ELFA partnered with the National Association of Manufacturers in a letter to the SEC

Advocacy in Action is the Equipment Leasing & Finance Association's advocacy newsletter, bringing together the federal Washington Report and state policy updates in one comprehensive resource. Developed by ELFA’s government affairs team, the newsletter is designed to keep members informed about legislative, regulatory, and political developments that may affect the equipment finance industry. FEDERAL ADVOCACY Joint Letter with NAM to SEC Last month, ELFA partnered with the National Association of Manufacturers (NAM) in a letter to the Securities and Exchange Commission (SEC) in response to their recent proposal reforming the way they govern registered offerings. Our comments highlighted areas of support and raised collective concerns about the potential negative impact on manufacturers and their captive entities with Well-Known Seasoned Issuer (WKSI) status . ELFA and NAM expressed support for the Commission’s efforts to extend the registration and offering communication flexibilities of WKSI status holders to companies with Eligible Listed Issuer (ELI) or a Seasoned Eligible Listed Issuer (SELI) status . We also applauded the SEC’s reforms that would enable more companies to do shelf offerings. The focus of the letter though was directed at the proposed rule’s changes to WKSI framework, eliminating the current registered debt qualification and requiring the issuers to have at least one class of common equity listed on a national exchange to maintain their WKSI communication and registration benefits. As a result, a finance company that currently qualifies as a WKSI solely based on its debt offerings that does not have registered common equity, would not qualify independently moving forward under the Proposed Rule’s ELI or SELI categories. If finalized as written, ELFA and NAM said the the proposed rule would increase the time and expense required to obtain, renew, and maintain effective shelf registration statements, reducing offering readiness and impairing debt issuers' ability to access the market efficiently on short notice in response to funding needs or favorable market conditions. In our letter, ELFA and NAM urged the SEC to either recognize exchange-listed debt as a qualifier for ELI or SELI eligibility or keep a registered debt issuance pathway. If the Commission does not opt for either approach, we urged the Commission to grandfather captive finance companies and other debt issuers that currently have WKSI status. FinCEN Ends Beneficial Ownership Reporting Requirement for Small Businesses Earlier this month, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently eliminating the requirement for domestic companies or individuals to file beneficial ownership (BOI) reports effective August 14th. FAQs are available here. This final rulemaking will provide regulatory relief to many small businesses that depend on the equipment finance and leasing industry, but does not alter the obligations of financial institutions under FinCEN’s Customer Due Diligence (CDD) Rule to collect and identify beneficial owners of their legal entity customers at account opening. In February, FinCEN relaxed parts of its CDD rule by no longer requiring a covered financial institution to re-identify and re-verify beneficial owners each time an existing customer opens a new account, subject to specific circumstances and risk measurements. As reported back in February, financial institutions may limit identification and verification of beneficial ownership to the initial account opening, instances in which the institution becomes aware of information that calls beneficial ownership into question, and situations identified through the institution’s risk-based procedures for monitoring, auditing, and due diligence. FinCEN also indicated it intends to modify the CDD rule to address open questions now that these changes to BOI reporting requirements have been finalized. ELFA Represented at Flyover Fintech Allyson Gale , ELFA’s Vice President of Federal Government Affairs and Nate Gibbons , ELFA Chair-Elect and Chief Experience Officer of QuickFi, proudly represented the equipment finance industry at the Flyover Fintech conference hosted by Rep. Mike Flood (R-NE). The conference brings individuals from varying financial companies together for one day to dive deep on current and emerging issues. Nate Gibbons, ELFA Chair-Elect and Chief Experience Officer, QuickFI; Allyson Gale, ELFA’s Vice President of Federal Government Affairs; Congressman Mike Flood (R-NE); and Hayden Cole, American Fintech Council. The program covered a range of topics from prediction markets to fraud and scam trends to the support and infrastructure of AI, and much more. It was a great opportunity to hear from subject matter experts tackling the political, regulatory, and business challenges in real time and engage with policymakers and regulators like Congressman Mike Flood and CFTC Chair Michael Selig. STATE ADVOCACY 2026 State Advocacy: Protecting the Industry, Shaping the Future As the 2026 state legislative sessions come to a close, ELFA's State Government Relations team delivered another successful year of advocacy on behalf of the equipment finance industry. Through proactive engagement with lawmakers, regulators, coalition partners, and industry stakeholders, ELFA helped shape policy discussions, protect members from burdensome legislation, and influence the development of future commercial finance policy. Building Relationships That Deliver Results Strong advocacy begins with strong relationships. Throughout the year, the State Government Relations team conducted more than 20 meetings with legislators, legislative staff, regulators, coalition partners, contract lobbyists, and industry leaders to advance ELFA's advocacy priorities. In addition, the team represented ELFA at more than a dozen industry conferences, committee meetings, and member events, sharing legislative updates, discussing emerging regulatory issues, and strengthening partnerships across the equipment finance community. Staying Ahead of Emerging Policy Trends Behind the scenes, ELFA tracked and analyzed more than 300 state bills covering issues such as commercial finance disclosures, taxation, licensing, UCC modernization, artificial intelligence, data privacy, and other emerging policy topics. This continuous monitoring enables ELFA to identify trends early, respond quickly to legislative developments, and keep members informed throughout the legislative cycle. Looking Ahead: The Midterm Elections and 2027 While legislative sessions are winding down, the political calendar is just beginning to heat up. This November, voters in 46 states will elect more than 6,000 state legislators, while 36 states will choose their governors. The results will shape committee leadership, legislative priorities, and the policy landscape heading into 2027. Although Republicans enter the election cycle defending majorities in many state legislatures, Democrats are expected to aggressively target suburban districts and competitive open seats. Affordability, workforce development, energy policy, artificial intelligence, access to capital, and economic competitiveness are likely to remain central campaign themes. Regardless of which party gains seats, commercial finance, small business access to capital, and state regulatory policy will continue to be active areas of legislative interest. ELFA is already preparing for the next legislative cycle by strengthening relationships with newly elected officials, expanding coalition partnerships, and identifying opportunities to educate policymakers before bills are introduced. This proactive approach ensures the association remains well positioned to advocate for policies that support a strong, competitive equipment finance industry. Looking ahead to 2027, ELFA will remain on the front lines in state capitals—engaging lawmakers early, shaping legislation before it advances, and advocating for policies that protect the equipment finance industry, promote access to capital, and support businesses across the country.

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ELFA partnered with the National Association of Manufacturers in a letter to the SEC

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