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 Names Leland Bunch as Chair of Executive Committee

    June 10, 2025


    CREFC Welcomes New Members to its Executive Committee and Board of Governors at Annual June Conference

    The CRE Finance Council (CREFC) announced today the selection of Leland F. Bunch III, Managing Director at Bank of America, as the Chair of the CREFC Executive Committee and the Board of Governors for 2025-2026 at its Annual Conference in New York City. Mr. Bunch, a 25-year veteran of the commercial real estate finance industry, has been actively involved in CREFC as a member for 20 years. He succeeds outgoing Chair Bob Foley, Partner at TPG Real Estate and Chief Financial Officer of TPG RE Finance Trust, Inc.
      
    Mr. Bunch is a Managing Director and Head of Capital Markets and Banking for the US RESF group. He joined Bank of America 17 years ago and oversees commercial mortgage-backed securities (CMBS) structuring, securitization, large loan execution, and warehouse finance. Mr. Bunch also has been responsible for more than $30 billion of large loan CMBS 2.0/3.0 originations and is the GSE relationship manager. Before joining the Bank, Mr. Bunch was the Head of European CMBS at UBS, and he started his Wall Street career with JPMorgan in New York while finishing in London.
      
    “CREFC is an important voice for a wide range of members it serves – lenders, issuers, loan servicers, investors, rating agencies, and other commercial real estate market participants - in a $6 trillion industry that plays a key role in the nation’s economy,” said Mr. Bunch. “For three decades, CREFC has worked to ensure the commercial real estate market is efficient, liquid, transparent, and continues to grow. I look forward to serving as CREFC Chair in the coming year and continuing to support the work and priorities promoted by Bob Foley and Lisa Pendergast, CREFC’s CEO.”
      
    “On behalf of CREFC, I’d like to congratulate Leland Bunch on being selected to lead the Executive Committee and Chair our Board of Governors. As an established CREFC member and seasoned CRE professional, he will help us articulate and address the industry’s needs,” said Lisa Pendergast, President and CEO of CREFC. “I would be remiss if I also didn’t thank Bob Foley for his time, effort, and dedication over the last year as chair. We are grateful for his leadership and commitment and look forward to his continued service as past chair.”
      
    In addition to Mr. Foley’s transition, CREFC also announced members of its 2025-2026 Executive Committee: 
     
    • Chair-Elect: Lissette Rivera-Pauley (Regions Financial Corp.)
    • Immediate Past Chair: Bob Foley (TPG Real Estate and TPG RE Finance Trust, Inc.)
    • Vice Chair: Elaine McKay (Ares Management LLC) 
    • Secretary: Kim Diamond (NYU)
    • Treasurer: Adam Behlman (Starwood Property Trust) 
    • Long Range Planning & Investment Committee Chair: Daniel Olsen (KeyBank Real Estate Capital) 
    • Membership Chair: Toby Cobb (3650 Capital)
    • Policy Committee Chair: Rick Jones (Jackstay Ventures)
    • Program Committee Chair: Mary Jane Potthoff (Morningstar DBRS)

    The association also welcomes and congratulates new members to its Board of Governors, including:

    • Nitin Bhasin (KBRA)
    • Josh Cromer (Rialto Capital Advisors)
    • Marshall Glick (AllianceBernstein)
    • David Harrison (Midland Loan Services) 
    • Adam Hayden (NY Life Real Estate Investors)
    • Spencer Kagan (Barclays)
    • Sean Ryan (JLL)
    • AJ Sfarra (Wells Fargo)
    • Lindsey Wright (KKR)

    “We want to welcome the newest members of the Executive Committee and our Board of Governors. We look forward to collaborating with you on key issues that have the greatest significance and directly impact our industry and its members,” added Pendergast.

    Contact 

    Aleksandrs Rozens
    Senior Director,
    Communications
    646.884.7567
    arozens@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. © 2025 CRE Finance Council. All rights reserved.
    The CRE Finance Council Names Leland Bunch as Chair of Executive Committee
    June 10, 2025
    CREFC Welcomes New Members to its Executive Committee and Board of Governors at Annual June Conference.

    News

    The CRE Finance Council Announces New Chairs for Industry Forums 

    June 10, 2025

    New Chairs and Chair-Elects Introduced at Annual June Conference

     

    NEW YORK, June 10, 2025 – The CRE Finance Council (CREFC) announced new Chairs for the 2025-2026 industry Forums. The new Forum leadership was elected at CREFC’s Annual June Conference in New York City on Tuesday.
      
    CREFC’s Forums represent specific market constituencies that drive the U.S. commercial real estate finance industry. Forums include:

    • Alternative Lenders and High-Yield Investors
    • CMBS B-Piece Investors 
    • CMBS Investment-Grade Bondholders 
    • CMBS Issuers 
    • CMBS Servicers 
      • Master Servicers
      • Special Servicers
    • GSE/Multifamily Lenders 
    • Portfolio Lenders
      • Bank Lenders 
      • Insurance Company Lenders 

    Each Forum interacts and addresses issues critical to their business sector, while working to achieve solutions that serve a common purpose. CREFC’s Forums manage disparate and converging market views, advocate a consensus of positions to policymakers and lawmakers, educate members, develop market best practices and standards, and work to improve the entire commercial real estate finance market.
      
    The incoming slate of Forum leaders includes:

    B-Piece Investors. CREFC welcomes Josh Brand (Argentic) as Chair-Elect, Frank Yin (KKR) as Chair, and Peter Lindner (Rialto Capital Advisors) as Past-Chair. In 2024-2025, Jason Nick (Starwood Property Trust) was Past-Chair.
      
    GSE/Multifamily Lenders. CREFC welcomes Lee Green (Wells Fargo) as Chair-Elect, David Haynes (CBRE Multifamily Capital, Inc.) as Chair, Ahmed Hasan (Capital One) as Past-Chair. John Jang (Fannie Mae) and Jason Griest (Freddie Mac) serve as GSE representatives. In 2024-2025, the Past-Chair was Kate Whalen (BMO).
      
    Investment-Grade Bondholders. CREFC welcomes Wendy Pei (Ellington Management) as Chair-Elect, Adam Smith (DWS) as Chair, and Rajesh Bansal (Quiq Capital) as Past-Chair. In 2024-2025, Richard Razza (Webster Bank) served as Past-Chair. 
      
    Issuers. CREFC welcomes Scott Epperson (Goldman Sachs) as Chair-Elect, Shaishav Agarwal (Deutsche Bank) as Chair, and Brigid M. Mattingly (Wells Fargo) as Past-Chair. In 2024-2025, Jane Lam (Morgan Stanley) served as Past-Chair.
      
    Portfolio Lenders – Bank Lender Subforum. CREFC welcomes Bridget Scanlon (Morgan Stanley) as Chair-Elect, Kristin Khanna (Barclays) as Chair, and Robert Grudzinski (U.S. Bank) as Past-Chair. In 2024-2025, Scott Dixon (Truist) was Past-Chair.
      
    Portfolio Lenders – Insurance Company Lenders Subforum. CREFC welcomes Kevin Catlett (Principal Real Estate Investors) as Chair-Elect, Melissa Farrell (PGIM) as Chair, and Kevin Pivnick (Blackstone) as Past-Chair. In 2024-2025, Chris Miculis (Nuveen) served as Past-Chair. 
      
    Servicers. CREFC welcomes Amanda Dugat (SitusAMC) and Brett Mann (LNR Partners) as Chairs-Elect, Dana Jo Martino (Berkadia Commercial Mortgage LLC) and Alex Killick (CWCapital) as Co-Chairs, and Adam Fox (Fitch Ratings) and Pamela Dent as Past-Chairs. In 2024-2025, 
    Leslie Hayton (Trimont) and Tony Yousif (SVN) served as Past-Chairs. 
      
    The following slate of Forum leaders remains unchanged this year:
      
    Alternative Lenders & High-Yield Investors. Rachel Hunter-Goldman (KKR) remains as Chair-Elect, Samantha Rotchford (BDT & MSD Partners) serves as Chair, and Samir Tejpaul (Madison Realty Capital) continues as Past-Chair. 
      
    “We are excited to welcome the new members to our industry Forums and we want to thank the existing and past Forum members for their dedication and continued support of our work,” said Lisa Pendergast, President and CEO of CREFC.
      
    “CREFC’s industry Forums work to ensure there is consensus among their constituents and advocate on behalf of them with other industry participants, policymakers, and lawmakers. By playing a key role in developing industry practices and implementing initiatives to support their members, Forum leaders help to ensure all voices are heard. We are grateful for their dedication to CRE finance and their contributions, which ensure the industry continues to innovate and evolve.”
      
    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 approximately 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 more than 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and functioned 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
    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 Announces New Chairs for Industry Forums
    June 10, 2025
    New Chairs and Chair-Elects Introduced at Annual June Conference

    News

    The CRE Finance Council Announces New Chairs for Industry Forums 

    June 10, 2025

    New Chairs and Chair-Elects Introduced at Annual June Conference

     

    The CRE Finance Council (CREFC) announced new Chairs for the 2025-2026 industry Forums. The new Forum leadership was elected at CREFC’s Annual June Conference in New York City on Tuesday.

    CREFC’s Forums represent specific market constituencies that drive the U.S. commercial real estate finance industry. Forums include:

    • Alternative Lenders and High-Yield Investors
    • CMBS B-Piece Investors 
    • CMBS Investment-Grade Bondholders 
    • CMBS Issuers 
    • CMBS Servicers 
      • Master Servicers
      • Special Servicers
    • GSE/Multifamily Lenders 
    • Portfolio Lenders
      • Bank Lenders 
      • Insurance Company Lenders 

    Each Forum interacts and addresses issues critical to their business sector, while working to achieve solutions that serve a common purpose. CREFC’s Forums manage disparate and converging market views, advocate a consensus of positions to policymakers and lawmakers, educate members, develop market best practices and standards, and work to improve the entire commercial real estate finance market.
      
    The incoming slate of Forum leaders includes:

    B-Piece Investors. CREFC welcomes Josh Brand (Argentic) as Chair-Elect, Frank Yin (KKR) as Chair, and Peter Lindner (Rialto Capital Advisors) as Past-Chair. In 2024-2025, Jason Nick (Starwood Property Trust) was Past-Chair.
      
    GSE/Multifamily Lenders. CREFC welcomes Lee Green (Wells Fargo) as Chair-Elect, David Haynes (CBRE Multifamily Capital, Inc.) as Chair, Ahmed Hasan (Capital One) as Past-Chair. John Jang (Fannie Mae) and Jason Griest (Freddie Mac) serve as GSE representatives. In 2024-2025, the Past-Chair was Kate Whalen (BMO).
      
    Investment-Grade Bondholders. CREFC welcomes Wendy Pei (Ellington Management) as Chair-Elect, Adam Smith (DWS) as Chair, and Rajesh Bansal (Quiq Capital) as Past-Chair. In 2024-2025, Richard Razza (Webster Bank) served as Past-Chair. 
      
    Issuers. CREFC welcomes Scott Epperson (Goldman Sachs) as Chair-Elect, Shaishav Agarwal (Deutsche Bank) as Chair, and Brigid M. Mattingly (Wells Fargo) as Past-Chair. In 2024-2025, Jane Lam (Morgan Stanley) served as Past-Chair.
      
    Portfolio Lenders – Bank Lender Subforum. CREFC welcomes Bridget Scanlon (Morgan Stanley) as Chair-Elect, Kristin Khanna (Barclays) as Chair, and Robert Grudzinski (U.S. Bank) as Past-Chair. In 2024-2025, Scott Dixon (Truist) was Past-Chair.
      
    Portfolio Lenders – Insurance Company Lenders Subforum. CREFC welcomes Kevin Catlett (Principal Real Estate Investors) as Chair-Elect, Melissa Farrell (PGIM) as Chair, and Kevin Pivnick (Blackstone) as Past-Chair. In 2024-2025, Chris Miculis (Nuveen) served as Past-Chair. 
      
    Servicers. CREFC welcomes Amanda Dugat (SitusAMC) and Brett Mann (LNR Partners) as Chairs-Elect, Dana Jo Martino (Berkadia Commercial Mortgage LLC) and Alex Killick (CWCapital) as Co-Chairs, and Adam Fox (Fitch Ratings) and Pamela Dent as Past-Chairs. In 2024-2025, 
    Leslie Hayton (Trimont) and Tony Yousif (SVN) served as Past-Chairs. 
      
    The following slate of Forum leaders remains unchanged this year:
      
    Alternative Lenders & High-Yield Investors. Rachel Hunter-Goldman (KKR) remains as Chair-Elect, Samantha Rotchford (BDT & MSD Partners) serves as Chair, and Samir Tejpaul (Madison Realty Capital) continues as Past-Chair. 
      
    “We are excited to welcome the new members to our industry Forums and we want to thank the existing and past Forum members for their dedication and continued support of our work,” said Lisa Pendergast, President and CEO of CREFC.
      
    “CREFC’s industry Forums work to ensure there is consensus among their constituents and advocate on behalf of them with other industry participants, policymakers, and lawmakers. By playing a key role in developing industry practices and implementing initiatives to support their members, Forum leaders help to ensure all voices are heard. We are grateful for their dedication to CRE finance and their contributions, which ensure the industry continues to innovate and evolve.”

    Contact 

    Aleksandrs Rozens
    Senior Director,
    Communications
    646.884.7567
    arozens@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. © 2025 CRE Finance Council. All rights reserved.
    The CRE Finance Council Announces New Chairs for Industry Forums
    June 10, 2025
    The CRE Finance Council (CREFC) announced new Chairs for the 2025-2026 industry Forums.

    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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