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.

CREFC members who would like to engage actively in advocacy are encouraged to join one or both of the following committees, which help CREFC respond to evolving legal, legislative, and policy developments:

The Advocacy Committee, open to all CREFC members, complements CREFC’s existing Policy Committee by broadening participation in discussions around legislative and regulatory developments. It provides an avenue for more members, both Forum leadership and other industry stakeholders, to weigh in on critical policy issues.

The Legal Advisory Committee brings together both internal and external counsel from CREFC’s diverse membership base. It serves as a sounding board to quickly evaluate proposed regulatory changes and help determine those issues most important to CREFC and its members. This committee is open to CREFC attorney members (e.g., law firms, internal counsel).

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 to join our advocacy efforts and make a difference in the direction of our industry. Please contact Sairah Burki or David McCarthy with any questions.

Latest News

News

Congress Focuses on Crypto and Dodd Frank This Week

July 15, 2025

Now that the One Big Beautiful Bill is signed into law, Congress will pivot to government funding issues ahead of the September 30 deadline and several bipartisan policy priorities. 

Why it matters: The reconciliation process relied solely on GOP votes in both chambers to pass, but now leadership will have to work with Democrats on funding the government and other priorities. 
 
The big picture: Here is a look ahead on the issues this week:
 
  • The House has coined this week as “Crypto Week” as they consider landmark pieces of crypto legislation. Additionally, the House will consider the Defense Appropriations bill on the floor and the National Defense Authorization Act (NDAA) will move through committee markup.
  • On the Senate side, Senators will continue to work through nominations as Majority Leader John Thune (R-SD) looks to push as many through as possible before the August recess. The Senate will move to consider the Rescissions package beginning on Tuesday, which will reduce previously enacted spending. 
  • In addition to cryptocurrency policy, the House Financial Services Committee will hold several hearings, including a review of Dodd-Frank outcomes.

July 15

July 16

July 17
Go Deeper: The Senate will largely continue its focus on nominations, while the House moves through appropriation bills. The Senate’s rescission process requires only a simple majority vote, which will likely hinge on support from key moderate GOP senators. 
 
  • Senate Confirms Gould as OCC Chief. The Senate voted 50-45 on Thursday to confirm Jonathan Gould’s nomination to serve as the Comptroller of the Currency. Senator Cynthia Lummis (R-WY) voted against a previous procedural motion on his nomination, but voted “yes” on a final confirmation. Lummis spokesperson Katie Warbinton said in a statement that Senator Lummis “needs to have further conversations with the nominee about the GENIUS Act and Federal preemption of state banking laws.”
  • Crypto Week: The House is expected to pass the GENIUS ACT, the bipartisan stablecoin bill, and send it to the President’s desk, marking the first time Congress has passed major financial regulations on crypto. In addition, the House will vote on a broader bill that addresses a market structure proposal that targets regulations for securities and commodities regarding crypto rules. 
  • Appropriations: This week, the House will consider the Defense Appropriations Act on the floor. The House Appropriations Committee will markup the following packages - Transportation, Housing and Urban Development bill; Energy and Water Development; Interior, National Security, Department of State; and Commerce, Justice and Science. The Senate Appropriations Committee will markup the Military Construction and Veterans Affairs package. 
  • Rescissions: Congress faces a deadline this Friday to pass the White House’s $9 billion rescission package. The Senate is expected to vote to proceed on the package on Tuesday and then begin debate and a vote-a-rama most likely on Wednesday. Senator Susan Collins (R-ME) and others have continued to express concerns about the House-passed package and will most likely make amendments, meaning the House will have to repass the Senate version before the Friday deadline. 
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

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.
Congress Focuses on Crypto and Dodd Frank This Week
July 15, 2025
Now that the One Big Beautiful Bill is signed into law, Congress will pivot to government funding issues ahead of the September 30 deadline and several bipartisan policy priorities.
More info...

News

Senate Election Outlook

July 15, 2025

The 2026 Senate elections are shaping up as one of the most fiercely contested political battles in recent memory, with control of the chamber hanging in the balance. 

Why it matters: Republicans currently hold a 53–47 advantage, which means Democrats would need to gain at least four seats outright—or three to force a 50–50 tie that would still be broken in favor of the GOP by Vice President JD Vance.

The map is proving far more favorable to Republicans than Democrats. Democrats are forced to defend several vulnerable seats, including in states where their incumbents have retired — like Michigan, Minnesota, and New Hampshire. 
 
The Senate is seeing more retirements than typical at this stage in the election cycle, on both sides of the aisle, with seven Senators announcing they are heading for the exits. If this trend continues, the 2026 midterm elections are likely to look very different in November 2026.
 
Some of the most competitive seats include:
 
  1. Georgia: Incumbent Sen. Jon Ossoff (D-GA) faces a tough reelection in a purple state where Republicans are betting on a Trump-aligned challenger to flip the seat. Ossoff got a lifeline when current Georgia Governor Brian Kemp decided not to run for the seat, but he has a long way to go toward being re-elected. Still, avoiding a race against a popular Governor certainly helped his chances.
  2. Michigan: An open-seat battleground after Sen. Gary Peters’ (D-MI) retirement, with both parties seeing it as one of the best pickup GOP opportunities on the map. 
  3. North Carolina: A true toss-up following Thom Tillis’ retirement, the open seat sets up an expensive and bitter fight in a classic swing state. This was predicted to be a bitter re-election fight regardless, but Tillis’ retirement announcement certainly doesn’t help Republicans who will likely have to navigate a tricky primary.
  4. Maine: Republican Senator Susan Collins (R-ME) plans to run again, but remains vulnerable in a blue-leaning state, making it one of the GOP’s riskiest holds. If she retires, the seat immediately becomes the best pickup opportunity for Democrats of the whole map.
  5. Minnesota: Democratic Sen. Tina Smith’s retirement is unlikely to present a flip opportunity as the state is reliably blue. Republicans have not won statewide since 2006. Still, President Trump’s closer than expected losses may give some in the GOP hope. 
  6. New Hampshire: This seat will be highly competitive after Sen. Jeanne Shaheen’s (D-NH) retirement, with Democrats scrambling to defend an open seat in a state Biden carried. 
  7. Ohio: Currently held by Sen. Jon Husted (R-OH), who was appointed to fill the vacancy created by VP Vance, a special election adds a layer of unpredictability in a state trending more conservative. If former Senator Sherrod Brown (D-OH) decides to try and make a comeback, Democrats could have a shot at flipping the seat. 

Republican intraparty fighting threatens traditionally safe seats: Despite controlling the Senate, the party is seeing messy and divisive primaries, often pitting Trump-aligned hardliners against traditional conservatives. 

  • Texas: Senator John Cornyn (R) is up against a favorite of the MAGA wing of the party, with controversial former Texas Attorney General Ken Paxton, whose close ties to Trump may help him in the primary. Republicans in the state worry Paxton may not fare as well in November and could throw the election to the Democrats. 
  • Iowa: Senator Joni Ernst is reportedly torn on whether or not to run for another term. The Senator made headlines at a town hall earlier this year when she said “we are all going to die”, in response to constituents concerns that the Republican reconciliation bill would cause her constituents to lose their healthcare coverage. Her seat has since moved from “safe Republican” to “likely”, a shift in favor of Democrats.

A major wildcard in the race is the sudden entrance of Elon Musk’s new “America” party, which has pledged to run candidates in multiple Senate contests. Although Musk and his new party are unlikely to win any Senate seats, his movement threatens to siphon votes away from Republicans in closely contested states, potentially throwing the advantage to Democrats in places like Georgia or North Carolina. 

The bottom line: Republicans are favored to retain control of the Senate. However, with the Tillis retirement and infighting between Republican candidates, coupled with the historical precedent for the party in power to have a challenging midterm environment, Democratic control of the Senate isn’t totally out of reach.
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.
Senate Election Outlook
July 15, 2025
The 2026 Senate elections are shaping up as one of the most fiercely contested political battles in recent memory, with control of the chamber hanging in the balance.
More info...

News

CREFC’s Lisa Pendergast Named to PERE’s List of 100 Most Influential

July 15, 2025

CRE Finance Council President and CEO Lisa Pendergast was included in PERE’s 100 Most Influential, a list of finance industry participants who made the biggest mark on institutional private real estate capital markets in the past decade. 

Why it matters: The list of leaders in finance includes Fed Chair Jerome Powell, former Fed Chair and U.S. Secretary of the Treasury Janet Yellen, and Blackstone President and CEO Jonathan Gray.

PERE unveiled its list of 100 influential industry participants on June 30. 

What is it: PERE 100 Most Influential highlights the contributions of industry participants considered to have had the greatest influence on the direction of real estate capital markets from 2016 to 2025. The list of influential industry leaders is part of the publication’s celebration of its 20th anniversary.

In its acknowledgement of Ms. Pendergast’s work, PERE highlighted her leadership of the CRE Finance Council and critical role in transitioning it from a mostly commercial mortgage-backed securities and alternative-lender focused industry group to one that encompasses a wide range of debt providers and investors. 

PERE specifically recognized Ms. Pendergast’s efforts to increase educational programming for the industry association’s members and her work to make the CRE finance industry more inclusive with initiatives such as CREFC’s Women’s Network.

I am thrilled to be recognized by PERE in its list of 100 influential finance industry professionals, and I am honored to be included in the company of leading participants who have shaped our industry,” said Ms. Pendergast. “Most importantly, I want to note that this recognition is a reflection of the CRE Finance Council’s important role as a voice for our rapidly growing industry and its critical role in the U.S. economy and the global financial markets. This acknowledgement by PERE is a recognition of CREFC’s 19,000 members and its 400 member companies.
CREFC wants to congratulate Lisa Pendergast on being included in PERE’s list of top influential industry market participants. We are proud of Lisa receiving this well-deserved recognition for her work on behalf our industry association and her long-term commitment to the industry and its growth.

Contact Aleksandrs Rozens (Arozens@crefc.org) for any additional questions.

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.
CREFC’s Lisa Pendergast Named to PERE’s List of 100 Most Influential
July 15, 2025
CRE Finance Council President and CEO Lisa Pendergast was included in PERE’s 100 Most Influential, a list of finance industry participants who made the biggest mark on institutional private real estate capital markets in the past decade.
More info...

News

Risks of Fragmentation in Global Financial Regulation

July 15, 2025

A joint paper published on July 9 by the Bank Policy Institute, GFMA, and the Institute of International Finance argues that fragmentation in global financial regulation puts competition, economic growth, and financial system resilience at risk.

  • A 2018 OECD survey estimates that a piecemeal approach to financial sector regulation costs the global economy $780 billion a year.
  • A January 2025 World Economic Forum report states that annual economic output losses from fragmentation could range from $0.6 trillion to $5.7 trillion, or about 5% of current GDP.
The paper presents four recommendations:
 
  1. The International Monetary Fund, Financial Stability Board (FSB), and Basel Committee should identify national rules that require financial institutions to establish local subsidiaries or restrict branch operations;
  2. Jurisdictions should review whether ring-fencing requirements are properly calibrated;
  3. Global regulators and industry should work together to address fragmentation and risks introduced by inconsistencies;
  4. The FSB should re-evaluate the functioning of international colleges and case management groups.
Yes, but: As reported in recent CREFC Policy & Capital Markets Briefings, senior U.S. policymakers — including Treasury Secretary Scott Bessent, Fed Chair Jerome Powell, and Fed Vice-Chair of Supervision Michelle Bowman — appear less interested than the previous administration in coordinating with international standard setters. 
 

In April remarks to the American Bankers Association, Bessent stated:

We should not outsource decision making for the United States to international bodies. Instead, we should conduct our own analysis from the ground up to determine a regulatory framework that is in the interests of the United States.
On July 22, the Federal Reserve will host a conference, available via livestream, on bank capital standards.

CREFC is closely monitoring developments related to bank capital requirements, particularly implications for CRE finance, and will comment on relevant notices of proposed rulemaking.

Please contact Sairah Burki (sburki@crefc.org) with questions.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@crefc.org
Image of infrastructure. Green surrounding highway from aerial view

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.
Risks of Fragmentation in Global Financial Regulation
July 15, 2025
A joint paper published on July 9 by the Bank Policy Institute, GFMA, and the Institute of International Finance argues that fragmentation in global financial regulation puts competition, economic growth, and financial system resilience at risk.
More info...

News

ICYMI: Trump Signs One Big Beautiful Bill Act

July 15, 2025

The Republican reconciliation legislation — One Big Beautiful Bill Act (OBBBA) — passed the Senate 51-50 (with Vice President Vance breaking the tie) and the House 218-214. President Donald Trump signed it into law on July 4th.

Why it matters: The OBBBA extends many of the 2017 Tax Cuts and Jobs Act (TCJA) provisions and delivers on many of the President’s campaign priorities.
 
The big picture: A variety of factions made the vote math in the 53-47 divided Senate and the 220-213 divided House.
 
  • SALT: The law largely preserves the $40,000 deduction for those making under $500,000 in House language. Notably, after five years, it permanently reverts to a $10,000 deduction. It also removed the House prohibition that would have limited state workarounds for certain pass-through entities.
  • Energy Tax Credits: The treatment of many energy-related tax credits remained one of the stickiest issues for lawmakers. While the delicate balance struck ensured passage, jockeying will continue as Treasury implements rulemaking and members of the Freedom Caucus seek to codify some of the side agreements purportedly struck in the early morning hours.
  • Medicaid and Overall Spending: The changes to Medicaid are the primary driver of budget savings, but deficit hawks complained the cuts are not deep enough, while some moderates were concerned the cuts go too far. Sen. Tillis’s main objection to the bill was that too many people would lose health insurance. Murkowski and Collins were also concerned about the Medicaid provisions.
What they’re saying: For commercial and multifamily real estate, the topline issues remain largely the same.
 
  • Section 899: The retaliatory tax on foreign entities was removed from the bill during Senate consideration.
  • 199A Passthrough: The qualified business income deduction remains at 20% and was made permanent.
  • Low-Income Housing Tax Credit (LIHTC) Boost: The law permanently increases the state housing credit ceiling by 12.5% and lowers the tax-exempt bond requirements, similar to the 2024 Wyden-Smith Bill.
  • Renews Opportunity Zones: The program was made permanent with periodically-updated zone designations, starting on Jan. 1, 2027, and ending on Dec. 31, 2033.
  • Bonus Depreciation Made Permanent: Allows full expensing of qualifying property.
  • Interest Expense Deduction: Increases the cap on the deductibility of business interest expense under 163(j) for taxable years beginning after 2024 and before 2030 by allowing the EBITDA definition of taxable income.
    • Note that the 2017 TCJA law allows real property trade or business to elect not to be subject to the cap, but they must be depreciated using the alternative depreciation system.
  • Immediate Factory Expensing: The qualified production property allows full, immediate expensing for certain manufacturing buildings with construction beginning in 2025 through 2029 and placed into service.
    • The legislation limits the deduction to owner-occupied facilities that manufacture, produce, or refine any tangible personal property.
    • Office space associated with the facility is explicitly excluded from the definition. It also excludes leased facilities.
Yes, but the real estate industry did have a couple of major victories on:
 
  • No 899 Retaliatory Tax: CREFC and other organizations pushed back against the provision, which was removed, that could have had a chilling impact on foreign investment into the U.S.
  • No Business SALT Cap: There are no provisions to cap business state and local income or property taxes.
  • No Carried Interest Rollback: President Trump had reiterated his push to close this “loophole” in a call last week with Speaker Mike Johnson (R-LA). However, the OBBBA does not change carried interest treatment.
  Contact David McCarthy (dmccarthy@crefc.org) with any questions.

Contact  

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.
ICYMI: Trump Signs One Big Beautiful Bill Act
July 15, 2025
The Republican reconciliation legislation — One Big Beautiful Bill Act (OBBBA) — passed the Senate 51-50 (with Vice President Vance breaking the tie) and the House 218-214. President Donald Trump signed it into law on July 4th.
More info...

News

NCREIF/CREFC Release First Quarter 2025 Debt Fund Aggregate Report

July 9, 2025

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for the First Quarter 2025. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.
  
For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast. 

Snapshot Report

Membership Report


The NCREIF/CREFC Open-End Debt Fund Aggregate 

The NCREIF/CREFC Open-End Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to commercial real estate owners. This report will be issued in a draft “consultation” format for at least one year to obtain the appropriate level of industry feedback before it is rolled out as an official NCREIF/CREFC product. 

About the NCREIF/CREFC Open-End Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC and its members, and data contributing managers, investors, and consultants. 
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance. 
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined) 
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals. 
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value weighted. 

Aggregate Furthers CREFC’s and NCREIF’s Missions

About CREFC

  • CREFC is the trade association for the commercial real estate finance industry. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers and rating agencies, among others. 
  • Our industry plays a critical role in the financing of office buildings, industrial and warehouse properties, multifamily housing, retail facilities, hotels, and other types of commercial real estate that help form the backbone of the American economy. 
  • CREFC promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by acting as a legislative and regulatory advocate for the industry, serving a vital role in setting market standards and best practices, providing education for market participants, and publishing the well tracked CREFC Board of Governors Sentiment Index. Our most recent collaborative effort is working with our friends at NCREIF to develop the NCREIF/CREFC Open End Debt Fund Aggregate. 
  • CREFC hosts major industry conferences that bring together market participants from leading commercial real estate finance companies and organizations. Complementing these major conferences are regular After-Work Seminars and regional conferences held throughout the year on an annual basis 

About NCREIF

  • NCREIF is the leading provider of investment performance indices and transparent data for US commercial properties. Data Contributor Members submit data to NCREIF for inclusion in its various indices and data products. NCREIF is a member-driven, not-for-profit association that improves private real estate investment industry knowledge by providing transparent and consistent data, performance measurement, analytics, standards, and education. 
  • NCREIF serves the institutional real estate investment community as a non-partisan collector, validator, aggregator, converter and disseminator of commercial real estate performance and benchmarking information. Our members include investment managers, investors, consultants, appraisers, academics, researchers and other professionals in the real estate investment management industry. 
  • NCREIF is a data service provider that meets its members' and the investment and academic community's need for high quality, transparent, timely and accurate commercial real estate data, performance measurement and benchmarking indices, investment analysis, reporting standards, research, education and peer group interaction 
     

NCREIF Debt Fund Aggregate Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate. 
  • Calculate quarterly net asset values and returns on a market-value basis. 
  • Agree to submit all requested data and do so within the time frame required. 
Funds included have different: 
 
  • Structures, strategies, liquidity provisions, dividends, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

 

 

   

Contact 

Lisa Pendergast
President & CEO
646.884.7570
lpendergast@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.
NCREIF-CREFC Release First Quarter 2025 Debt Fund Aggregate Report
July 9, 2025
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for the First Quarter 2025.
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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