CREFC Leaders Meet Congress

November 21, 2022. 

CREFC leaders were in Washington for two days of meetings with key lawmakers. Meetings focused on members of the Senate Banking Committee and House Financial Services Committee. Our members relayed what they are seeing in the macro economy, particularly focusing on inflation and rising rates, and their impact on CRE debt markets, along with other key policy issues.

Why it matters: The number one issue members discussed was the need to extend SEC’s December 2021 No Action Letter to permanently exempt 144A CMBS from SEC Rule 15c2-11. 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 SASB CMBS and CRE CLOs.

CREFC also discussed:

The LIBOR to SOFR transition, which is close to the finish line. We are waiting on a response from the Fed on the final implementation rule and our servicers are prepared for the transition.

What we are seeing on SEC climate disclosures and CRE resiliency, which have been a long-standing component of CRE financing and are critical to credit risk assessments.

We support the SAFE Banking Act. Borrowers and their tenants engaged in state-legal cannabis businesses should be able to secure well-regulated loans, banking, and insurance services.

Housing affordability, where we are eager to do our part to provide policymakers with our experience on what works. Members also discussed the Community Reinvestment Act (CRA), Low Income Housing Tax Credits (LIHTC) and zoning/permitting issues for property conversions.

Treasury’s Beneficial Ownership regulations, where CREFC members will be most impacted by upcoming FinCEN rules:

  1. How financial institutions use a beneficial ownership database; and
  2. Updating existing beneficial ownership regulations.

To learn more about CREFC’s public policy priorities, please visit our website. If you have questions, please contact Justin Ailes at, Sairah Burki at or David McCarthy at


Justin Ailes
Managing Director, Government Relations

Flags in an office building

The atrium of the Hart Senate Office Building in Washington, DC.

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. © 2021 CRE Finance Council. All rights reserved.

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