CREF Policy Update: House Passes 7-Year TRIA Reauthorization Bill

House Passes 7-Year TRIA Reauthorization Bill

Last Monday, the U.S. House passed an amended version of H.R. 7128, the TRIA Program Reauthorization Act of 2026, with strong bipartisan support. Ahead of the vote, MBA urged House lawmakers to support the package in a letter to House leadership from MBA Chief Lobbyist Bill Killmer and in a separate coalition letter.

• The bill, as most recently amended, extends TRIA for seven years, raises the program’s certification “trigger” loss threshold from $5 to $10 million (beginning in 2029), and adds an enhanced event timeline for Treasury Department certification of domestic acts of terrorism.

Go deeper: The House bill approved earlier this week was led by House Financial Services Housing and Insurance Subcommittee Chair Mike Flood (R-NE) and Ranking Member Emanuel Cleaver (D-MO) as well as House Homeland Security Committee Chair Andrew Garbarino (R-NY). 

• Earlier this year, the House Financial Services Committee overwhelmingly advanced a previous version of H.R. 7128 by a bipartisan 51–2 vote.
• In late April, Senators Dave McCormick (R-PA), Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ) introduced similar (but not identical) legislation that also extends the TRIA program for seven years.

What they’re saying: In a press statement, MBA President and CEO Bob Broeksmit, CMB, said, “TRIA has long served as a successful public-private partnership that protects taxpayers, supports economic growth, and ensures businesses of all sizes can obtain the terrorism risk insurance coverage needed to finance, develop, buy, and operate commercial properties across the country. With more than $5 trillion in commercial and multifamily mortgage debt outstanding, any lapse in the program would create unnecessary uncertainty, disrupt financing markets, and increase costs for property owners, businesses, and communities nationwide.”

Why it matters: Reauthorizing TRIA is crucial to continuing the availability of terrorism risk coverage for commercial properties. Without a long-term reauthorization of TRIA, terrorism risk insurance could become unavailable or prohibitively expensive, making commercial properties harder and more costly to finance, buy, and sell.

What’s next: MBA is engaged with senators to advance the Senate’s TRIA legislation and encourages leaders in both chambers to quickly reconcile the remaining differences and send a final bill to President Trump as soon as possible – and well before the program’s Dec. 31, 2027, expiration.

For more information, please contact Megan Booth at (202) 557-2740, 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.

FHFA Proposes New Duty To Serve Rule

Recently, the Federal Housing Finance Agency (FHFA) released a new proposed Duty to Serve Underserved Markets rule that would replace the existing framework. The proposal is intended to give Fannie Mae and Freddie Mac (the GSEs) greater flexibility to serve very low-, low-, and moderate-income families in the manufactured housing, affordable housing preservation, and rural housing markets by encouraging innovation and reducing administrative burden.

• The proposal would eliminate the current list of “prescribed activities” and instead allow each GSE to undertake any “eligible action” that advances its statutory Duty to Serve responsibilities, unless FHFA has determined the action to be ineligible through regulation or review. The proposal would also revise how median income is calculated, remove unnecessary conditions on eligible loan purchases, and streamline plan content requirements, as well as the evaluation and ratings process.

Go deeper: The proposal places a strong emphasis on chattel lending, recognizing it as the primary financing method for manufactured housing while noting the market remains underdeveloped due to limited liquidity, the lack of a securitization infrastructure, and insufficient performance data.

What’s next: MBA is reviewing the proposal and will be soliciting member feedback in the coming weeks. Comments are due by July 24, 2026.

For more information, please contact Megan Booth at (202) 557-2740.

SCOTUS Issues Decisions Reshaping Independent Agency Executive Removals

Last Monday, the U.S. Supreme Court issued two opinions relating to a President’s power to remove executive officials.

• In the Trump v. Slaughter case, the Court in a 6-3 decision struck down a federal law that bars the president from firing members of the Federal Trade Commission (FTC) except in cases of “inefficiency, neglect of duty, or malfeasance in office.” On the same day in Trump v. Cook, the Court in a 5-4 decision held that Federal Reserve Governor Cook can remain in her job while challenging efforts to fire her.
• The Slaughter decision overturned the precedent of Humphrey’s Executor v. United States, 295 U.S. 602 (1935), and held that members of the FTC may be removed by the President at will, despite statutory “for cause” removal protections. However, the Court found that this holding does not extend to the Federal Reserve because of the United States’ long tradition of independent central banking.

Go deeper: The Court distinguished these holdings by observing that agencies which exercise executive powers must be controlled by the President. The Court noted that the FTC exercises regulatory, investigative, and enforcement authority and thus exercises these executive powers. The Federal Reserve, conversely, exercises “functions traditionally handled outside the Executive Branch” and “follows in the distinct historical tradition of the First and Second Banks of the United States – both of which influenced monetary policy and neither of which were subject to plenary Presidential control.”

• It is clear that a majority of the Court is unwilling to subject the Federal Reserve to the same degree of Presidential control imposed on other regulatory agencies.
• However, the holding of Slaughter raises questions regarding the viability of for-cause removal protections for officials who exercise similar executive authority. This could impact the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other multimember commissions.

What’s next: MBA will keep members informed about the impact of these decisions.

For more information, please contact Justin Wiseman at (202) 557- 2854 or Alisha Sears at (202) 557-2390.

House Financial Services Committee Holds Markup With Bills of Interest to MBA Members

Last Tuesday, the House Financial Services Committee (HFSC) held a markup considering 11 measures, advancing 10 bills and one resolution. The agenda covered a wide range of financial services policy areas, including consumer credit reporting, investor privacy, earned wage access, and Securities Exchange Commission (SEC) reform.

Why it matters: MBA sent a letter to all HFSC members prior to the markup, expressing firm support for three specific bills, including  

• H.R. 7030, the Securing Facilities for Mental Health Services Act, which would expand FHA mortgage insurance to cover inpatient psychiatric hospitals under Section 242 of the National Housing Act. The bill was ultimately pulled from the markup agenda before its consideration, as the measure had not previously been “noticed” as part of a prior legislative hearing, a procedural step that is typically required before a bill advances through the committee. MBA will continue to track its progress and advocate for its inclusion in any future HFSC markups later this year.

What’s next: Per custom, MBA will continue to monitor House floor scheduling and continue working with Congress to promote a competitive, sustainable real estate finance market.

For more information, please contact Rachel Kelley at (202) 557-2816 and Madisyn Rhone at (202) 557-2741.

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: July 9
• FHA Committee: July 14
• Servicer Council: July 16
• Commercial Council: July 23
• Life Company Council: Aug. 12
• 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:

• Fundamentals of Commercial Insurance Issues and Problems – July 15
• 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.