The Consumer Federation of America (CFA) expresses our views with regard to the proposed new Regulation Crowdfunding. The regulations implement Title III of the JOBS Act, which creates the framework for a new online marketplace where startup companies can raise small amounts of capital without the regulatory costs that accompany a full public offering or the limitations imposed on private offerings. While there are some aspects of the rule proposal that we support, taken in its entirety it fails to deliver the investor protections that such a risky experiment demands or that Congress intended when it included a robust set of regulatory requirements in the crowdfunding title of the JOBS Act.