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News

CREFC Statement on Passage of House Amendment to the 21st Century ROAD to Housing Act (H.R. 6644)

 

NEW YORK, NY — May 20, 2026 — The CRE Finance Council (CREFC) applauds Congress for its efforts to advance legislation aimed at expanding housing supply and improving affordability. We believe these objectives are best achieved through policies that encourage investment in new and existing housing and avoid disruptions to housing finance and development.  

CREFC remains concerned about expanding federal regulation through categorical bans on certain investments in housing, but we believe the bipartisan House revisions now included in H.R. 6644 reflect meaningful progress toward a more targeted approach. By refining the scope of investment regulations, the House bill is a step in the right direction to protect the free inflow of debt and equity capital necessary to increase housing supply and improve housing affordability.   

We look forward to working with lawmakers and the Administration on targeted revisions to Section 1001 that:  

  • Only restrict large institutional investor acquisitions of single-family homes that would otherwise be purchased by individuals. 
  • Do not impact build-to-rent (BTR) or any form of multifamily rental property as directed by the Executive Order. 
  • Exclude multifamily rentals from the definition of single-family homes. 
  • Establish a clearer, more workable compliance framework for housing providers to navigate the bill's exemptions.
  • Avoid disrupting local zoning decisions.
  • Exclude established rental communities on a single tax parcel of land. 

We appreciate the continued engagement with housing providers, investors, and lenders in refining these key details. CREFC stands ready to work with Congress to ensure the final product achieves America’s housing supply goals.

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

Contact  

Mary Beth Ryan
Senior Director,
Communications
646.884.7567
mryan@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
CREFC Statement on Passage of House Amendment to the 21st Century ROAD to Housing Act (H.R. 6644)
May 20, 2026
The CRE Finance Council (CREFC) applauds Congress for its efforts to advance legislation aimed at expanding housing supply and improving affordability.

News

CREFC Submits Response to SEC’s 15c2-11 Proposal

May 19, 2026

CREFC yesterday filed comments supporting an SEC proposal to narrow Rule 15c2-11 by replacing "security" with "equity security," a change that would formally remove fixed-income markets from the rule's reach.

Why it matters: Rule 15c2-11, written in the 1970s, requires broker-dealers to verify that issuer information is publicly available before quoting OTC securities. It was always understood to apply to equities until amendments to the rule in 2020 swept in fixed income, creating operational burdens with little investor-protection benefit.

Catch up quick:

  • 2021: An SEC staff ‘No-Action Letter’ extended 15c2-11 to fixed-income securities for the first time.
  • October 2023: The SEC issued an exemptive order carving out 144A bonds, including SASB CMBS and CRE CLOs.
  • November 2024: A new No-Action Letter indefinitely extended 15c2-11 relief for public fixed income securities, but stopped short of a permanent fix.

Our thinking: CREFC has long argued that 15c2-11 is a poor fit for fixed income, where operational and institutional barriers make the rule's verification requirements impractical. 

  • The exemptive order and NALs were welcome, but a permanent rulemaking would provide greater certainty and clarity for the fixed- income markets.

The bottom line: The proposed amendment would preserve fixed-income market efficiency while keeping the rule focused on the equity-market concerns it was designed to address.

What's next: The proposal identified the effective date as “60 days after publication of the proposed amendments in the Federal Register,” leading to confusion regarding timing of proposal review and final adoption.

  • SEC staff has confirmed that “any changes would not become effective unless and until the Commission were to adopt a final rule.”
  • CREFC supports an effective date that runs from the adoption of any final rule and that allows the rule to take effect expeditiously given its importance to the fixed-income securities markets.

Please contact Sairah Burki (sburki@crefc.org) with questions.

Contact  

Sairah Burki
Managing Director,
Head of Regulatory Affairs
703.201.4294
sburki@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
CREFC Submits Response to SEC’s 15c2-11 Proposal
May 19, 2026
CREFC yesterday filed comments supporting an SEC proposal to narrow Rule 15c2-11 by replacing "security" with "equity security.

News

Congressional Primaries…May

May 19, 2026

Today and next Tuesday, May 26, are consequential dates in the battle for the House and Senate. Six states will be holding congressional primaries that will decide their parties nominees this fall. 

  • Alabama, Georgia, Kentucky, Pennsylvania, Oregon, and Idaho will be holding primaries today.
  • Texas will hold a runoff election next Tuesday for all contests that were not decided by its primary election on March 5. We detail the key races below.
  • Incumbent Senator Bill Cassidy (R-LA) lost his re-election campaign in the primary last weekend. Cassidy had voted to convict Trump in his second impeachment, and Trump endorsed Rep. Julia Letlow (R-LA) who advanced to the runoff. 

Tuesday, May 19

Alabama

Why it matters: Since the Supreme Court ruling on Section 2 of the Voting Rights Act occurred last month, states across the south, including Alabama, have scrambled to redraw their states’ congressional maps. 

The state of Alabama originally planned on holding all of its primaries today. However, with the new ruling, Governor Kay Ivey (R-AL) delayed the primaries for the 1st, 2nd, 6th and 7th districts, which will now be decided on Aug. 11. 

  • These are districts that are likely to be redrawn by the legislature to make the map more advantageous to Republicans, and this delay gives current members of Congress more time to understand their new district boundaries. 
  • The 2nd and 7th districts are represented by Congresswoman Terri Sewell (D-AL-7) and Congressman Shomari Figures (D-AL-2). 
  • If the new maps are drawn as expected, its likely that Congressman Figures will face an extremely GOP friendly district. 
  • The seat will be a near guaranteed pickup for the GOP, making Democrats path to reclaiming the majority a bit more challenging.

Georgia

Why it matters: Georgia is seen as a must-win state for Democrats in their quest to control the Senate come 2027. If they don’t hold this seat, it becomes nearly impossible for them to gain a 51 seat majority.

On the Democratic side, incumbent Senator Jon Ossoff (D-GA) ran unopposed and will be the Democrats nominee for Senate. Ossoff won election to the Senate in 2021, by beating then incumbent Senator David Perdue (R-GA) in a runoff election

On the Republican side, the race is down to three viable candidates. However, there are still five in the race, making a resolution today unlikely.

The question for today is who will advance to a runoff election to face Rep. Mike Collins, who has consistently led the polls for months

Only a few percentage points separate Carter and Dooley, the two candidates in second place. 

Today’s test will be between them, as one of them will likely be advancing to a runoff election to face Collins on June 16.

State of the race: In a debate on April 27, Rep. Buddy Carter, repeatedly attacked Rep. Mike Collins, over a House probe into allegations that Collins had used government funds to benefit a top aide. 

Meanwhile, Dooley, a political newcomer, sought to appeal to both conservative and mainstream voters, pledging to leave office after serving two six-year terms and proclaiming that Congress needs new blood. 

Also running are the two candidates below, neither is polling above single digits and unlikely to advance to a runoff election.

The takeaway: Whoever wins the nomination for the GOP will have an uphill battle to win in the general, as Ossoff has led nearly every poll and continues to maintain his edge in fundraising.

Kentucky

In Kentucky, incumbent Congressman Andy Barr (R-KY-6) is running for the GOP nomination to the US Senate. Barr has led in the polls for months and was recently endorsed by President Trump on Friday, May 1

  • Subsequently, one of Barr’s opponents, Lexington businessman Nate Morris, dropped out of the race, endorsed Barr, and accepted a position in the Trump administration.
  • Former Kentucky Attorney General, Daniel Cameron is also running for the seat, but with Barr receiving Trump’s endorsement, the primary is effectively over. Barr can now turn his attention to the general election. 

Why it matters: In lieu of a shocking upset, Rep. Barr is likely to be crowned the Republicans nominee this evening.

Texas- Tuesday, May 26 (Runoff)

What’s happening: Texas Republicans are headed into the runoff with the party sharply divided between incumbent John Cornyn and Attorney General Ken Paxton. Polls show a neck and neck race with each candidate within the margin of error. 

President Trump has loomed over the race, with both candidates vying for his endorsement earlier this year. However, Trump has yet to endorse, but has teased a choice soon.

Even though Paxton is seen as the more MAGA aligned candidate, Trump has yet to endorse him.

  • Trump is well known for not wanting to pick anyone with a chance of losing. An endorsement for either candidate would surely jolt the race, but is not a guarantee of victory.

Cornyn has emphasized his seniority in Congress with 40 years combined as the states Senator, Attorney General, and Judge.

While conversely, current Texas Attorney General Ken Paxton has campaigned against Cornyn as a populist challenger, attacking Washington alliances and promising a more confrontational approach.

On the Democratic side, state Sen. James Talarico won the Democratic nomination on March 3, defeating Congresswoman Jasmine Crockett (D-TX-30). 

The takeaway: The establishment likes Cornyn, while the populist wing of the party wants Paxton. Whoever wins the nomination will have a formidable challenger in Talarico, and the general election will likely be a coin flip come this fall.

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

Contact 

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

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. © 2026 CRE Finance Council. All rights reserved.
Congressional Primaries…May
May 19, 2026
Today and next Tuesday, May 26, are consequential dates in the battle for the House and Senate.

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