CREF Policy Update: MBA, Trades Urge Treasury to Clarify Build-to-Rent Exemption
MBA, Trades Urge Treasury to Clarify Build-to-Rent Exemption
Last Monday, MBA joined coalition partners in a letter to the Department of Treasury regarding implementation of the institutional investor ban included in the 21st Century ROAD to Housing Act, which became law recently.
Go deeper: The letter urges Treasury to quickly clarify that Build to Rent (BTR) properties are exempt from the ban, which was designed to limit the purchase of single-family rentals. The letter follows a meeting MBA had with Treasury officials shortly after the bill passed both chambers in June.
Why it matters: BTR properties are an important sector of the multifamily housing market and provide important options for American families.
What’s next: Treasury is expected to act quickly to publish proposed rules. The legislation requires final implementation within 180 days. MBA will continue to lead advocacy on this and other potential issues pertaining to the implementation of the housing legislation.
For more information, please contact Megan Booth at (202) 557-2740.
MBA CREF Structured Finance Council Discusses CRE-CLO Boom
Last Wednesday, MBA’s CREF Structured Finance Council held its Summer 2026 Meeting, highlighting recent developments in the CRE structured finance market, including the uptick in CRE-CLO issuance.
- Don Belanger (Managing Director – Global Head of CRE CLOs and CRE Private Credit, Fitch) provided in-depth insight on the recent boom of CRE-CLO transactions, including which asset classes are impacted by CRE-CLO’s rise.
- Attendees discussed the impact of bank warehouse lending to CRE-CLO products, global trends regarding CRE-CLOs, and why the market is gravitating toward the CRE-CLO structure.
- MBA staff discussed recent regulatory activity, including the finalization of bank capital rules (expected later this year/early 2027) and the SEC’s 2026 regulatory priorities.
Why it matters: The Council serves as a forum for commercial real estate finance professionals to engage with industry leaders, exchange perspectives on evolving market trends, and discuss best practices related to CRE finance public markets. Members gain valuable insights into the economic, regulatory, legal, and capital market developments shaping Conduit, SASB, CRE-CLO, and other products.
What’s next: MBA’s Structured Finance Council will meet again on Sept. 17.
For more information or to become a member, please contact John Lammle at (202) 557-2789.
Fed Chair Warsh Testifies on Monetary Policy, Housing Finance, and Basel Capital Standards
Last week, the House Financial Services Committee and Senate Banking Committee held their semiannual hearings on the Federal Reserve’s Monetary Policy Report, where Fed Chair Kevin Warsh faced questions from lawmakers on the economic outlook, inflation, interest rates, and the housing market.
- Housing affordability took center stage as Rep. Pete Sessions (R-TX) and Rep. Joyce Beatty (D-OH) pressed Warsh on elevated mortgage rates and foreclosure risks facing first-time and financially vulnerable homebuyers.
- A summary of the two respective House and Senate hearings can be found here and here.
Go deeper: Rep. Young Kim (R-CA) and Rep. Brad Sherman (D-CA) questioned a proposed 100% risk weight on affordable housing investments under the Basel III re-proposal that is currently set to be finalized later this year (or early next). In the Senate, Chairman Tim Scott (R-SC) tied capital rules directly to mortgage access, and Warsh reaffirmed that “the Basel Endgame is not America’s endgame.”
Why it matters: Warsh tied mortgage affordability to the Fed’s price stability mandate while signaling a cautious, US-tailored approach to bank capital standards.
What’s next: MBA will continue monitoring Fed policy and its implications for mortgage rates, capital standards, and financial regulation.
For more information, please contact Rachel Kelley at (202) 557-2816, Madisyn Rhone at (202) 557-2741, George Rogers at 202-557-2797 or Jeremy Green at 202-557-2849.
CFPB Acting Director Vought Testifies Before House and Senate, Endorses Structural Reform
Last week, the House Financial Services Committee and Senate Banking Committee held their semiannual oversight hearings on the Consumer Financial Protection Bureau (CFPB), where Acting Director Russell Vought defended the Bureau’s direction under the Trump administration and endorsed major structural reforms.
- Lawmakers also questioned Vought on the Bureau’s recent policy changes affecting consumers and real estate finance.
Go deeper: Vought endorsed several key provisions of the House Republicans’ draft CFPB Reform Act, calling the effort to tie the Bureau’s funding to the congressional appropriations process “the most important reform that you can do, full stop” in response to questioning from Rep. Andy Barr (R-KY). He also expressed support for requiring more robust regulatory-related cost-benefit analyses and the establishment of an independent inspector general for the Bureau. Notably, he also praised President Trump’s recent nominee to lead the Bureau, Brian Johnson.
Why it matters: The CFPB’s future structure, leadership, and regulatory posture on issues such as HMDA and small business reporting requirements carry direct implications for the compliance certainty of MBA’s CREF members.
What’s next: MBA will stay actively engaged in discussions regarding proposed CFPB reforms, as well as the Senate confirmation process for Brian Johnson’s nomination to be the Bureau’s permanent director.
For more information, please contact Rachel Kelley at (202) 557-2816, Madisyn Rhone at (202) 557-2741, George Rogers at 202-557-2797 or Jeremy Green at 202-557-2849.
Upcoming MBA CREF Council and Committee Meetings
MBA’s CREF Councils and Committees are a key way to connect to everything MBA has to offer around policy, advocacy, market intelligence and research, education, and networking. Visit www.mba.org/yourCREF to find out more. Councils and Committees are built around specific capital sources and serve as an opportunity for you to join other commercial real estate finance professionals to hear from experts, discuss opportunities and challenges, and connect with peers.
Upcoming virtual meetings include:
- Agency Council Pop-up on Duty to Serve: July 21
- Commercial Council: July 23
- Life Company Council: Aug. 12
- Structured Finance Council: Sept. 17
- Servicer Council: Sept. 17
- CRE Private Credit Council: Sept. 23
- Bank Council: Sept. 24
For more information, click on the links above and/or contact Kelli Burke at (202) 557- 2742.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, opportunities, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
- Ditching the Clipboard: Modernizing Loan Inspections and Compliance in Commercial Real Estate – Aug. 26
- Decoding Blanket Property Insurance for Commercial and Multifamily Properties – Sept. 10
- AI in Commercial Real Estate Finance: The AI-Powered Originator and Relationship Manager – Oct. 5
- AI in Commercial Mortgage Finance: Intelligent Deal Screening and Pre-Underwriting – Nov. 2
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
