News

August Recess Looms over Congress’s Unfinished Business

July 28, 2026

The House advanced several key initiatives last week before leaving DC for the August recess, but the bills as written are not likely to pass the Senate. 

Why it matters: Congress must pass a government funding bill before September 30. Republicans want to advance spending priorities in Reconciliation 3.0, and the White House is pressing for additional funds for the miliary amid the ongoing Iran war. 

• Although the House votes were a victory for Speaker Mike Johnson (R-LA) and President Trump, the Senate vote math is more complicated with the filibuster and growing group of disaffected GOP senators. 
• The White House has been openly critical of Majority Leader John Thune (R-SD) amid the stalled SAVE America Act, which does not have the votes to advance in the Senate. 

Government Funding: The House passed H.R. 9770, the Continuing Appropriations Act, 2027, last week by a vote of 220-205. 

• The bill would extend current funding through December 4 and is intended to avoid a September 30 shutdown while preserving additional time for FY2027 appropriations negotiations.
• Thune said that the Senate will not take up the House-passed CR this week, but will instead move forward with their own package that will include anomalies negotiated with the White House.

Budget Reconciliation: Reconciliation now shifts to the Senate after the House passed H. Con. Res. 113 last week, a $95 billion FY2027 budget resolution intended to unlock the next party-line reconciliation package. 

• The resolution is narrowly focused on defense funding, election-related provisions, and farm aid, with instructions to the House Administration, Agriculture, Armed Services, and Intelligence Committees to develop legislation by September 11.
• The Senate path remains uncertain. Thune has indicated that they will not move on Reconciliation before they pass a government funding bill, which effectively puts the package on ice before the August recess. 

NDAA: The House passed H.R. 8800, the FY2027 National Defense Authorization Act, last week after a difficult and highly partisan floor process. 

• The final House vote was narrow, reflecting Democratic opposition to the bill’s topline defense spending level and policy riders, as well as some GOP defections.
• The Senate has not yet passed its own version, and the final conference process is likely to be complicated by provisions added in the House. These include election-related language and several conservative policy amendments that the Senate is expected to revisit.

Contact David McCarthy (dmccarthy@crefc.org) with questions. 

Contact  

News Archive

News

House Committee Advances Data Center Energy Bill

July 28, 2026

The House Energy and Commerce Committee unanimously advanced the Rate Payer Protection Act (H.R. 9340) last week. 

Why it matters: We previously covered subcommittee action on this bill, which is intended to shift the cost of utility grid upgrades to large power users. 

• The action is one of the first federal legislative efforts to address growing voter concerns and backlash against data centers and utility prices. It largely mirrors President Trump’s Rate Payer Protection Pledge. 
• The bill advanced 52-0.

Go deeper: Ahead of the committee markup, the legislation was narrowed to apply only to data centers. Originally it would have targeted all power uses above 100 megawatts. 

• If enacted the bill would require state regulatory commissions to consider establishing a large-load standard to provide that a rate charged to a large-load customer shall recover the full, incremental cost of any generation, transmission, or distribution upgrade necessary to serve the load of such customer and to provide for financial assurances to cover such upgrades.
• Even if the federal bill becomes law, states could choose to enact or not enact the policy. 
• Sen. Jon Husted (R-OH) introduced a companion bill S. 5028. Husted is in a tough reelection fight where data centers have been featured in attack ads.

What they’re saying: While Republicans and Democrats supported the bill, there were clear differences on how far federal efforts should go. 

Committee Chairman Brett Guthrie (R-KY) opposes a blanket moratorium and urged balance between A.I. innovation and costs: 

What’s next: The House is out until August 31, but it could attempt to vote on the legislation before the election break in October. 

• If Democrats take control of the House, Pallone would likely become chairman of the committee and have significant control over new legislation focused on data centers. 
  
• Even if H.R. 9340 becomes law, the continued political focus will likely remain. 
  

Contact David McCarthy (dmccarthy@crefc.org) with questions.

Contact 

News Archive

News

New CREFC Signal Podcast Episode Just Released

July 28, 2026

Episode #2 │ Bank Capital Proposals: What’s Changed, What It Means for CRE Finance, and CREFC’s Plan of Action

David McCarthy, CREFC’s Managing Director, Chief Lobbyist, and Head of Legislative Affairs, is joined by Sairah Burki, Managing Director and Head of Regulatory Affairs at CREFC, and Matthew G. Bisanz, Partner at Mayer Brown LLP, to discuss the recently released bank capital proposals from U.S. regulators and what they could mean for CRE lenders, issuers, and the broader market. The conversation explores what changed from the 2023 proposal, what’s at stake, CREFC’s plan of action, and what comes next.

What they are saying.

• “This is not a ‘submit a letter and walk away’ issue. This bank capital framework is going to shape CRE finance for the next decade or more, so the engagement will definitely continue.” – Sairah Burki
• “If warehouse facilities become punitively more expensive for banks, loan originators will have fewer options for aggregating loans pre-securitization, which could raise execution costs across the CMBS market.” -- Matthew Bisanz

Where to listen:

• Signal Podcast Homepage
• Apple Podcasts
• Spotify

Contact  

News Archive

News

Congress and Crypto Market Regulation

July 28, 2026

Last week, Senate Republicans released updated text for the Digital Asset Market Clarity Act (H.R. 3633), combining versions approved by the Senate Banking and Agriculture Committees. 

Why it matters: The CLARITY Act represents Congress’s most significant effort to create a comprehensive regulatory framework for digital assets. The bill seeks to clarify when digital assets are regulated as securities and address longstanding uncertainty for cryptocurrency companies, investors, and regulators. 

What they’re saying: Groups backing the bill, including cryptocurrency exchanges, blockchain companies, and venture capital investors argue that the bill provides much-needed regulatory clarity, and helps keep digital asset investment and development in the United States. 

Those opposed to the bill include, consumer advocacy organizations, labor groups, community banking associations, and some lawmakers, who argue that the framework may weaken investor protections, create opportunities for regulatory arbitrage, and fail to adequately address financial stability concerns.

The big picture: The House passed an earlier version of the bill with bipartisan support (294-134) in July 2025. 

• The Senate Banking Committee advanced the legislation 15-9 in May 2026, with two Democrats joining all Republicans.
• However, the bill as currently written in unlikely to pass the Senate without major changes to ethics and enforcement sections. In order to pass the chamber, it will need to garner the support of seven Democrats.

The recently released legislation includes a White House-approved ethics provision that would temporarily prohibit public officials, including presidents and their spouses, from issuing or sponsoring digital assets. 

• Democratic opponents have focused particular criticism on these provisions because enforcement would rest exclusively with the Department of Justice (DOJ), with no authority granted to state attorneys general and no private right of action. 
• Key Democrats recently released a statement noting they remain opposed until changes are made to these sections.

Notably absent from that statement was Sen. Kirsten Gillibrand (D-NY), one of the Senate’s leading advocates for digital asset legislation and a key negotiator on the CLARITY Act.

• Progressives have criticized Gillibrand’s continued support and contend that the legislation remains too favorable to the cryptocurrency industry. Gillibrand’s support underscores broader divisions within the Democratic Party between moderates and progressives, with the CLARITY Act serving as another battleground.

What’s next: The CLARITY Act now faces a critical period for its passage, as they are only 19 voting days left in the Senate before the election. 

Both chambers of Congress are in serious contention to flip in favor of Democrats after the midterm elections, which could complicate a path to this proposed legislation becoming law.

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

Contact 

News Archive

News

OCC and FDIC to Propose New CRA Rules 

July 28, 2026

According to recent reporting, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp (FDIC) are preparing a Community Reinvestment Act (CRA) proposal without the Federal Reserve. 

• The CRA is a 1977 anti-redlining law requiring regulators to grade banks on their lending and investment in the low- and moderate-income communities they serve, with poor grades jeopardizing mergers and branch expansion.

While the proposal is expected to be released in coming weeks, it had not yet reached the Office of Information and Regulatory Affairs (OIRA) for review by administration as of last Wednesday.

• The agencies are expected to raise the threshold for banks required to meet CRA requirements and to publish a list of qualifying activities, including affordable housing development and small business lending, that may reach beyond current criteria.

Background: In late 2023, the Biden administration overhauled the rules implementing the 1977 CRA Act, the biggest update since the 1990s. Given the growth in online banking, the revised rules modernized the CRA by evaluating banks in areas in which they do significant mortgage and small-business lending and not just where they have branches.

• After banking groups challenged the new regulations, a federal judge blocked the rule in 2024. 
• Last summer, all three banking regulators said they would rescind the new rules and revert to the 1995 framework.
• However, the FDIC and OCC have decided instead to develop a new rule of their own. 
  

• The Fed still intends to follow through on finalizing a clean repeal of the 2023 CRA rule, according to the people familiar with the matter. 
• As reported by Politico, the potential lack of unity among regulators has drawn concern “that competing approaches could leave different institutions subject to different standards, according to industry officials.” 

CREFC will closely monitor developments and review any forthcoming proposal against both the Biden-era rules and our 2022 comment letter. 

We put forth several advocacy points, including:

• Urging the agencies to publish a clear, illustrative list of qualifying activities; and
  
• Ensuring that MBS purchases backed by loans to low- and moderate-income borrowers or loans that finance subsidized and affordable housing continue to be awarded CRA credit.
  

Contact Sairah Burki (sburki@crefc.org) with questions.

Contact  

News Archive

News

CREFC Signal: Our New Podcast

July 21, 2026

CREFC recently launched CREFC Signal, a podcast featuring timely conversations with leaders across the commercial real estate finance industry.

The inaugural episode, hosted by CREFC President & CEO Lisa Pendergast, traces CREFC’s evolution from its founding through decades of market cycles to its role today as the leading voice of the commercial real estate finance industry. Lisa is joined by past CREFC Chairs and industry leaders Leland F. Bunch, Annemarie DiCola, Chris Hoeffel, Rick Jones, Dan Olsen, and Patrick Sargent.

What's next: Stay tuned for the next episode which will examine recently released bank capital proposals from U.S. regulators, what they could mean for CRE lenders, investors, and the broader market, and CREFC’s plan of action in response. 

Listen to the first episode and subscribe for future conversations shaping commercial real estate finance.

Where to listen: 

• Signal Podcast Homepage
• Apple Podcasts
• Spotify

We welcome your ideas and suggestions for future podcast episodes and guests. Contact us at info@crefc.org.

Contact 

News Archive