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.

CREFC members who would like to engage actively in advocacy are encouraged to join one or both of the following committees, which help CREFC respond to evolving legal, legislative, and policy developments:

The Advocacy Committee, open to all CREFC members, complements CREFC’s existing Policy Committee by broadening participation in discussions around legislative and regulatory developments. It provides an avenue for more members, both Forum leadership and other industry stakeholders, to weigh in on critical policy issues.

The Legal Advisory Committee brings together both internal and external counsel from CREFC’s diverse membership base. It serves as a sounding board to quickly evaluate proposed regulatory changes and help determine those issues most important to CREFC and its members. This committee is open to CREFC attorney members (e.g., law firms, internal counsel).

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 to join our advocacy efforts and make a difference in the direction of our industry. Please contact Sairah Burki or David McCarthy with any questions.

Latest News

News

Bank Capital Regulatory Update

July 1, 2025

Banking regulators are starting to move ahead with reframing U.S. bank capital standards. 

As Federal Reserve Chair Jerome Powell stated during Congressional hearings last week: 

We're looking at basically two big pieces now: Basel III and the leverage ratio. I'm pretty confident we'll move on both of those in the relatively near future.
Enhanced Supplementary Leverage Ratio
 
  • On June 25 and June 26, the Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC), respectively, voted in open sessions to issue for comment proposed amendments to the enhanced Supplementary Leverage Ratio (eSLR) applicable:
    • The proposal calls for replacing the current eSLR, which requires globally systemically important banks (GSIBs) to hold additional capital equal to 2% of their total exposures, with a new capital charge, equal to one-half of each bank's GSIB surcharge.
    • Comments are due August 26.
  • The joint banking agencies, including the Office of the Comptroller of the Currency (OCC), on June 27 officially requested comment on the proposal. One of the proposal’s key goals is to reduce disincentives for banks to engage in lower-risk activities, thereby encouraging the smoother functioning of U.S. Treasury markets.
  • Two Federal Reserve Board members, Adriana Kugler and Former Fed Vice Chair of Supervision Michael Barr, voted against issuing the proposal, sharing their concerns about the potential impact on bank capital. According to Barr:
Enhancing the resilience of the U.S. Treasury market is an important objective that I share with my colleagues, but this proposal unnecessarily and significantly reduces bank-level capital by $210 billion for global systemically important banking organizations and weakens the eSLR as a backstop. I am skeptical that it will achieve the stated objective of improving the resiliency of the Treasury market.
Basel III Capital Requirements

Senior financial regulators, including Powell and Fed Vice-Chair of Supervision Michelle Bowman, have been sharing that developing a more capital-neutral framework for banks is a high priority. It appears likely that a new proposal would not use the proposal set forth under the Biden administration as a starting point.

In Congressional testimony last week, as reported in American Banker, Powell said that the Biden administration’s Basel III endgame proposal set minimum capital requirements "well above" the international standard. "I would agree we're going to take a fresh start at that.”

On July 22, the Federal Reserve will convene a conference on bank capital requirements, bringing together “a range of perspectives, including academics, practitioners, and market participants to discuss the key pillars of the regulatory capital framework.”

CREFC will closely monitor discussions and developments related to bank capital requirements, particularly as they relate to the CRE finance markets. We will provide feedback on forthcoming proposals via comment letters and meetings with bank agency leadership.

Please 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
Inside of building with open windows

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.
Bank Capital Regulatory Update
July 1, 2025
Banking regulators are starting to move ahead with reframing U.S. bank capital standards.
More info...

News

Mamdani’s Primary Win in NYC and What It May Say about National Politics

July 1, 2025

Queens Assemblyman Zohran Mamdani clinched the Democratic nomination for New York City mayor, defeating former state Governor Andrew Cuomo in the June 24 primary. With 93% of votes counted, 33-year-old Mamdani led with 43.5% to Cuomo’s 36.4%, prompting Cuomo to concede the race.

Why it matters: Mamdani’s victory is described as a “political earthquake” and hailed by some observers as a significant shift within the Democratic Party toward younger, progressive candidates.
 
What's next: As the general election approaches, Mamdani is expected to face incumbent Mayor Eric Adams, running as an independent, and Republican nominee Curtis Sliwa. Former Governor Andrew Cuomo has also teased running as an independent in the general election this fall.
 
What they are saying: Mamdani’s win has set off a large debate within the Democratic party about how his win may affect the 2026 midterms and the 2028 presidential election.
 
  • His campaign focused on affordability for working-class New Yorkers, proposing initiatives like freezing rents for rent-stabilized apartment owners, free public transportation, universal childcare, and the construction of 200,000 affordable housing units
  • Mamdani’s political career began with a successful bid for the New York State Assembly in 2020. He represents Queens’ 36th District. His endorsements from prominent progressives such as Bernie Sanders and Alexandria Ocasio-Cortez further bolstered his appeal. 

According to Jacobin, this primary race vindicates an economic-populist strategy that embraces bread-and-butter economic issues some Democrats have advocated for:

His campaign was highly disciplined, with a tight focus on housing, transportation, wages, and the everyday cost of living. That message reached not just core progressive constituencies but many working-class New Yorkers, who have traditionally shied away from progressive challengers or sat out Democratic primaries altogether.
Meanwhile, moderate Democrats view Mamdani’s victory as a possible liability for future elections. Some party members openly question if this win could spell trouble for them in 2026, and two moderate members from New York are already distancing themselves from Mamdani. 

According to Politico:
Rep. Laura Gillen, who represents a battleground district on Long Island, posted on social media that Mamdani was “too extreme to lead New York City,” and Rep. Tom Suozzi, whose district in Queens and the surrounding suburbs voted for Trump, said “concerns remain” about Mamdani.
The bottom line: Democrats will parse the meaning of Mamdani’s win for months. The final results in November could be an indicator of how Democrats tailor their messaging for the 2026 midterms and the 2028 presidential race.

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

Contact 

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org
Image of New York City Buildings

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.
Mamdani’s Primary Win in NYC and What It May Say about National Politics
July 1, 2025
Queens Assemblyman Zohran Mamdani clinched the Democratic nomination for New York City mayor, defeating former state Governor Andrew Cuomo in the June 24 primary.
More info...

News

Powell Testifies on Hill Amid Increasing Criticism

July 1, 2025

Fed Chair Jerome Powell testified before the House Financial Services Committee and the Senate Banking Committee last week, delivering the Semi-Annual Monetary Policy Report.

Why it matters: The hearings provided many opportunities for Democrats and Republicans to weigh in on the Fed’s interest rate policy and the White House’s push for lower rates. Of interest to CREFC members, Powell fielded a set of questions on CRE and private credit. 
 
  • Rep. Lisa McClain (R-MI) questioned Powell about potential financial instability “building beneath the surface” in sectors such as commercial real estate, private credit, and regional banking that could derail economic growth. 
  • Powell stated that there are “a lot of pots to watch to see that they don’t boil over,” pointing specifically to commercial real estate. He noted, however, that the Fed is actively managing the issue and emphasized that the situation is getting better, not worse. 
  • As for private credit, Powell acknowledged its “real, positive attributes,” but cautioned the sector has grown rapidly and has yet to face “a real downturn,” noting that it “bears close watching.”
What they’re saying: Powell told lawmakers that the central bank is “well-positioned to wait and learn more” about where the economy is headed before making any policy changes, noting that June and July inflation figures will be particularly important. 
 
  • Specifically, Powell said that ongoing uncertainty regarding the economic impact of elevated tariffs has led the Fed to maintain its current monetary policy stance, despite continued progress toward the 2% inflation target. 
  • Powell indicated that restrictive trade policies will lead to higher prices, noting that it's the Fed’s duty to ensure that a jump in prices does not lead to persistent inflation. 
  • On regulatory policy, Powell discussed proposed changes to the supplementary leverage ratio (SLR), the removal of reputational risk from bank examinations, and congressional efforts to advance stablecoin legislation. 
  • In addition to these regulatory changes, Chair Powell fielded questions from Senators on the national deficit and the economic implications of artificial intelligence.
  • As noted in the story above, shortly after the Senate hearing concluded, regulators released a joint proposal that would replace the current 2% eSLR buffer with a new capital charge, equal to one-half of each bank’s GSIB surcharge.

Contact David McCarthy (dmccarthy@crefc.org) or 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

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
Image of the Capitol Building

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.
Powell Testifies on Hill Amid Increasing Criticism
July 1, 2025
Fed Chair Jerome Powell testified before the House Financial Services Committee and the Senate Banking Committee last week, delivering the Semi-Annual Monetary Policy Report.
More info...

More Advocacy Resources

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Property Risk and Resilience

CREFC’s Property Risk & Resilience Committee serves as both an educational resource and advocate for the commercial real estate finance industry, providing insight into how macro-level environmental and regulatory trends intersect with financing decisions. 
 

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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