NAR Coalition Letter to Senate Banking Committee Supporting S. 2405
Issue Date: March 08, 2018
On March 2, 2018 NAR as part a Real Estate Industry Coalition sent a letter to the Senate Banking, Housing, and Urban Affairs Committee. The letter expresses support fot the bipartisan S. 2405 - "Clarifying Commercial Real Estate Loans," co-sponsored by Senators Tom Cotton (R-AR) and Doug Jones (D-AL). The legislation would reform the Basel III High Volatility Commercial Real Estate (HVCRE) Rule. Specifically, S. 2405 would amend the Federal Deposit Insurance Act to clarify specific requirements for acquisition, development, or construction (ADC) loans. An identical measure had nearly unanimous bipartisan support in the House Financial Services Committee and passed the U.S. House of Representatives by voice vote in November last year. We encourage the Senate Banking Committee to take the necessary steps to enact a similar measure.