CfPA Urges Department of Labor to Provide a Meaningful Fiduciary Safe Harbor for Alternative Assets in Retirement Plans

Crowdfunding Professional Association (CfPA)
Posted at May 27

WASHINGTON, D.C. – May 27, 2026

The Crowdfunding Professional Association (CfPA) announced that its public comment letter to the U.S. Department of Labor is now available on Regulations.gov, responding to the Department’s proposed rule, “Fiduciary Duties in Selecting Designated Investment Alternatives” (RIN 1210-AC38).

The proposed rule would clarify how ERISA’s duty of prudence applies when plan fiduciaries select designated investment alternatives for participant-directed retirement plans, including asset allocation funds that may include alternative assets.

CfPA commended the Department for advancing a process-based, asset-neutral framework that preserves fiduciary discretion while recognizing the evolving role of private-market investment opportunities. At the same time, CfPA urged the Department to make the proposed safe harbor more practical by adding objective criteria and documentation thresholds that fiduciaries can apply consistently.

“Expanding access to private markets shou...more

Categories: Investor Education  |  Reg A+  |  Reg CF
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On Reg CF’s 10th Anniversary, CfPA Says Buy Spirit Pledge Campaign Shows America Is Ready for Broader Public Ownership

Crowdfunding Professional Association (CfPA)
Posted at May 18

 
 

WASHINGTON, D.C. – May 18, 2026

Following the May 16, 2026, 10-year anniversary of Regulation Crowdfunding becoming available to U.S. issuers and investors, the Crowdfunding Professional Association (CfPA) today commented on the public attention surrounding the “Let’s Buy Spirit Air” campaign, a viral effort inviting everyday Americans to pledge support for a potential community-backed acquisition of Spirit Airlines.

CfPA is not endorsing the specific Buy Spirit campaign, any proposed transaction, or any securities offering. But CfPA strongly endorses the larger public impulse behind it: Americans want more ways to invest in, support, and share ownership in the businesses and institutions that matter to their communities.

“This moment is not just about one airline. It is about a broader shift in public expectations around ownership, participation, and access to private capital markets,” said Brian Belley, 2026 President of CfPA.

Regulation Crowdfunding, commonly

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Categories: Investor Education  |  Reg A+  |  Reg CF  |  Regulations & Compliance
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One Year After the SEC Capital Markets Subcommittee Hearing: Investor Protection Is Still the Missing Piece

Pierce Leonard Pierce Leonard
Posted at Apr 7

A little over a year ago I sat through the SEC Capital Markets Subcommittee hearing on Regulation Crowdfunding (Reg CF) and Regulation A+. I walked away with mixed feelings. The advocates pushing to expand these pathways for capital formation got me fired up, especially for what it means for small businesses and everyday investors. But I was also frustrated that comprehensive risk mitigation and investor protection barely came up.

Twelve months later, not much has changed on that front. The advocacy for expanding Reg CF and Reg A+ has only gotten louder, and rightly so. But the conversation around protecting the unaccredited investors these frameworks are designed to welcome still hasn't caught up. So I want to take another swing at why that matters, and why TigerMark D&O exists to fill exactly that gap.

A quick note on what's changed on my end. TigerMark now sits under Equal Parts Insurance, the AI-native brokerage and MGA I joined when Assurely was acquired in 2025. The product i...more

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2025 Regulated Investment Crowdfunding Summit - Detailed Agenda

CfPA 2025 Summit
Posted at 9/3/2025

 

2025 Regulated Investment Crowdfunding Summit

“Shaping the Future of Capital Formation”
October 21–22, 2025 · National Union Building · Washington, DC
Missed the event? Watch the replay on Youtube

Overview

Day 1 – Tuesday, October 21, 2025: Advocacy Visits & Pre-event Reception

  • AM & Afternoon: Constituent drop-ins (Capitol Hill) and regulator visits (DC)
  • 5:30 – 7:30 PM: Cocktail Reception (@ National Union Building, 918 F St NW, Washington, DC 20004)

Day 2 – Wednesday, October 22, 2025: Summit Conference

  • 8:30 AM–5:30 PM: Detailed agenda below. (@ National Union Building, 918 F St NW, Washington, DC 20004)
  • ~6:00 – 8:00 PM: No-host happy hour / dinner (nearby venue TBD)

Day 1 · Tuesday, Oct 21 — Advocacy & Reception

10:00 AM – 5:30 PM
Advocacy Meetings
Capitol Hill & regulator visits. CfPA members registered for the Summit may be eligible to attend some meetings.
5:30 – 7:30 PM
Cocktail Reception
National Union Building · 918 F St NW · Washin
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Meet The Member Interview Series: A Conversation with Andrew Field

Crowdfunding Professional Association (CfPA)
Posted at 6/25/2025

As a venue for industry networking, the Crowdfunding Professional Association (CfPA) occasionally highlights the participation or biography of our association members. CfPA membership is designed to be inclusive and open to individuals and organizations sharing a professional interest in the field of Regulated Investment Crowdfunding.

 

Interview With Andrew Field 

CfPACan you tell us a little about your background and your interest in the field of regulated investment crowdfunding? 

Andrew: I’ve spent much of my career at the intersection of innovation, entrepreneurship, and finance -  with a particular focus on how technology can democratize access to capital. My current role is with a crowdfunding technology provider (Dacxi Chain) but I have joined the CfPA in my capacity as Steering Committee Lead for the Global Equity Crowdfunding Alliance (GECA) which  brings that all together. GECA exists to connect stakeholders across borders and drive ...more

Categories: Featured  |  Investor Education  |  Reg CF
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25 Reasons to Invest Through Regulated Investment Crowdfunding for Social Impact

Devin Thorpe Devin Thorpe
Posted at 6/4/2025

I’ve spent years immersed in the world of impact investing, and if I sound a little fired up today, it’s because I am. The traditional capital markets continue to overlook brilliant, diverse entrepreneurs—especially those working in and for their communities. That’s why I’m passionate about regulated investment crowdfunding (Regulation Crowdfunding or Reg CF, particularly). It’s not perfect, but it’s the most promising tool we have to democratize access to capital, empower underrepresented founders, and reshape our economy from the ground up. Here are just a few of the reasons I believe so deeply in this movement:

  1. Democratization of Capital
    Reg CF breaks down barriers that historically excluded all but the wealthy from investing in private ventures.

  2. Access to Overlooked Founders
    Traditional VC overlooks diverse founders; Reg CF helps level the playing field by allowing the crowd to support talent the system ignores.

  3. Rooted in Community
    Reg CF enables investment in local businesses a

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Categories: Community Development  |  Funding Portals  |  Impact Investing  |  Investor Education  |  Issuer Education  |  Law & Legal  |  Reg A+  |  Reg CF  |  Regulations & Compliance
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CfPA Regulated Investment Crowdfunding and Leadership Summit 2024 - Detailed Agenda

Crowdfunding Professional Association (CfPA)
Posted at 10/7/2024

Day 1 (10/22: Tues.) : Advocacy Visits & Pre-event Reception

10:00 AM - 5:30

 Advocacy Meetings

                                                                    

Capitol Hill + Regulator visits  

CfPA members registered for the Summit may be eligible to attend some of the advocacy meetings.     

5:30-8:00 PM

Cocktail Reception

Sunset Cocktail Reception  

Top of the Town - Top Floor and Rooftop (1400 14th Street North, Arlington, VA) 

(Streaming Music by DJ Scott McIntyre)   

 

Day 2 (10/23: Wed.) : Conference and Summit  

Venue: Top of the Town (Top Floor 1400 14th Street North, Arlington, VA) 

“One of the most magnificent views in Washington”

 

 

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Categories: Accounting  |  Featured  |  Funding Portals  |  Impact Investing  |  Investor Education  |  Issuer Education  |  Law & Legal  |  Reg A+  |  Reg CF  |  Regulations & Compliance
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Meet The Member Interview Series: A Conversation with Paul Lovejoy

Crowdfunding Professional Association (CfPA)
Posted at 7/31/2024

As a venue for industry networking, the Crowdfunding Professional Association (CfPA) occasionally highlights the participation or biography of our association members. CfPA membership is designed to be inclusive and open to individuals and organizations sharing a professional interest in the field of Regulated Investment Crowdfunding.

 

Interview With Paul Lovejoy

CfPA: Can you tell us a little about your background and your interest in the field of regulated investment crowdfunding? 

Paul: I was a defrauded investor in 2008 and became deeply concerned about concentrations of wealth and too-big-to-fail banks. Seeking answers, I volunteered for the Obama campaign in Florida and became enmeshed in politics to try and understand how we got too big to fail banks and a financial crisis. However, by 2016 blame, gridlock and lobbyists eventually drove me out of engaging in politics any further.

In 2017 I worked for a wealth strategy firm that used crowd-sourced peer-
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Categories: Featured  |  Investor Education  |  Reg CF
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