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

    The CRE Finance Council Unveils Its 2025 Class of ‘20 Under 40’

    June 6, 2025

    CREFC celebrates young professionals from lenders, investors, borrowers, legal and accounting firms 

     

    NEW YORK, June 6, 2025 – The CRE Finance Council (CREFC), the trade association that exclusively represents the $6 trillion commercial and multifamily real estate finance industry, unveiled its 2025 class of accomplished ‘20 Under 40’ professionals. The 2025 class will be introduced at CREFC’s Annual Conference in New York City.
      
    This year’s ‘20 Under 40’ recipients are reshaping commercial real estate (CRE) finance with fresh ideas and innovation. They work with lenders, investors, borrowers, and legal and accounting firms. These young professionals focus on a wide range of commercial properties and support servicers, borrowers, and lenders. They originate loans, structure CMBS transactions, and are involved with loan workouts. Also, this class of ‘20 Under 40’ mentors other young professionals and devotes time to community charities. 
      
    “We want to congratulate and welcome members of the 2025 class of ‘20 Under 40’, who will become tomorrow’s CRE finance leaders. As professionals, they have come of age in a market that has been challenged by high benchmark and mortgage rates and a wide range of economic uncertainty,” said Lisa Pendergast, President and CEO of CREFC.
      
    “We salute this class of talented professionals, many of whom are actively involved with CREFC committees and help shape the development of novel and engaging CREFC programming. Their creative energy, determination, and innovations help ensure the CRE finance industry continues to evolve and meet a variety of challenges as we move forward.”
      
    CREFC’s annual ‘20 Under 40’ awards are part of an ongoing effort to recognize the next generation of leaders in CRE finance. CREFC’s Young Professionals Network offers career development, networking, and educational opportunities for this group of CRE finance professionals. 

     

    DANIEL BLAKELY 
      
    ALLISON M. BORTNER 
    Partner
    Duane Morris LLP
      
    PATRICK BOYLE 
    Vice President, Boston Capital Markets
    Colliers
      
    ANTHONY CANDELA 
    Senior Vice President
    Slate Asset Management
      
    THOMAS F. DUGAN 
    Partner
    Eversheds Sutherland
      
    EVAN GIBSON
    Executive Vice President,
    Capital Markets 
    Merchants Capital
      
    BRANDON HEIM
    Principal, Real Estate
    Ares Management
      
    RACHEL HUNTER-GOLDMAN
    Managing Director 
    KKR
      
    NITYA KUMAR GOYAL
    Partner
    Dechert LLP
      
    MICHAEL IANNO
    Senior Director, Capital Markets
    Walker & Dunlop

    EUNI JO 
    Associate
    Cadwalader, Wickersham & Taft LLP
      
    KENNETH KASMIR 
    Senior Manager
    Deloitte & Touche LLP
      
    SOPHIA (XUEFEI) OUYANG
    Director 
    KPMG LLP
      
    CHLOE PARK 
    Assistant Vice President, CMBS & Real Estate Finance Group
    Citibank
      
    CLAYTON ROSS 
    Director
    JLL Capital Markets
      
    JEFFREY SCHWARTZ 
    Director, Real Estate Sector Coverage
    ING
      
    PRERNA SONI
    Partner
    Gibson, Dunn & Crutcher
      
    STEPHANIE STEIN
    Partner 
    McDermott Will & Emery LLP
      
    MADELINE TRACY 
    Director, U.S. CRE Finance Group
    Barclays
      
    MICHAEL WATSON 
    Director 
    SVN
      
    To learn more about this year’s class of ‘20 Under 40’ recipients click here. 
      
    About CREFC 
    The CRE Finance Council (CREFC) is the trade association for the nearly $6 trillion commercial real estate finance industry with a membership that includes more than 400 companies and 19,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, rating agencies, and borrowers. 
      
    For 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and acted as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants.
      
      
    Media Contact:
    Aleksandrs Rozens
    ARozens@crefc.org
    646-884-7567

    Contact  

    Aleksandrs Rozens
    Senior Director,
    Communications
    646.884.7567
    arozens@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.
    The CRE Finance Council Unveils Its 2025 Class of ‘20 Under 40’
    June 6, 2025
    The CRE Finance Council (CREFC) unveiled its 2025 class of accomplished ‘20 Under 40’ professionals.
    More info...

    News

    Trump Tweets Offer Glimpse of Plans for Fannie Mae and Freddie Mac

    June 3, 2025

    President Donald Trump intensified speculation about the future of Fannie Mae and Freddie Mac last week when he posted the following comment about the government-sponsored enterprises, which have been in conservatorship for nearly 17 years:  

    I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the US Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President.

    The Enterprises’ future has remained uncertain for over a decade, with prospects for their release from conservatorship fluctuating with changing policy priorities.

    • Many market participants expect the Trump administration to focus on the Enterprises after the reconciliation bill and tariff policy are finalized.
    • While Enterprise reform could occur via legislation, any meaningful change is highly unlikely without significant involvement from the administration.  
    Policymakers will need to solve complicated questions when determining the Enterprises’ path forward, including:
    • The potential restructuring of the government’s investment in the Enterprises;
    • Appropriate capital levels needed for the Enterprises to withstand future financial crises;
    • The role that the Enterprises should play in supporting affordable housing programs, and, perhaps most importantly, the 
    • Impact on mortgage costs and availability.
    The Trump administration has said on several occasions that it will not support moves that raise mortgage costs. Trump’s comment about “implicit guarantees” seems to acknowledge this concern. 

    However, financial analysts remain unclear as to how this would work in practice. Bloomberg’s opinion columnist Matt Levine offered a helpful roadmap of possible future levels of “government support”:

    • No government guarantee;
    • Explicit government guarantee - they will take a first-loss risk with their capital, but, in the worst case, the government will back the mortgages that they guarantee; or
    • An implicit guarantee, “wink wink.”
    Levine explains:
    The third option seems bad and untidy, but also perhaps the most practical outcome. No government backstop of the multitrillion-dollar mortgage market seems, at this point, a little optimistic … The explicit government guarantee is optically difficult due to the accounting and moral-hazard problems. But “there’s no government guarantee, Fannie and Freddie will be very well capitalized and carefully regulated to make sure that they don’t fail, but wink wink” might get most of the benefits of a pure private-capital solution, but with the financial stability and low mortgage rates of a government backstop.
    He does stress, however, the potentially messy implications of a “wink wink” policy, including waffling within a future administration on whether to bail out the Enterprises during a major financial crisis, potential investor lawsuits, or accusations of securities fraud.

    CREFC will closely monitor major developments related to Enterprise reform, particularly as they relate to the multifamily market.

    Please contact Sairah Burki (sburki@crefc.org) or David McCarthy (dmccarthy@crefc.org) with any questions.

    Contact 

    Sairah Burki
    Managing Director,
    Head of Regulatory Affairs and Sustainability
    703.201.4294
    sburki@crefc.org

    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.
    Trump Tweets Offer Glimpse of Plans for Fannie Mae and Freddie Mac
    June 3, 2025
    President Donald Trump intensified speculation about the future of Fannie Mae and Freddie Mac last week.
    More info...

    News

    Elon Musk Departs DOGE

    June 3, 2025

    Elon Musk resigned from his role as a special government employee leading the Trump Administration’s Department of Government Efficiency (DOGE) last week.

    • While Musk is departing, he posted to X last week that the work of DOGE will continue and that the “DOGE mission will strengthen over time as it becomes a way of life throughout the government.”
    • Musk expressed gratitude for the opportunity to serve and indicated that the mission of DOGE would continue to influence government operations. 
    • President Donald Trump acknowledged Musk's contributions, stating that while Musk is officially leaving, he would remain as an informal adviser.

    By the numbers: Musk's tenure at DOGE was marked by ambitious goals to reduce federal spending by up to $2 trillion. "I think if we try for 2 trillion, we've got a good shot at getting 1,” Musk said earlier this year, according to Reuters. He described the $2 trillion target as a "best-case outcome."

    However, DOGE has only reported savings of approximately $175 billion, a figure that has been met with skepticism due to questions over data accuracy and the broader economic impact of the implemented cuts. DOGE’s cost-cutting efforts have sought to reduce the federal workforce through a variety of firings, buyouts, and planned reductions in force.

    What they’re saying: Musk, who left DOGE to refocus on his businesses, publicly criticized President Trump's One Big Beautiful Bill, warning that it would elevate the federal deficit and undermine DOGE's cost-cutting efforts.
     
    Certain GOP members on Capitol Hill agree with Musk and have argued against the One Big Beautiful Bill.
     
    • Senator Rand Paul (R-KY) recently vocalized his opposition to the bill on X, arguing that it would explode the country’s debt and undermine all the progress DOGE has made.
    • His vote, among others, in the Senate will be key to ensuring the bill’s success or failure.

    Contact James Montfort (Jmontfort@crefc.org) with any questions.

    Contact  

    James Montfort
    Manager,
    Government Relations
    202.448.0857
    jmontfort@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.
    Elon Musk Departs DOGE
    June 3, 2025
    Elon Musk resigned from his role as a special government employee leading the Trump Administration’s Department of Government Efficiency (DOGE) last week.
    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.

    Property Risk and Resilience

    CREFC’s Property Risk & Resilience Committee serves as both an educational resource and advocate for the commercial real estate finance industry, providing insight into how macro-level environmental and regulatory trends intersect with financing decisions. 
     

    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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