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!


Latest News

News

House Revises SFR Purchase Ban

May 19, 2026

Chairman French Hill and Ranking Member Maxine Waters released an amendment late last Wednesday to the version of the 21st Century ROAD to Housing Act, which passed out of the Senate in March. The housing bill includes changes to the large institutional investor ban on single-family rental purchases. 

  • Click here for the amended bill text. 
  • The SFR provision is on page 287 and found in Title X Section 1001 and entitled the Home-Ownership for Main Street Act.
  • The House plans to vote on the bill this Wednesday using the suspension calendar, which will require a 2/3 majority.

Why it matters: The Committee incorporated many CREFC members’ concerns in the updated language while still delivering on President Trump’s demand to limit SFR. 

Key revisions include

  • Eliminating the 7-year build-to-rent (BTR) divestment provision,
  • Narrowing the single-family home definition to be less expansive. 
  • However, there is a new federal Renter Outreach complaint process that would require HUD to accept and track complaints of all large, institutional investors. 
Go deeper: The general structure of the ban is the same with a blanket large institutional investor purchase prohibition and several exemptions. 

A few key points include:

  • Prohibition: The general purchase prohibition is similar to the Senate’s version, but there is a listed exception that grandfathers any restructure or reorganization of homes owned prior to the enactment. There is also a rule of construction that says nothing in the bill is intended to require divestment or selling homes purchased before the date of enactment.
  • Effective Date: 180 days after enactment. 15-year sunset (same as Senate)
  • Covered Single Family Home (SFH) Definition: The definition is narrower than the Senate bill and would seem to solve concerns around multiple home on a single parcel. 
  • The definition now explicitly exempts:
    • Property comprised of multiple rental homes or units that cannot be legally sold without subdividing the property
    • Homes, when occupied, that have always been occupied by a renter
    • Homes owned for less than 365 days
    • Rented by military personnel
    • Homes under an active first-look period for HUD
    • Rented by bedroom occupancy
    • Manufactured homes [this was exempted in the Senate bill too]
  • Large Institutional Investor (LII) Definition: The definition tracks the Senate one with 350 or more homes owned by for-profit companies, directly or indirectly, after the date of enactment. Government, nonprofits, and community land trusts are excluded. 
  • Investment Control: There is a more detailed definition of investment control and a test for a passive investor. This section will require more analysis on its impact. Property management or owning a fractional interest of an LII are not to be construed as investment control.
  • Excepted Purchases: Like the Senate bill, the House exempts several SFH purchases that would not count toward the 350. The House language seems to more clearly exempt activities not targeted by the purchase ban. The exemptions include:
    • Build-to-Rent: Owner purchases, constructs, or constructs and retains a newly constructed covered SFH to be managed as a rental property. Communities of all rental or mixed rental and ownership are covered. There is not a divestment mandate.
    • Grandfathering Clause: Purchased from other LII owned at date of enactment or purchased through exempted purchase. This is a much cleaner grandfathering clause, as the Senate bill had a two-year time limit on some purchases.
    • Contiguous Community: Acquired as part of a community of five or more contiguous units
    • Planned Rental Community: Planned, permitted, financed, and constructed as part of a united rental community on a single platted, parcel, where an owners or affiliate operates as single rental facility and the individual structures are not offered for sale.
    • New construction, renovated for sale or rental conversion for sale and not as a residence rented pending sale
    • Renovate to Rent Program: The House version has less restrictive standards.
    • Pursuant to Home Ownership Program
    • Acquired as part of debt previously contracted in good faith
    • Undertaken by a mortgage servicer or lender that has a legal right to purchase.
    • Newly constructed 55+ housing
    • Disability care, community-based services approved by Medicare/Medicaid
    • Any combination of the above purchases.
  • Regulation and Rulemaking: The bill has a much narrower mandate for regulation than the Senate version. HUD, FHFA, SEC, and Treasury are charged with rulemaking along several parameters.
  • New Federal Rental Outreach Resource: HUD to establish renter outreach resources for LII renter disputes. HUD will establish procedures to investigate and provide LII owners with complaint information. While LII do not have to respond, they do have to provide their renters with initial and annual written notices to renters about the program and identify who the LII point of contact for disputes. 

What they’re saying: Key Senate leaders including Majority Leader John Thune (R-SD), Senate Banking Committee Chairman Tim Scott (R-SC), and Ranking Member Elizabeth Warren (D-MA) continue to call for the House to pass the Senate version.

  • White House staff and HUD Secretary Turner did not reject the House bill, but offered feedback on technical amendments, which the House made. 
  • President Trump has not yet weighed in on the bill directly, though House leaders have highlighted how the updated SFR language aligns with the January 20 Executive Order on the issue. 

What’s next: The House will plan to vote on Wednesday, and it is unclear when or if the Senate will take up the bill. Additional intervention from Trump could shift action on the issue. 

 

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.
House Revises SFR Purchase Ban
May 19, 2026
Chairman French Hill and Ranking Member Maxine Waters released an amendment late last Wednesday to the version of the 21st Century ROAD to Housing Act.

News

CREFC Submits Response to SEC’s 15c2-11 Proposal

May 19, 2026

CREFC yesterday filed comments supporting an SEC proposal to narrow Rule 15c2-11 by replacing "security" with "equity security," a change that would formally remove fixed-income markets from the rule's reach.

Why it matters: Rule 15c2-11, written in the 1970s, requires broker-dealers to verify that issuer information is publicly available before quoting OTC securities. It was always understood to apply to equities until amendments to the rule in 2020 swept in fixed income, creating operational burdens with little investor-protection benefit.

Catch up quick:

  • 2021: An SEC staff ‘No-Action Letter’ extended 15c2-11 to fixed-income securities for the first time.
  • October 2023: The SEC issued an exemptive order carving out 144A bonds, including SASB CMBS and CRE CLOs.
  • November 2024: A new No-Action Letter indefinitely extended 15c2-11 relief for public fixed income securities, but stopped short of a permanent fix.

Our thinking: CREFC has long argued that 15c2-11 is a poor fit for fixed income, where operational and institutional barriers make the rule's verification requirements impractical. 

  • The exemptive order and NALs were welcome, but a permanent rulemaking would provide greater certainty and clarity for the fixed- income markets.

The bottom line: The proposed amendment would preserve fixed-income market efficiency while keeping the rule focused on the equity-market concerns it was designed to address.

What's next: The proposal identified the effective date as “60 days after publication of the proposed amendments in the Federal Register,” leading to confusion regarding timing of proposal review and final adoption.

  • SEC staff has confirmed that “any changes would not become effective unless and until the Commission were to adopt a final rule.”
  • CREFC supports an effective date that runs from the adoption of any final rule and that allows the rule to take effect expeditiously given its importance to the fixed-income securities markets.

Please 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.
CREFC Submits Response to SEC’s 15c2-11 Proposal
May 19, 2026
CREFC yesterday filed comments supporting an SEC proposal to narrow Rule 15c2-11 by replacing "security" with "equity security.

News

Congressional Primaries…May

May 19, 2026

Today and next Tuesday, May 26, are consequential dates in the battle for the House and Senate. Six states will be holding congressional primaries that will decide their parties nominees this fall. 

  • Alabama, Georgia, Kentucky, Pennsylvania, Oregon, and Idaho will be holding primaries today.
  • Texas will hold a runoff election next Tuesday for all contests that were not decided by its primary election on March 5. We detail the key races below.
  • Incumbent Senator Bill Cassidy (R-LA) lost his re-election campaign in the primary last weekend. Cassidy had voted to convict Trump in his second impeachment, and Trump endorsed Rep. Julia Letlow (R-LA) who advanced to the runoff. 

Tuesday, May 19

Alabama

Why it matters: Since the Supreme Court ruling on Section 2 of the Voting Rights Act occurred last month, states across the south, including Alabama, have scrambled to redraw their states’ congressional maps. 

The state of Alabama originally planned on holding all of its primaries today. However, with the new ruling, Governor Kay Ivey (R-AL) delayed the primaries for the 1st, 2nd, 6th and 7th districts, which will now be decided on Aug. 11. 

  • These are districts that are likely to be redrawn by the legislature to make the map more advantageous to Republicans, and this delay gives current members of Congress more time to understand their new district boundaries. 
  • The 2nd and 7th districts are represented by Congresswoman Terri Sewell (D-AL-7) and Congressman Shomari Figures (D-AL-2). 
  • If the new maps are drawn as expected, its likely that Congressman Figures will face an extremely GOP friendly district. 
  • The seat will be a near guaranteed pickup for the GOP, making Democrats path to reclaiming the majority a bit more challenging.

Georgia

Why it matters: Georgia is seen as a must-win state for Democrats in their quest to control the Senate come 2027. If they don’t hold this seat, it becomes nearly impossible for them to gain a 51 seat majority.

On the Democratic side, incumbent Senator Jon Ossoff (D-GA) ran unopposed and will be the Democrats nominee for Senate. Ossoff won election to the Senate in 2021, by beating then incumbent Senator David Perdue (R-GA) in a runoff election

On the Republican side, the race is down to three viable candidates. However, there are still five in the race, making a resolution today unlikely.

The question for today is who will advance to a runoff election to face Rep. Mike Collins, who has consistently led the polls for months

Only a few percentage points separate Carter and Dooley, the two candidates in second place. 

Today’s test will be between them, as one of them will likely be advancing to a runoff election to face Collins on June 16.

State of the race: In a debate on April 27, Rep. Buddy Carter, repeatedly attacked Rep. Mike Collins, over a House probe into allegations that Collins had used government funds to benefit a top aide. 

Meanwhile, Dooley, a political newcomer, sought to appeal to both conservative and mainstream voters, pledging to leave office after serving two six-year terms and proclaiming that Congress needs new blood. 

Also running are the two candidates below, neither is polling above single digits and unlikely to advance to a runoff election.

The takeaway: Whoever wins the nomination for the GOP will have an uphill battle to win in the general, as Ossoff has led nearly every poll and continues to maintain his edge in fundraising.

Kentucky

In Kentucky, incumbent Congressman Andy Barr (R-KY-6) is running for the GOP nomination to the US Senate. Barr has led in the polls for months and was recently endorsed by President Trump on Friday, May 1

  • Subsequently, one of Barr’s opponents, Lexington businessman Nate Morris, dropped out of the race, endorsed Barr, and accepted a position in the Trump administration.
  • Former Kentucky Attorney General, Daniel Cameron is also running for the seat, but with Barr receiving Trump’s endorsement, the primary is effectively over. Barr can now turn his attention to the general election. 

Why it matters: In lieu of a shocking upset, Rep. Barr is likely to be crowned the Republicans nominee this evening.

Texas- Tuesday, May 26 (Runoff)

What’s happening: Texas Republicans are headed into the runoff with the party sharply divided between incumbent John Cornyn and Attorney General Ken Paxton. Polls show a neck and neck race with each candidate within the margin of error. 

President Trump has loomed over the race, with both candidates vying for his endorsement earlier this year. However, Trump has yet to endorse, but has teased a choice soon.

Even though Paxton is seen as the more MAGA aligned candidate, Trump has yet to endorse him.

  • Trump is well known for not wanting to pick anyone with a chance of losing. An endorsement for either candidate would surely jolt the race, but is not a guarantee of victory.

Cornyn has emphasized his seniority in Congress with 40 years combined as the states Senator, Attorney General, and Judge.

While conversely, current Texas Attorney General Ken Paxton has campaigned against Cornyn as a populist challenger, attacking Washington alliances and promising a more confrontational approach.

On the Democratic side, state Sen. James Talarico won the Democratic nomination on March 3, defeating Congresswoman Jasmine Crockett (D-TX-30). 

The takeaway: The establishment likes Cornyn, while the populist wing of the party wants Paxton. Whoever wins the nomination will have a formidable challenger in Talarico, and the general election will likely be a coin flip come this fall.

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

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.
Congressional Primaries…May
May 19, 2026
Today and next Tuesday, May 26, are consequential dates in the battle for the House and Senate.

News

CRE Finance Council to Host Annual Conference in New York This June

May 14, 2026

Industry conference features Colin Jost, Spencer Levy, Julie Ingersoll, and Allie K. Miller as keynote speakers

NEW YORK, NY — May 14, 2026 — The CRE Finance Council (CREFC) will bring together once again the commercial real estate finance industry’s foremost leaders at its Annual Conference, taking place June 8–10, 2026, in New York City. Widely recognized as the largest gathering of senior CRE finance leaders, the event features three days of timely market insights, high-value networking, and forward-looking discussion.

As the recognized voice of the commercial real estate finance industry, CREFC represents lenders, investors, servicers, issuers, and the full range of professionals powering the commercial real estate debt markets. CREFC plays a vital role in shaping industry standards, delivering trusted research and data, providing education, and advocating for policy and regulatory issues critical to market participants and the industry.

CREFC’s Annual Conference provides an opportunity for candid, real-time dialogue among industry leaders. Attendees will gain perspective from senior executives whose experience spans multiple market cycles, offering clarity on the forces shaping commercial real estate assets and the commercial real estate debt markets.

“CREFC’s Annual Conference comes at a pivotal moment for commercial real estate finance,” said Lisa Pendergast, President and CEO of CREFC. “This is where the industry comes together to exchange insights and better understand how evolving market dynamics are influencing CRE investment, lending, and servicing strategies. There is simply no substitute for being in the room.”

In addition to CREFC’s seven industry-sector forum sessions, the conference will feature a robust lineup of sessions addressing the most pressing issues facing the industry, including:

  • In the Thick of It: Downstream Impact on the Servicer Playbook
  • Borrower Perspectives: CRE Market Realities and Opportunities
  • Disrupting the Debt Market: Private Credit’s Expanding Role in CRE
  • Modernizing Securitization: Key Developments to Watch
  • Government Impact on the Business of CRE and Its Asset Classes
  • Industry Leaders Roundtable

The program will also feature four high-profile keynote speakers offering distinct perspectives on leadership, innovation, markets, and change.

  • Colin Jost, co-anchor of Saturday Night Live’s “Weekend Update” and host of Netflix’s new season of Pop Culture Jeopardy!, will deliver a keynote session blending humor, storytelling, and audience engagement. A longtime SNL writer and performer, Jost brings a unique lens on culture, communication, and current events shaped by his career in comedy and media.
  • Spencer Levy, Global Client Strategist and Senior Economic Advisor for CBRE, and Julie Ingersoll, Chief Investment Officer, Americas Direct for CBRE Investment Management, will open the conference with a keynote on the state of the market. Levy and Ingersoll will share perspectives on transaction volumes, cap rate movements, and where opportunities are emerging amid today’s complex financing landscape.
  • Allie K. Miller, CEO of Open Machine and a leading AI advisor to Fortune 500 companies, will present a keynote focused on the transformative impact of artificial intelligence across industries. Her session will provide a practical AI-first playbook, helping organizations move from experimentation to meaningful implementation across strategy, operations, and decision-making.

Pendergast added, “From the continued evolution of private credit to the role of technology and policy in shaping our markets, this year’s program reflects the full breadth of issues influencing the commercial real estate finance industry. CREFC has always been defined by the strength and engagement of its members, and this event reflects that spirit.”

In addition to its programming, the Annual Conference will recognize outstanding contributions to the industry and the association made by CREFC members. CREFC will present its Founders, Woman of Distinction, and ‘20 Under 40’ awards, celebrating leadership, innovation, and the next generation of talent in commercial real estate finance. The organization will also announce its new Board leadership, including members of its Executive Committee and Board.

Event Details:
When: June 8-10, 2025

Where: New York Marriott Marquis |1535 Broadway |New York, NY 10036

Program:

 

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

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.
CRE Finance Council to Host Annual Conference in New York This June
May 14, 2026
The CRE Finance Council (CREFC) will bring together once again the commercial real estate finance industry’s foremost leaders at its Annual Conference, taking place June 8–10, 2026, in New York City.

News

Statement from CREFC President & CEO Lisa Pendergast Regarding Kevin Warsh’s Confirmation as Federal Reserve Chair

May 13, 2026

NEW YORK, NY — May 13, 2026 — The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the confirmation of Kevin Warsh as Chair of the Federal Reserve:

“CREFC congratulates Kevin Warsh on his confirmation to lead the Federal Reserve. Chair Warsh brings valuable perspective at a critical moment for the U.S. economy. We look forward to working with him and policymakers to advance policies that promote a resilient and healthy commercial real estate finance system. 

Strong, transparent leadership at the Fed is essential to maintaining market stability and supporting economic growth. Federal Reserve policy has a significant and direct impact on commercial real estate finance, influencing interest rates, liquidity, prudential standards for lenders, and the availability of capital across CRE lending and securitization markets.”

About CREFC
The CRE Finance Council (CREFC) is the trade association for the over $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 over 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. For more information, visit www.crefc.org.

 

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

 


 

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.
CREFC President & CEO Lisa Pendergast on Kevin Warsh’s Confirmation
May 13, 2026
The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the confirmation of Kevin Warsh as Chair of the Federal Reserve:

News

Introducing Spotlight on Servicing: Understanding CMBS Appraisal Reductions

May 12, 2026

CREFC is pleased to share the release of Understanding CMBS Appraisal Reductions as the first report in a new Spotlight on Servicing educational series focused on the servicing business.

Appraisal Reductions are a fundamental component of CMBS servicing, with direct implications for cash flow, bond performance, and investor control. The concept was created to limit the amount of servicer advancing that might not ultimately be recovered at disposition after a loan default.

Understanding appraisal reductions is essential to interpreting CMBS deal performance across the capital stack, particularly in periods of asset stress.  Our recently published Spotlight on Servicing is an entry level discussion that highlights the mechanics of Appraisal Reductions, including typical trigger events.

Additionally, a sample Appraisal Reduction Amount (ARA) calculation is provided, and the concept of Appraisal Subordinate Entitlement Reduction (ASER) is introduced.  Because an ASER will decrease the proportion of the monthly payment to be advanced on the loan, the potential impact of the effect on bondholder payments and bond ratings is discussed.

Download report here.

Contact Rich Carlson (rcarlson@crefc.org) with any questions.

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.
Introducing Spotlight on Servicing: Understanding CMBS Appraisal Reductions
May 12, 2026
CREFC is pleased to share the release of Understanding CMBS Appraisal Reductions as the first report in a new Spotlight on Servicing educational series focused on the servicing business.

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