October 29, 2024

Congressman Jonathan L. Jackson Letter to CFPB Director Rohit Chopra Supporting SoLo Funds

We’re excited to share that Congressman Jonathan L. Jackson, who was newly reelected today, has voiced support for SoLo Funds in our efforts to counter the actions of the CFPB. He recently wrote to CFPB Director Rohit Chopra, endorsing our mission to bring accessible, affordable financial options to underserved communities. Congressman Jackson’s letter calls for regulatory support, rather than regulatory persecution, for innovative platforms like ours that prioritize financial inclusion. This systemic support can make a significant difference for everyday Americans, especially coming from SoLo Funds, the only Black-led Certified B Corp in this space dedicated to building financial access for all.

Unlike legacy financial institutions the CFPB typically regulates, we are not the lender. Instead, we facilitate a peer-to-peer marketplace where individuals lend to and support each other directly. Congressman Jackson highlights our model as a responsible, community-centered alternative to predatory lending, benefiting all communities. SoLo Funds connects everyday people who may lack access to traditional loans or credit, offering small-dollar loans to bridge financial gaps without relying on high-interest lenders. This raises an important question: why would regulatory authorities aim to significantly hinder and restrict a community-powered financial resource?

We’re encouraged by Congressman Jackson’s call for fair, thoughtful regulation from the CFPB to help platforms like ours grow and serve Americans nationwide. SoLo Funds has proactively engaged with federal and state regulators to develop solutions that balance consumer protection with the need for accessible financial options. With the support of Congressman Jackson and our community, we aim to demonstrate to regulatory bodies the necessity of this transformative, community-driven financial model. Like the CFPB, we are committed to ensuring that all Americans have the financial tools they need, built on transparency, community, and trust.

To read Congressman Jackson’s letter and learn more about his support for SoLo Funds’ mission, click here to access the full text!