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

SEC Issues Concept Release on ABS Disclosure

September 30, 2025

On Sept. 26, 2025, the Securities and Exchange Commission (SEC) issued a concept release to solicit public comment on the current SEC rules governing ABS, with a largely RMBS focus. Comments are due 60 days after publication in the Federal Register.

The SEC notes in an accompanying Fact Sheet that despite a “growing interest” among market participants for the return of publicly-issued RMBS, these securities have been issued only privately since 2013.

  • Market participants often cite RMBS asset-level disclosure requirements, particularly for private or confidential information, as key obstacles to the issuance of publicly-offered RMBS. 

The concept release further states:

There are several factors that may be contributing to the absence of registered offerings, including the dominance of the Agencies, which may be attributed to deep market liquidity, beliefs among some market participants regarding the availability of U.S. Government guarantees, more favorable underwriting standards compared to private-label RMBS, and attractive yields and returns for investors. Nevertheless, it is important to consider whether the Commission’s rules may be contributing to this absence.
While most of the release focuses on RMBS, it also posits whether the definition of “asset-backed security” in Regulation AB should be revised to facilitate expanded access to the public ABS market:
We are seeking public comment about whether we should amend the definition of ABS in Regulation AB to better align with the Exchange Act ABS Definition… Such revisions may bring clarity and uniformity to the current ABS regulatory regime and remove potentially unnecessary definitional and/or structural impediments to accessing the registered market for ABS issuers and investors, while providing sufficient flexibility and accommodating future developments in the ABS market.
  • The SEC also welcomes comments on any other aspects of the ABS registration and reporting regime. 
  • CREFC will review the concept release and work with members to provide comment. 

Please contact Sairah Burki (sburki@crefc.org) if you have any questions or would like to join this effort.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@crefc.org
Image of a document with "Proposal" written on it

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.
SEC Issues Concept Release on ABS Disclosure
September 30, 2025
On Sept. 26, 2025, the Securities and Exchange Commission (SEC) issued a concept release to solicit public comment on the current SEC rules governing ABS, with a largely RMBS focus.
More info...

News

GSE Update: Sen. Warren Asks for Roundtable Details

September 30, 2025

In a Sept. 24 letter, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) asked Treasury Secretary Scott Bessent for more details on a potential Fannie Mae and Freddie Mac (GSEs) privatization. 

Why it matters: Treasury and the Federal Housing Finance Agency (FHFA) have been holding roundtables with industry stakeholders—including CREFC—on potentially ending the conservatorship and re-privatization. 

What they’re saying: Warren referenced comments by President Trump, Bessent, Commerce Secretary Howard Lutnick, and FHFA Director Bill Pulte and urged Bessent to involve Congress in the discussion. In a direct criticism of Pulte, Warren’s letter hinted at a lack involvement from FHFA and coordination among administration officials:

I have been led to the conclusion, however, that FHFA Director Pulte may have no information, insight, or answers on the topic, in part due to his focus on ousting members of the Federal Reserve Board of Governors and certain Democratic leaders.

What’s next: Warren posed nine questions on the GSE effort and asked for a response by October 8. 

  • While senior administration officials keep hinting at an IPO in the near-term, Congress and others remain skeptical of major action this year.
  • Treasury’s roundtables indicate GSE reform is a priority, though the plan for government involvement from a guarantee and regulatory oversight perspective remain elusive.
Contact Sairah Burki (sburki@crefc.org) and 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
Image of buildings

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.
GSE Update: Sen. Warren Asks for Roundtable Details
September 30, 2025
In a Sept. 24 letter, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) asked Treasury Secretary Scott Bessent for more details on a potential Fannie Mae and Freddie Mac (GSEs) privatization.
More info...

News

CREFC Hosts Discussion with Rep. Sean Casten

September 30, 2025

Last week, CREFC members met with Rep. Sean Casten (D-IL) during a policy discussion hosted at CREFC’s Offices in New York City. The event provided a forum for dialogue on federal legislative priorities impacting the commercial real estate finance industry.

Why it matters: Rep. Casten sits on the House Financial Services Committee, where he plays an active role in shaping legislation affecting both energy and financial markets. His perspective offers valuable insight into how broader policy goals intersect with the needs of CRE finance.

Key Takeaways from the Conversation:

  • CRE Markets: CREFC members and staff updated Rep. Casten on the CRE and multifamily lending markets and performance, including the latest CMBS loan delinquency report.
  • Climate & Energy Policy: Rep. Casten, a former clean energy entrepreneur, emphasized the need for Congress to support investments in energy efficiency and grid modernization. He tied this to the rise in energy demand, highlight the growth of data centers in particular.
  • Financial Regulation: The Congressman discussed the current regulatory environment, including the re-authorization of the Terrorism Risk Insurance Act (TRIA) program.
    • Recently the Subcommittee on Housing and Insurance, which is part of the House Financial Services Committee, held a hearing on TRIA re-authorization, you can view the hearing and commentary here. 
    • Click here for CREFC’s coverage of the hearing and more background on TRIA.

Next Steps: CREFC will continue engaging with policymakers like Rep. Casten to ensure the industry’s voice is heard. 

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

Contact 

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org
Rep. Sean Casten at CREFC office for policy discussion
CREFC members and staff meet with Rep. Sean Casten in New York. 

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 Hosts Discussion with Rep. Sean Casten
September 30, 2025
Last week, CREFC members met with Rep. Sean Casten (D-IL) during a policy discussion hosted at CREFC’s Offices in New York City.
More info...

News

Shutdown Countdown: Flood Insurance in Jeopardy

September 30, 2025

With just hours remaining until current government funding expires after September 30, Congress is locked in a standoff over a continuing resolution (CR) that would extend funding through November 21. Both the House and Senate have voted down competing stopgap bills, leaving the path to avoid a shutdown increasingly narrow.

Why it matters: Without action, a full government shutdown will begin on October 1. 

  • The National Flood Insurance Program (NFIP) authorization will also lapse. CREFC and other trade organizations have urged Congress to act on a standalone extension, but action on the standalone is unlikely to garner the unanimous support necessary at this late stage. 
  • The NFIP expiration has been tied to government funding deadlines in recent years. Click here for an explanation of how past NFIP lapses have been handled. 
  • The House-passed short-term funding extension would maintain FY2025 spending levels and provide additional time for lawmakers to complete work on the FY2026 appropriations bills.

Where we stand as of today:

  • President Trump met with Democratic and Republican Congressional leadership on Monday, but they did not come to an agreement. This came after Trump had cancelled a scheduled meeting last week with Minority Leaders Chuck Schumer (D-NY) and Hakeem Jeffries (D-NY). 
  • House Action: House Republicans passed a clean CR on Sept. 19 by a 217–212 vote. Two Republicans opposed, while one Democrat crossed over in support. Speaker Mike Johnson (R-LA) does not plan to bring the House back this week, which adds pressure to the Senate to pass the clean CR.
  • Senate Action: The Senate voted down the House-passed CR 44–48, with Sens. Lisa Murkowski (R-AK) and Rand Paul (R-KY) joining Democrats in opposition, and Sen. John Fetterman (D-PA) voting in favor. Democrats’ alternative CR also failed 47–45, falling short of the 60 votes needed to advance.
  • Democrats’ Posture: Party leaders remain opposed to a short-term deal unless it restores Medicaid funding cuts and extends ACA premium subsidies. Notably, Sen. Fetterman has broken ranks to support the GOP’s CR.

White House Position: The Administration initially pressed for a longer stopgap through January but is supportive of a shorter Nov. 21 measure as it is the most viable option to keep the government funded. 

  • The White House Office of Budget and Management directed agencies to plan for reductions in force if the government does indeed shutdown on Wednesday.
  • Democrats are skeptical of the threat. They have pointed to the firings already conducted and recent re-hirings of fired workers as evidence the Administration will not follow through. 

What’s next: The Senate still needs seven Democratic votes to reach the 60-vote threshold on a clean CR, a tall order with just hours remaining. 

Contact David McCarthy (Dmccarthy@crefc.org) or James Montfort (jmontfort@crefc.org) with any questions. 

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org
Image of clock with "Shutdown" written on it

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.
Shutdown Countdown: Flood Insurance in Jeopardy
September 30, 2025
With just hours remaining until current government funding expires after September 30, Congress is locked in a standoff over a continuing resolution (CR) that would extend funding through November 21.
More info...

News

Government Funding: Shutdown Showdown

September 23, 2025 

With just one week remaining before current government funding expires on September 30, lawmakers are coalescing around a continuing resolution (CR) that would extend funding through November 21. However, the Senate may not clear the 60-vote threshold to advance legislation.

Why it matters: This short-term extension would maintain FY2025 spending levels and provide additional time for Congress to complete work on the FY2026 appropriations bills.

Where we stand as of today; 

  • House Action: House Republicans passed the stopgap legislation last week with a 217-212 vote. Two Republicans voted against, while one Democrat voted for the legislation. The Senate later voted down the bill 44-48 with two GOP and one Dem crossing the aisle. 
  • Senate Math: Passage in the Senate remains more complex, as at least seven Democrats will need to support the measure to reach the 60-vote threshold. On Friday, the Senate voted down Democrat’s CR to fund the government, extend Obamacare subsidies, and rollback Medicaid cuts made in the July reconciliation bill. 
  • Democrats are largely supportive of forcing a shutdown for now, though Sen. John Fetterman (D-PA) has said he will support the CR. 
  • White House Position: The Administration has advocated for a longer stopgap through January 31, 2026, but House Republicans favor the shorter November date to retain leverage over final spending decisions. 

What’s next: The path to avoid a shutdown is narrowing. 

  • However, momentum is building in the House behind a short-term, clean CR through November 21 as the most realistic solution. 
  • It still remains far from a done deal, as Republicans need seven Democratic votes to reach the 60-vote threshold. Unfortunately, the framework of how to get there remains to be seen.

Contact David McCarthy (Dmccarthy@crefc.org) or James Montfort (jmontfort@crefc.org) with any questions.

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org

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.
Government Funding: Shutdown Showdown
September 23, 2025
With just one week remaining before current government funding expires on September 30, lawmakers are coalescing around a continuing resolution (CR) that would extend funding through November 21.
More info...

News

CREFC Continues Productive Engagement with Regulators

September 23, 2025

CREFC continues its productive engagement with regulators and policymakers on issues most significant to our members. Through ongoing dialogue, we seek to ensure that member perspectives are represented in the policymaking process and that regulatory outcomes support a healthy, functioning CRE finance market.

Treasury: On September 18, key real estate trade groups, including CREFC’s President & CEO Lisa Pendergast, met with Treasury officials to discuss multifamily issues related to GSE reform. 

  • This roundtable was one of several hosted by the Treasury Department on this issue. CREFC CEO Pendergast also attended a high-level discussion on September 8, as covered in CREFC’s September 16 Policy & Capital Markets Briefing.

SEC Discussions on SEC Rule 17g-5 and 17g-7: CREFC also met with leadership at the Securities and Exchange Commission’s (SEC) Office of Credit Ratings (OCR) on September 18. The discussion covered CREFC members’ concerns with SEC Rule 17g-5 and Rule 17g-7.

Rule 17g-5. To address perceived rating agency conflicts of interest, Rule 17g-5 requires issuers, underwriters, and sponsors to maintain a website at issuance and on a post-securitization basis. 

  • Any information provided to one hired rating agency is made available to any other hired agency. Under certain conditions, it is also available to non-hired agencies to encourage unsolicited ratings.
  • However, the industry is unaware of any unsolicited ratings since the promulgation of this rule 15 years ago. 
  • Additionally, the requirement has unnecessarily impeded information flow and added expense to transaction parties.

Rule 17g-7. The rule aims to enhance transparency and investor protection by requiring rating agencies to provide information about the legal protections available to investors.

  • One of the requirements is that rating agencies include in any report accompanying an ABS credit rating a description of (a) the representations, warranties, and enforcement mechanisms available to investors, and (b) how they differ from similar issuances.
  • However, these reports do not impact the quality of reps, warranties, and enforcement provisions and is not used widely by investors.

FHFA: CREFC’s latest quarterly meeting with the multifamily policy team at the Federal Housing Finance Agency (FHFA) was once again a productive discussion. 

  • CREFC shared updated data on the multifamily mortgage markets and the commercial/multifamily structured finance markets. You can view the slides shared with the FHFA here. 
  • Key policy issues were also covered, including the insurance markets and concerns relating to housing affordability.

Please contact Sairah Burki (sburki@crefc.org) if you have any questions. 

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs and Sustainability
703.201.4294
sburki@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 Continues Productive Engagement with Regulators
September 23, 2025
CREFC continues its productive engagement with regulators and policymakers on issues most significant to our members.
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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