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.

     

     

    Latest News

    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...

    News

    Energy Star Program May be Shut Off

    May 13, 2025

    The Trump administration’s fiscal year 2026 “skinny” budget, released on May 2, proposes to cut funding for Energy Star, a voluntary, market-based program run by the Environmental Protection Agency (EPA).

    As reported by the Real Estate Roundtable, Energy Star is commercial real estate’s “most relied-upon public-private partnership with the federal government.” 

    • In an April letter to EPA Administrator Lee Zeldin, real estate trade groups, including CREFC, noted that nearly 25% of U.S. commercial building floor space used Portfolio Manager, EPA’s secure, open-source, online software:

    It is our industry’s standard business tool to measure how much energy a building uses and saves. Real estate assets that do more with less energy – as quantified, monetized, and recognized through Portfolio Manager and other ENERGY STAR offerings – are critical to achieve EPA’s pillars to “power the great American comeback.
    Go deeper: According to the U.S. Green Building Council, eliminating Energy Star “would be incredibly shortsighted” given the energy savings that the program affords to U.S. individuals and companies:
    Energy Star saves consumers and businesses more than $40 billion every year just by giving them clear information about the energy efficiency of products or buildings. And it does that at a cost of $32 million. So it is an incredible bang for the buck.
    In an email to The Washington Post, an EPA spokesperson said that the agency is undergoing a reorganization that affects the Office of Air and Radiation, including the office that runs the Energy Star program. According to the EPA official:
    With this action, EPA is delivering organizational improvements to the personnel structure that will directly benefit the American people and better advance the agency’s core mission, while Powering the Great American Comeback.
    What’s next: The program’s future lies in the hands of Congressional appropriators over the next few months as the administration’s budget is reviewed and debated.

    CREFC will continue to work with other trades to ensure that Energy Star remains a viable private-public partnership and continues to facilitate energy efficiency and enhance building performance.

    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.
    Energy Star Program May be Shut Off
    May 13, 2025
    The Trump administration’s fiscal year 2026 “skinny” budget, released on May 2, proposes to cut funding for Energy Star, a voluntary, market-based program run by the Environmental Protection Agency (EPA).
    More info...

    News

    House Releases Tax Bill Text 

    May 13, 2025

    The House Ways and Means Committee on Monday released 400 pages of text detailing the tax portion of the reconciliation bill, titled “One Big Beautiful Bill.” 

    • The committee will hold a markup today at 2:30 pm, but it is likely the legislation will continue to evolve as it advances. 

    Why it matters: This is the first draft of legislative text for the tax bill that broadly reauthorizes the 2017 Tax Cuts and Jobs Act, raises SALT caps, and delivers on a number of President Donald Trump’s tax priorities. 

    • Treasury also released an updated “X date” in mid-August for the debt ceiling, which adds pressure to lawmakers to pass the bill by July. 

    By the numbers: Of interest to CREFC members, the following provisions represent neutral or lower tax liability, as written: 

    • $30,000 Individual SALT Cap: The bill raises the cap to $30,000 for all taxpayers with a phase-out for incomes above $400,000.
      • Raising the state and local tax deduction (SALT) limit from $10,000 is a red line for at least five blue state Republicans. A $30,000 cap was floated last week, which several members of the caucus rejected.
      • However, the Senate and other Republicans are opposed to too much relief for SALT.
    • No Business SALT Cap: There are no provisions to cap business state and local income or property taxes. 
    • 199A Passthrough: Qualified business income deduction increases to 23% from 20% and is made permanent.
    • No Carried Interest Rollback: President Trump had reiterated his push to close this “loophole” in a call last week with Speaker Mike Johnson (R-LA). The bill does not change carried interest treatment. 
    • Low-Income Housing Tax Credit (LIHTC) Boost: The bill would increase the state housing credit ceiling and lower the tax-exempt bond requirements, similar to the 2024 Wyden-Smith Bill.
    • Renews Opportunity Zones: The bill authorizes a new round of Opportunity Zone designations, starting on Jan. 1, 2027, and ending on Dec. 31, 2033. Some tweaks were made to various low-income definitions. 
    • Bonus Depreciation Made Permanent: Allows full expensing of qualifying property.
    • Interest Expense Deduction: Increases the cap on the deductibility of business interest expense for taxable years beginning after 2024 and before 2030 by allowing the EBITDA definition of taxable income.

    Additional tax cuts: The TCJA provisions are largely made permanent with some minor adjustments to brackets. Lawmakers delivered on the White House’s priorities. 

    • No Top Tax Bracket Increase: In a call with Speaker Mike Johnson (R-LA), President Trump renewed his effort to increase the top tax bracket on earners taking home more than $2.5 million. This provision is not in the bill.
    • White House Individual Tax Priorities: The bill eliminates taxes on tips, overtime, auto loan interest, and adds an enhanced standard deduction for seniors (+$4,000). The provisions expire after four years, unless renewed. 
    • Factory Expensing: The bill allows 100% expensing of certain real property used for manufacturing. 
    • Tax Bracket and Standard Deduction Boost: All tax bracket amounts, except the top rate, will receive an upward inflation adjustment of 2%. The standard deduction increases by $2,000 for joint filers and $1,000 for individual filers. 
    • Child Tax Credit: Increases from $2,000 to $2,500. 
    • Estate Tax Exemption: Permanently increases to $15 million and is tied to inflation adjustments going forward. 
    Yes, but: The bill also would raise taxes in some areas or eliminate some existing programs. 

    • IRA Tax Credits: The bill ends or sunsets a number of Biden Inflation Reduction Act (IRA) energy tax credits, including:
      • Terminating EV and clean vehicle credits and all residential credits, 
      • Phaseout for tech-neutral starting in 2029, ending entirely after 2031, and the same structure for nuclear. 
      • Full repeal of clean hydrogen production provisions.
    • Endowment Tax Increase: Endowment tax will be a tiered system, keeping a 1.4% rate for $500,000 per student and up to 21% for $2 million+ per student.
    • Executive Pay Deduction Limitations: Broadens existing limitations to a defined “controlled group,” including for tax-exempt entities.
    What’s next: The Ways and Means Committee will mark up legislation over the next few days, and the House will address changes to Medicaid and other government spending programs concurrently.
     
    The bottom line: Even now, the final bill is likely to evolve significantly as it progresses through Congress.
     
    Contact David McCarthy (dmccarthy@crefc.org) with any questions. 

    Contact 

    David McCarthy
    Managing Director,
    Chief Lobbyist, Head of Legislative Affairs
    202.448.0855
    dmccarthy@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.
    House Releases Tax Bill Text
    May 13, 2025
    The House Ways and Means Committee on Monday released 400 pages of text detailing the tax portion of the reconciliation bill, titled “One Big Beautiful Bill.”
    More info...

    More Advocacy Resources

    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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