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.

View CREFC's Advocacy resources below, and get involved today!


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News

Introducing CREFC Signal: A New Podcast from the CRE Finance Council

July 16, 2026

We're excited to introduce CREFC Signal, a new podcast from the CRE Finance Council featuring timely conversations with leaders across the commercial real estate finance market.
  
Through expert perspectives and real-time insights, CREFC Signal explores the forces shaping our industry—from market dynamics and capital flows to public policy, regulation, and emerging trends. Designed for CREFC members and the broader CRE finance community, each episode provides thoughtful discussion and practical perspectives on the issues influencing commercial real estate finance.

Our inaugural episode traces the evolution of the CRE Finance Council, from its founding through decades of market cycles to its role today as the leading voice of the commercial real estate finance industry.
  
Hosted by CREFC President & CEO Lisa Pendergast, the episode features past CREFC Chairs and industry leaders Leland F. Bunch (BofA Securities), Annemarie DiCola (Trepp), Chris Hoeffel (Counterpoint SRE), Rick Jones (Jackstay Ventures), Dan Olsen (KeyBank), and Patrick Sargent (Alston & Bird). Together, they reflect on the milestones that shaped the organization, the challenges CREFC helped the industry navigate, and the relationships that defined its growth.
  
From advancing market standards and advocacy efforts to fostering a connected and informed industry community, this conversation highlights the people, partnerships, and pivotal moments that built CREFC—and continue to shape its future.

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

Spotify  Apple Podcasts

Contact 

Mary Beth Ryan
Senior Director,
Communications
646.884.7567
mryan@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
Introducing CREFC Signal: A New Podcast from the CRE Finance Council
July 16, 2026
We're excited to introduce CREFC Signal, a new podcast from the CRE Finance Council featuring timely conversations with leaders across the commercial real estate finance market.

News

Spotlight on Servicing: The State of CRE Servicing – Midyear 2026

July 14, 2026

On July 10, 2026, CREFC released The State of CRE Servicing – Midyear 2026, the second report in our Spotlight on Servicing educational series focused on the loan servicing business.

Drawing on discussions from last month’s CREFC Annual Conference, the report discusses the key servicing themes that emerged across multiple sessions and explores what they reveal about the current state of CRE servicing. The report covers the emergence of new servicers in the market and evolving investor expectations due to the growing demand for timely, transparent loan reporting, and provides a timely overview of the issues shaping today's servicing landscape.

One highlight of the report is the creation of a new Data Center property type as part of the investor reporting package (IRP), including a new Operating Statement Analysis Report (OSAR) and property-specific watchlist criteria and guidelines.

The IRP committee leadership is establishing a data center working group consisting of servicers, issuers, investors and rating agencies to formulate a reporting framework and timeline for implementation. 

Interested parties should reach out to Rich Carlson (rcarlson@crefc.org) to be included.

Contact 

Rich Carlson
Senior Director, Servicing Liaison
CRE Finance Council
rcarlson@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
Spotlight on Servicing: The State of CRE Servicing – Midyear 2026
July 14, 2026
On July 10, 2026, CREFC released The State of CRE Servicing – Midyear 2026, the second report in our Spotlight on Servicing educational series focused on the loan servicing business.

News

CREFC's BOG Sentiment Index Remains Steady

July 14, 2026

CREFC’s 2Q26 BOG Sentiment Index rose slightly to 101.0, indicating a shift from shock to caution in the commercial real estate finance sector. The index rose 0.9% to 101.0 from 100.1 in 1Q26, holding near the survey's 4Q17 baseline of 100.0 after the prior quarter's 20.2% decline. Beneath the modest headline move, results were mixed. Five of nine core questions improved – led by the economic outlook – while four softened, led by borrower and investor demand, which moderated from 1Q26's elevated readings.

Why it matters: This stabilization suggests a cautious optimism in the market, with demand for financing still net positive despite recent geopolitical shocks. Liquidity remains steady, offering a crucial buffer against ongoing interest rate uncertainties.

The big picture: Economic sentiment has improved significantly, with 58% expecting the U.S. economy to perform consistently over the next year. However, interest rates continue to pose a challenge, with 53% anticipating negative impacts from elevated rates.

Access the full survey results here.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
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. © 2026 CRE Finance Council. All rights reserved.
CREFC's BOG Sentiment Index Remains Steady
July 14, 2026
CREFC’s 2Q26 BOG Sentiment Index rose slightly to 101.0, indicating a shift from shock to caution in the commercial real estate finance sector.

News

Federal Legislation on Data Center and Energy Usage

July 14, 2026

Data center development has become the marquee issue in many communities across the country, and the political nature is beginning to creep into federal legislative efforts. Among the efforts, The House Energy and Commerce Subcommittee on Energy advanced legislation on June 24 that would build in cost recovery for large energy users.

Why it matters: The rapid innovation in artificial intelligence and the exploding demand for data centers are creating political incentives for policymakers to push back or take action on voter’s concerns, including demands for water and power. While the issue is largely at the local level, Congress has begun to focus on key issues related to energy consumption. 

The Ratepayer Protection Act (H.R. 9340), would allow the Public Utility Regulatory Policies Act of 1978 (PURPA) to establish a federal standard directing state utility regulators to adopt cost-allocation rules for "large-load customers" (100 MW+ demand) — aimed squarely at AI data centers. 

  • The bill would have state regulators establish recommendations for integrating new large-load customers with 100 MW or more of demand onto the grid. 
  • Key mechanisms: Recovery of the full incremental cost of grid upgrades from the large-load customer over a long period via a special rate charge or similar agreement, protecting ratepayers if that customer later scales down or exits; and financial assurance requirements obligating the large-load customer to fund generation, transmission, or other infrastructure needed to serve its load. 

What they’re saying: Committee members expressed bipartisan support for the bill and many echoed concerns expressed by their constituents. Rep. Paul Tonko (D-NY) said the bill is a good first step, but had concerns the threshold was too high and 50 MW would be more appropriate. 

Yes, but: Rep. Frank Pallone (D-NJ), the lead Democrat on the full committee, expressed his support for a nationwide moratorium on data centers: 

And that's why I am in favor of a national AI data center moratorium until we can find a way to ensure they don't harm our nation's air, water, and power bills.

Towns in my district are way ahead of this Congress and seeking a moratorium. Asbury Park, Red Bank, Old Bridge, and Sayreville all have taken this bold step. The city of New Brunswick put a stop on a planned data center after the community stood together to oppose the project, and we need to follow in their footsteps here in Congress.

The big picture: Data center and related issues will continue to be a key item on voters and politicians minds as the sector grows. CREFC will continue to monitor federal efforts that impact the asset class. 

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

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
Federal Legislation on Data Center and Energy Usage
July 14, 2026
Data center development has become the marquee issue in many communities across the country, and the political nature is beginning to creep into federal legislative efforts.

News

Senate Midterm Update

July 14, 2026

The midterm battle for the Senate has had a few shakeups recently. Democrats need to flip four seats to take control of the chamber, which the GOP controls at 53-47.

Maine

The biggest development in the battle for the Senate emerged in Maine last week, when Democratic nominee Graham Platner withdrew from the race in light of sexual assault allegations, which he denies. 

  • Senior Democratic leaders publicly called for him to step aside, and the Democratic Senatorial Campaign Committee suspended support for his candidacy 
  • This seat has been considered a top pickup opportunity for Democrats as incumbent Senator Susan Collins (R-ME) is the only Senate Republican in office who represents a state that Vice President Kamala Harris won in 2024. 

The Maine Democratic Party is holding a special nominating convention on July 25, when roughly 600 delegates will hear from candidates and vote in successive rounds until one candidate wins a majority. Names in the mix include: 

  • Nirav Shah: The highest-profile entrant. He became widely known in Maine for his COVID-19 briefings and has broad name recognition.
  • Troy Jackson: A longtime labor-backed progressive from rural Maine with support from many Sanders-aligned activists and strong ties to organized labor.
  • Shenna Bellows: A statewide elected official with an established political network and high visibility from election administration and voting-rights issues. 

Some Democrats continue to highlight that Platner won with grassroots support and was a progressive populist. They argue if Democrats want to have any chance at winning they need to ensure that the new nominee can entice the same voters.

Michigan: Michigan is of the few Democratic-held Senate seats located in a state won by President Trump in 2024. The state is currently represented by retiring Senator Gary Peters (D) and is a must win for Democrats in their quest to control the Senate.

Top Swing States: While the map has favored Republicans, political headwinds and strong candidate recruitment has made for more competitive races. 

North Carolina: North Carolina remains one of the nation's most competitive swing states, with rapidly growing suburban areas that have trended toward Democrats in recent cycles. 

Ohio: While Ohio has shifted heavily Republican the last few cycles, Democrats believe the state's strong union tradition and history of supporting populist candidates create opportunities under the right political environment. 

Alaska: Alaska's ranked-choice voting system puts all candidates on the same ballot for the general election. This has thrown a wrench into what should be a conventional Democrat vs. Republican matchup in a red state.

  • Former Representative Mary Peltola (D-AK-AL) is emphasizing her bipartisan appeal and strong support among Alaska Native communities. Incumbent Senator Dan Sullivan (R-AK) enters the race with the advantages of incumbency and a state that leans Republican.
  • Recently, the Alaska supreme court allowed two candidates with the same name “Dan Sullivan” to remain on the ballot this fall. The ranked choice voting system could possibly divide support for the GOP’s Dan Sullivan, and push some voters to the independent Dan Sullivan. If this happens, Peltola has an easier path to win the election.

Texas: The state has become steadily more competitive as its metropolitan areas grow and diversify, narrowing Republican margins over the past decade, though statewide victories remain elusive for Democrats. 

Iowa: Iowa’s open Senate race features Democrat Josh Turek against Republican nominee Rep. Ashley Hinson

  • Democrats view Turek’s working-class message, background as a Paralympic athlete, and appeal to independents as a path to flipping a state that has moved right in recent years. 
  • While Hinson benefits from Iowa’s Republican lean and strong GOP organization, polls currently have the race as a tie. President Trump won the state by 14 points in 2024.

Georgia: Democratic incumbent Senator Jon Ossoff has been pitted against Republican nominee Mike Collins. Collins just finished a bruising primary on June 16, while Ossoff faced no primary opponents and has been able to campaign full time as the nominee.

What’s next: As primaries wrap up by the end of the summer, the general election field will soon be set, and the battle for the Senate will head into a new phase. 

There are 112 days until election day. Democrats seem to be poised to win seats, but how many they retake will depend heavily on the results of Maine and Michigan’s nominating contests. 

Please contact James Montfort (jmontfort@crefc.org).

Contact  

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
Senate Midterm Update
July 14, 2026
The midterm battle for the Senate has had a few shakeups recently.

News

Administration Posts Updated Unified Regulatory Agenda 

July 14, 2026

The Office of Information and Regulatory Affairs (OIRA) recently released its (theoretically) semiannual Unified Agenda of Regulatory and Deregulatory Actions (Agenda). It is the first update since October 2025

  • While the Agenda is not meant to be a precise policy road map, it does provide insight into the administration’s regulatory priorities. 

The regulatory agencies of most importance to CREFC and our members include the Securities and Exchange Commission (SEC), the banking agencies, and the Federal Housing Finance Agency (FHFA). 

  • The revised Agenda shows financial regulators' active dockets expanding sharply: the SEC’s grew from 23 items to 38, the Fed’s from 5 to 13, the FDIC’s from 7 to 14, and the OCC’s from 6 to 22. Only the FHFA’s agenda contracted.
  • However, most new items unwind or loosen existing requirements. Deregulation generates its own paperwork and each rescission, re-proposal, and recalibration is a new agenda line.

SEC: The ABS registration and disclosure item now targets an October 2026 proposal, which should incorporate feedback that CREFC and other industry participants submitted late last year on the ABS Concept Release. (See here and here for the two letters that CREFC submitted to the SEC.)

  • The Agenda also formalizes the climate-rule rescission and adds proposals scaling back executive compensation disclosure and quarterly reporting (optional semiannual) requirements. 

Banking agencies: Capital confirmed, supervision rewritten. 

  • The March capital re-proposals (Basel III Endgame, the GSIB surcharge, and the standardized approach) appear across all three agencies in lockstep at proposed stage.
  • On the supervision side, what examiners can cite, how criticisms are labeled, and how banks are rated are all being rewritten by rule. This could bind future administrations in a way guidance doesn't.

FHFA: The agenda shrank to 11 items, but the consequential moves, including housing goals, run through directives and orders, often announced first on X.

  • One agenda item of note: A credit risk-retention item that appears to focus on residential assets and was included on the October 2025 agenda remains on the current agenda. 

CREFC is carefully monitoring regulatory developments across all relevant agencies and will apprise members of any significant updates.

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

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs
703.201.4294
sburki@crefc.org
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. © 2026 CRE Finance Council. All rights reserved.
Administration Posts Updated Unified Regulatory Agenda
July 14, 2026
The Office of Information and Regulatory Affairs (OIRA) recently released its (theoretically) semiannual Unified Agenda of Regulatory and Deregulatory Actions (Agenda).

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