Senate Meetings a Vital Step for Private Lender Advocacy
The American Association of Private Lenders (AAPL) met with the offices of several senators on the United States Senate Committee on Banking, Housing and Urban Affairs; and the Senate Committee on Finance, Thurs., Feb 21, 2019.
The delegation of real estate private lenders and AAPL staff converged on Capitol Hill to advocate for private-lender-friendly regulation. The group met with the offices of Senators Blunt, Brown (Ranking Member; Banking, Housing and Urban Affairs), Burr (Finance), and Crapo (Chair; Banking, Housing, and Urban Affairs.)
Delegation members touted the day as a vital step in the right direction for the association’s advocacy efforts.
“It was a privilege to represent our industry by providing key Congressional staff members an in-depth education on the importance of the private lending industry in the U.S.,” commented Jeffrey Tesch, RCN Capitals’ managing director. “In addition to providing overall knowledge of the critical role private lending services play in the mortgage marketplace, it was rewarding to have our concerns addressed regarding Dodd-Frank as well as onerous HMDA reporting requirements. The feedback we received from Congressional staff was extremely gratifying and our time was well spent on Capitol Hill.”
While the Day on the Hill opened lined of communication between AAPL and Congress, the association recognizes that is had a long road ahead in representing the needs of its members.
“We started something real with Day on the Hill,” said Linda Hyde, AAPL managing director. “Next comes the real, unglamorous work to keep a conversation going on behalf our our members and profession. We must be a consistent informational resource for Congress; legislators are mostly unfamiliar with the seemingly niche – but ultimately crucial – role private lenders play in the housing and finance industries. Entire business sectors thrive due to their ability to access private lender capital.”
To learn more about AAPL’s Government Relations efforts visit: aaplonline.com/government-relations
About the American Association of Private Lenders
The American Association of Private Lenders (AAPL) is the first and only national organization representing the private real estate and peer-to-peer lending industry. Its three core principles – Excellence, Ethics & Education – provide a foundation for the new generations of real estate capital; private lending. AAPL serves as a catalyst for industry growth by fostering awareness, promoting best practices and encouraging a standardized Code of Ethics for its membership. AAPL is part of Affinity Worldwide, a constellation of companies created to empower and support investor in the real estate industry. More information can be found at www.aaplonline.com.