Reforms Proposed by Senné CEO Signed Into Law

In June, Senné company President and CEO William Senné visited Washington, D.C. to meet with Congressman Robert Pittenger (NC-09), as well as legislative representatives from the American Banking Association, The Real Estate Roundtable, the National Association of Realtors, and the Mortgage Bankers Association. These meetings celebrated the Clarifying Commercial Real Estate Loans Act (H.R. 2148) which passed in the House of Representatives on November 7, 2017 and was signed into law on May 24, 2018 as part of the Economic Growth, Regulatory Relief, and Consumer Protections Act (S. 2155).  This legislation better defines which types of loans must comply with the High Volatility Commercial Real Estate (HVCRE) regulations, resolving confusion in commercial real estate lending that led to fewer jobs and slower economic growth.

In 2016, Mr. Senné identified issues existing within HVCRE and proposed corrective architecture for reform legislation to Clark Fonda, Rep. Pittenger’s Chief of Staff. As the genesis of these revisions, Mr. Senné worked closely with Rep. Pittenger’s office to design and champion the new law.

“This is a major win for communities and cities around the country. By providing much-needed clarification and reducing bureaucratic red tape, this legislation will create the stability necessary to attract investment, create jobs, and spark economic growth,” said Congressman Pittenger.

“Being a part of this work has been an extraordinarily rewarding experience and I cannot thank Rep. Pittenger’s office enough for seeing these reforms through with such conviction. This legislation will immediately improve banking and housing conditions across the country. I’m very proud to have been a part of it.” said Mr. Senné. 

About The Bill: The Economic Growth, Regulatory Relief, and Consumer Protections Act (S. 2155) was introduced on November 16 by Sen. Mike Crapo (R-ID), Chair of the Senate Banking Committee and quickly gained bipartisan support. It was signed into law on May 24, 2018. The Clarifying Commercial Real Estate Loans Act (H.R. 2148) amends the Federal Deposit Insurance Act to clarify capital requirements for certain acquisition, development, or construction loans classified as high-volatility commercial real estate (HVCRE), including which types of loans should and should not be classified as HVCRE loans.