October 12, 2021 On October 3, the International Consortium of Investigative Journalists (ICIJ) released what is known as the Pandora Papers, which are comprised of 11.9 million confidential documents that detail the financial secrets and offshore dealings of dozens of heads of state, public officials, and politicians from 91 countries and territories. The Pandora Papers detail how these public officials, as well as billionaires and celebrities, use offshore companies to acquire mansions, private jets, and stakes in companies, with little or no transparency. Read more from Bloomberg about What the Pandora Papers Reveal about Offshore Wealth. In response to these revelations, Members of Congress introduced new legislation, called the ENABLERS Act, to make it more difficult for lawyers and accountants to help corrupt politicians and other bad actors hide their money. Representatives Tom Malinowski and John Curtis of the Congressional Caucus against Foreign Corruption and Kleptocracy said of the release of the Pandora Papers:
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October 13, 2021 Today, October 13, 2021, the Federal Housing Finance Agency (FHFA) published the 2022 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac. The volume caps for each GSE will increase from $70 billion to $78 billion for a $156 billion total, up from $140 billion in 2021. FHFA largely maintained the mission-driven requirements, with 50% of all purchased loans required to satisfy mission-driven criteria. Note that mission-driven definitions were expanded (see below). FHFA slightly raised the requirement that 25% of the purchased loans be affordable at the 60% area median income (AMI) (up from 20% in 2021). Click here for CREFC’s Side-by-Side Analysis of the 2022 Multifamily Caps. The document includes a detailed chart on how the mission-driven criteria changed in the new caps. 2022 Multifamily Caps Overview
October 12, 2021 On October 5, Federal Reserve Governor and Vice Chair for Supervision Randal Quarles delivered a strong warning to market participants that they must transition away from LIBOR. Speaking at the Structured Finance Association Conference in Las Vegas, Quarles reinforced that LIBOR will not be available for new contracts after the end of the year and that the Fed will be watching.
CREFC’s Diversity, Equity and Inclusion (DEI) Committee is charged with ensuring continued progress toward CREFC’s vision of developing policies and programs that promote workplace diversity and inclusion and foster a culture that ensures every voice is welcomed, heard, and respected. Working with this Committee, CREFC will strive to incorporate minority voices in all that we do, including on our panels and discussion groups at industry events. The DEI Committee initiatives are the continuation of CREFC’s long-standing efforts to work toward the expansion of diversity within the CRE finance industry. Through ongoing actions and utilizing our DEI Sub-Committees, we will continue addressing inequality in our nation. For more information or to get involved with one of CREFC’s DEI Sub-Committees, please contact Garren Fox.
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Our members shape the commercial real estate finance industry with our advocacy initiatives. Through a collaborative process with our members, CREFC develops official policy positions that are presented as needed to legislators and regulators. These policies are developed through participation in our forums. CREFC also maintains fact sheets in online and PDF format on all major CRE issues and informs members weekly of the latest regulatory developments. To make a difference in the direction of our industry, sign up for a forum and participate in our advocacy efforts below. Contact Justin Ailes with any CREFC policy or advocacy questions.
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CREFC is tracking state policy developments affecting commercial and multifamily real estate in response to the pandemic, including eviction and foreclosure moratoriums, proposed and passed legislation, and executive orders. CREFC State Legislation and Policy Tracker (Updated 4.27.2021)
CREFC will provide weekly updates on the Presidential transition and the new 117th Congress. Biden Transition Guidebook (updated 2.10.2021)
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.
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 chairman, chairman-elect, vice president, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members. View the CREFC By-Laws.
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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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