Regulatory Forecast for 2026
January 6, 2026
We are kicking off the new year with a CRE finance regulatory forecast.
Overall themes from the first year of the second Trump administration will likely continue:
- Heightened role of executive branch (via Treasury) in regulatory policy;
- Deregulatory focus across all agencies; and
- Reduction of supervisory resources and in enforcement activities.
Who’s in charge? A year into this administration, agency heads are in place, albeit in some cases of very slimmed down leadership structures. See here for our Regulatory Tracker.
Key Areas for CREFC
Consumer Finance Protection Bureau (CFPB) Section 1071
- At the tail-end of 2025, the CFPB extended compliance timing for Rule 1071 small business data collection requirements and then issued a scaled-back proposal that would narrow coverage and raise thresholds. See CREFC’s comment letter here.
- 2026 will likely see the finalizing of scope and timing (post-proposal).
Securities and Exchange Commission (SEC)
- Continued push to rationalize regulations and allow for great market efficiencies.
- CREFC led the effort to revisit Rule 17g-5’s ABS information-posting requirement and submitted to the SEC a Petition for Rulemaking. We will follow up with the SEC in the coming months.
- CREFC submitted a response to the SEC’s ABS Concept Release. We urged reduction of undue reporting burdens, thereby improving the feasibility of registered conduit CMBS (e.g., cadence changes for significant obligor disclosures; restoring automatic 15(d) suspension under <300 holders). We expect the SEC to issue a formal proposal (or small sub-proposals) in 2026.
- CREFC continued to discuss Rule 15c2-11 with the SEC, advocating for a rulemaking to exclude fixed income from 15c2-11 requirements. The 2025 Unified Agenda of Regulatory and Deregulatory Actions states that the SEC will issue a 15c2-11 proposal in 2026.
Banking Agencies
- In 2025, the banking regulators focused on bank capital requirements (e.g., modifying the enhanced Supplementary Leverage Ratio for the G-SIBs, seeking to reduce stress-test volatility, and proposing an increase in asset thresholds for heightened regulatory standards.)
- We expect the release of a Basel 3 Endgame proposal very soon. CREFC will submit comments, focusing on implications for CRE Finance.
2026 promises to be another busy year on the regulatory front. Let us know if you would like to join any of the above advocacy efforts.
Please contact Sairah Burki (SBurki@crefc.org) with any questions.