MBA CREF Policy Update Aug. 11 2022

Bill Killmer; Mike Flood

The Senate was in session last week, as negotiations continued on a tax and spending deal (including the capital gains treatment of carried interest), and the Senate Banking Committee held separate hearings on climate change, and how communities and renters are faring in the housing market, respectively. And finally, Nicole Malaske joined MBA’s Commercial/Multifamily Finance team as Director of Commercial Multifamily Finance. 

Senate Banking Committee Holds Hearing on Rental Market

Last Tuesday, the Senate Banking Committee held a hearing, “’The Rent Eats First’: How Renters and Communities are Impacted by Today’s Housing Market.” Federal tax credits, regulatory reforms, and ways to restrict exclusionary local zoning laws were all raised as possible measures to potentially expand the supply of rental housing. A summary of the hearing can be found here.

  • Why it matters: Senators are considering legislative proposals that will extend federal COVID-19 era rental assistance and renter protections on an ongoing basis, as well as ways to enhance ownership disclosure on commercial investments in single-family rental properties.
  • What’s next: MBA will continue to monitor and oppose legislation in Congress that may impact investment in the rental real estate market.

For more information, please contact Ethan Saxon at (202) 557 2913 or Tallman Johnson at (202) 557 2866.

Senate Banking Committee Holds Hearing on Costs of Climate Change

On Thursday, the Senate Banking Committee held a hearing, “Borrowed Time: The Economic Costs of Climate Change.” The lightly-attended hearing touched on how climate change impacts communities and examined the need for federal investments in the ongoing clean energy transition through the Inflation Reduction Act. A hearing summary can be found here.

  • Why it matters: The hearing highlighted environmental, social, and governance (ESG) investing, the Securities and Exchange Commission’s Climate Disclosure Rule, and the economic impact of climate change as factors that will shape access to housing finance.
  • What’s next: Senators from states where they believe the impacts of climate change are most acutely felt said they will continue to push for disaster mitigation funding and new ways to leverage private investment in order to enhance resiliency.

For more information, please contact Ethan Saxon at (202) 557 2913 or Tallman Johnson at (202) 557 2866.

Banking Agencies Request Comment on Proposed Interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

On Tuesday, the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., and National Credit Union Administration published a request for comment on a proposed interagency policy statement on commercial real estate loan accommodations and workouts.

  • Why it matters: According to policy statement, the “proposed interagency policy statement would update the interagency statement conveyed by OCC Bulletin 2009-32, “Commercial Real Estate (CRE) Loans: Guidance on Prudent CRE Loan Workouts.” In addition, “the updated statement also would address relevant accounting changes on estimating loan losses and provide updated examples of how to classify and account for loans modified or affected by loan accommodations or loan workout activity.”
  • What’s next: Comments are due by October 3.

For more information, please contact Grant Carlson at (202)-557-2765.

State Trackers

  • State eviction moratorium and legislative activity tracker available here and here.

For more information, please contact William Kooper at (202) 557-2737 or Grant Carlson at (202) 557-2765.

MBA’s Lisa J. Haynes Honored Among HousingWire’s 2022 Women of Influence

This week, MBA announced that Lisa J. Haynes, MBA Senior Vice President, Chief Financial Officer and Chief Diversity and Inclusion Officer, has been honored as one of HousingWire’s 2022 Women of Influence.

  • Why it matters: With Haynes at the forefront of MBA’s DEI initiatives, the association has established several alliance agreements, strategic partnerships, and outreach efforts to promote an inclusive environment for mortgage industry professionals. This includes partnerships with the National Association of Minority Mortgage Bankers of America (NAMMBA), the National Association of Real Estate Brokers (NAREB), HomeFree USA, Fannie Mae’s Future Housing Leaders and others, allowing for collaboration on industry conferences and meetings, with a focus on professional development scholarship opportunities, and strong recruitment efforts.
  • What’s next: To see the full list of winners, click here.

For more information, please contact Lisa Haynes at (202) 557-2835.

Upcoming MBA Education Webinars on Critical Industry Issues

MBA Education continues to deliver timely programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming webinars – which are complimentary to MBA members:

  • Commercial Real Estate Property Insights – Where are We Now? – August 11
  • Vertical Sophistication: Meeting the Challenge of Today’s Market – August 23
  • C-PACE Financing 101: A Commercial/Multifamily Lender’s Overview – August 23
  • Risk and Compliance Management: Are You Covered? – August 24
  • Climate Risk Management: Data & Analytics – September 7

MBA members can register for any of the above events and view recent webinar recordings. For more information, please contact David Upbin at (202) 557-2931.