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November 21, 2022.
CREFC has been working diligently with its members to address the implications and operational issues related to transitioning individual floating rate loans from a LIBOR index to the recommended SOFR index.
Why it matters: LIBOR will cease to be published beyond June 30, 2023. In light of that impending deadline, many market participants will be impacted by LIBOR cessation and the transition to SOFR, including but not limited to master servicers, primary servicers, special servicers, trustees, certificate administrators, rating agencies, investors and borrowers.
These general guidelines seek to address a three-step process which provides guidance on:
What’s Next: CREFC expects to finalize and distribute the playbook in the coming weeks. A webinar is also planned to introduce the playbook and delve into the nuances of legacy LIBOR loans.
Contact Kathleen Olin (kolin@crefc.org) for more information.
News Archive
Last Friday, CREFC met with SEC staff of Chairman Gary Gensler regarding SEC Rule 15c2-11. CREFC urged the SEC to extend the December 2021 No Action Letter to permanently exempt 144A CMBS from 15c2-11.
Why it matters: Beginning on January 4, 2023, broker-dealers will be required to confirm that the issuer’s information is publicly available before they can freely quote Rule 144A securities. This new interpretation of securities law could impact liquidity for 144A bonds, which a number of CREFC members use for private placement CMBS and CRE CLOs.
Highlights from the meeting are below:
What’s next: CREFC continues to work with policymakers and members to highlight why application of 15c2-11 to 144A private debt markets provides no additional investor benefit and upends the 144A market for CMBS borrowers and investors.
Contact David McCarthy (dmccarthy@crefc.org) for more information.
Last week, Republicans and Democrats began selecting their leadership for the upcoming 118th Congress.
Why it matters: In both chambers, those elected to leadership positions in the majority are responsible for setting the legislative agenda for the next two years. They negotiate with the minority party on issues and legislation that require bipartisan support (e.g., government funding and the debt ceiling).
House Republicans voted for their top three positions:
House Democrats:
What's next: The “Big Three” House Democrats, Pelosi (82), Steny Hoyer (83), and Clyburn (82), will be replaced by the “New Three” on November 30, when the Democratic caucus holds their leadership vote.
Senate Republicans:
Senate Democrats
Majority Leader Sen. Chuck Schumer (D-NY) and Majority Whip Sen. Dick Durbin (D-IL) will remain in their positions. Sen. Patti Murray (D-WA) is expected to be nominated as the next President Pro Tempore, opening up the #3 Caucus Leader position. The Senate Democratic caucus will host their leadership elections on December 8.
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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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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Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing
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.
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.
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.
Read CREFC's thought leadership paper: Multifamily Housing Affordability in the Age of COVID and Beyond
Don't miss a beat! Remain informed on all things CRE and beyond by checking out CREFC's Archive Page. The archive houses legislative and political resources, developed and curated by CREFC's Government Relations team, needed to thrive in today's market.
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