggregate will continue to be produced and will include open-end debt funds regardless of the fund’s style or strategy. In addition, we anticipate creating the first focused open-end debt fund index later this year. 

We are seeking NCREIF and CREFC member feedback on both the naming of the three style indices and the related inclusion criteria parameters.

In addition to developing the inclusion criteria, getting the names right is critical as these will become the official names of the NCREIF / CREFC Open-End Debt Fund Index products. Please keep in mind that the proposed fund index inclusion criteria will not be perfect from the start, but we must start somewhere, and this is it. Once the first debt fund style index is launched, we will monitor it, continue to seek and receive feedback from participants, make changes as necessary, and look forward to more open-end debt funds being created in order to improve and expand the suite of open-end debt fund indices. 
 
Attached via the link below is a document that outlines the full proposal. We urge you to review and provide feedback to us on our progress thus far as this is the most optimal method for ensuring its success. 
 

 

Contact 

Lisa Pendergast
President & CEO
646.884.7570
lpendergast@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
NCREIF-CREFC Debt Fund Aggregate Announcement
May 13, 2025
We are seeking NCREIF and CREFC member feedback on both the naming of the three style indices and the related inclusion criteria parameters.
More info...

News

Financial Regulations Update

May 13, 2025

The Trump administration continues to round out leadership in the financial regulatory landscape. 

Early last week, the Senate Banking Committee voted on party lines to recommend to the full Senate Federal Reserve Governor Michelle Bowman as the Fed Vice Chair for Supervision. 

  • The panel advanced Bowman's nomination in a 13-11 vote. According to American Banker, Bowman “is expected to sail through the full Senate vote relatively easily as both the industry and Republicans have stood behind her nomination.”

On May 9, President Donald Trump nominated Jonathan McKernan, a former Federal Deposit Insurance Corporation (FDIC) board member, to serve as Treasury’s undersecretary for domestic finance. 

  • McKernan's previous nomination to serve as director of the Consumer Financial Protection Board, which was submitted in February and approved by the Senate Banking Committee in March, has been withdrawn.
  • According to the Treasury Department’s statement, McKernan “has become an integral part of the Secretary’s senior team” while awaiting Senate confirmation for CFPB director. 

As reported in previous CREFC Policy and Capital Markets Briefings, Treasury Secretary Scott Bessent has stated that Treasury will play a key role in financial regulatory rulemaking. According to Politico, “if confirmed to the Treasury role, McKernan would be a central part of the Trump administration’s efforts to roll back and reshape regulations on the financial industry.” 

I think we want to safely and soundly expand the regulated financial system and get [smaller banks] on equal footing [with nonbanks]. I think that these capital levels that are predictable, are very important for that.
CREFC continues to closely monitor major financial regulatory developments. Please see here for our updated Regulatory Tracker.

Contact Sairah Burki (sburki@crefc.org) with any questions.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Financial Regulations Update
May 13, 2025
The Trump administration continues to round out leadership in the financial regulatory landscape.
More info...

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Women's Network

Women's Network



Looking for networking, learning opportunities, and professional development? Join women professionals in the CRE industry in networking and educational events throughout the year.  Our mission is to enhance the visibility, profile, and advancement opportunities of women in the commercial real estate finance industry, provide a structured platform within CREFC dedicated to women's initiatives and provide opportunities for networking, mentoring, and development of professional women. With members all across the country, we are the largest network of professional women in the industry.   
 

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Debt Aggregate

NCREIF/CREFC Open-End Debt Fund Aggregate

CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product.

For questions or to get involved, contact Lisa Pendergast

NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Public Snapshot Report
NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Membership Report

Overview of Debt Fund Index
(presentation slides from CREFC's September 28, 2023 Capital Markets Conference)   

Watch the Video
(video replay from CREFC's September 28, 2023 Capital Markets Conference)   
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NCREIF/CREFC Open-End Debt Fund Aggregate

Forums

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Young Professionals

Young Professionals


The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.

YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.

Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.

There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate.

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Take your career to the next level with our programming, mentoring, career planning, and continuing education.
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Advocacy

CREFC Government Relations: Shaping Our Industry

CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry.

By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments.

View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions.

The First 100 Days

CREFC's Government Relations Team is closely monitoring key legislative and regulatory developments shaping the commercial real estate finance industry. Explore our First 100 Days: Legislative Update and First 100 Days: Regulatory Update for insights into the evolving policy landscape.

  • First 100 Days: Legislative Update (1/28/25)
  • First 100 Days: Regulatory Update (1/28/25)


    • Election 2024 Outcome Analysis: Implications for CRE and Multifamily Finance

    The 2024 election results are in, and CREFC has prepared an in-depth Election 2024 Outcome Analysis to explore how the outcomes will shape policy in 2025 and beyond. This comprehensive analysis examines key issues in the commercial and multifamily real estate finance industry, providing insights into the potential legislative and regulatory landscape.

    While members of CREFC's Government Relations team do not forecast election results, our goal remains to dig deeper into the factors that influence critical areas of legislation and regulation.

    Outcome Analysis:
  • CREFC Election 2024 Outcome Analysis (11/18/24)

    • Scenario Analyses:
  • CREFC Election 2024 Scenario Analysis (10/28/24)
  • CREFC Election 2024 Scenario Analysis (10/22/24)
  • CREFC Election 2024 Scenario Analysis (10/8/24)


    • Recent Policy Developments (as of Q3 2024)
    Basel Endgame Advocacy
    The federal banking regulators plan to repropose the Basel Endgame Capital rules with significant changes. CREFC had submitted comments and coordinated a real estate industry letter on proposed rules and is waiting for the re-proposal to see the extent to which our comments were taken into consideration. CREFC plans to continue advocacy as needed following the release of the re-proposal.

    Tax Policy Working Group
    Convened a group of member experts on tax to analyze and triage key tax priorities ahead of 2025. With the expiration of key provisions in the 2017 Tax Cuts and Jobs Act, Congress is expected to take up a tax bill next year. CREFC will engage with lawmakers and staff on key tax issues through the end in preparation the tax push early next year. 

    15c2-11 No Action Letter Expiration
    CREFC is engaging with CMBS broker dealers on the upcoming application of 15c2-11 public data requirements for conduit CMBS. While CREFC and other trades successfully exempted 144A bonds from the public disclosure requirements, the public CMBS requirements are scheduled to come online in January 2025. CREFC will follow up with the SEC and/or on Capitol Hill as necessary. 

    Conflicts of Interest Rule
    Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. CREFC partnered with other organization on an implementation toolkit.

     

     

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    CREFC Policy and Capital Markets Briefing

    Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing

    CREFC Policy Tracker

    CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.

    ESG Initiatives

     CREFC’s Sustainability Initiative seeks to align the objectives of our members and the CRE finance industry with the opportunities and challenges of environmental, social and corporate sustainability.
     

    Read the Latest Government Relations Alerts

    For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
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    Grow Your Expertise

    CREFC has everything you need to grow your career and stay current with the industry. We provide educational programs that are timely and responsive to the changing market, keeping all our members up-to-date on current issues and best practices. From mentorship programs to courses, your CREFC membership gives you access to a growing pool of resources to help you become a competent commercial real estate professional, whether you are in school or moving to our industry later in your career. Explore your opportunities below.

    Learning Opportunities

    Resource Center

    The CREFC Resource Center houses data and research on all facets of CRE and multifamily finance. This members-only portal not only contains CREFC developed content, but also the highly valued and well sought after reports and thought leadership pieces published by our members.

    CRE and Multifamily Finance in the Spotlight

    Monthly thought leadership articles are published to inform, educate and stimulate meaningful discussions and exchanges on the issue and trends of the entire commercial real estate finance industry. 

    CRE Finance Data

    A compilation of data on the current state of the CRE market with a primary focus on the debt capital markets.

    CRE Finance Council's Education Portal

    Explore CREFC’s educational offerings at your own pace and on your schedule. On-demand videos and video series will expand your knowledge on a variety of industry-focused topics.  

    Investor Reporting Package (IRP) 

    The CRE Finance Council Investor Reporting Package (CREFC IRP) is a transparent, standardized set of loan, property, bond and deal level information including numerous report format standards. It also includes guidelines and methodologies to be used in connection with the loan administration required to aggregate and ultimately report all such information.

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    Conferences & Programs

    The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.

    Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.

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    About Us

    Leadership

    The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members.  View the CREFC By-Laws.

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