SoLo Announces Regulatory Order Shutting Down Community Funds…

SoLo Announces Regulatory Order Shutting Down Community Funds…


LOS ANGELES, May 5, 2023 /PRNewswire/ — Good afternoon. My name is Kyle George, and I manage regulatory affairs for SoLo funds. I came to SoLo after serving as the first assistant attorney general for the State of Nevada, and learn more about the challenges facing underbanked communities. When I joined this company, SoLo faced regulatory scrutiny due to fundamental misunderstandings about our mission and business model. Over the past few months, we have worked closely with legislators, state regulators and attorneys general to educate them on what we are doing to seek resolutions like the ones I am about to announce here today. This is a proud moment for SoLo Funds, our community and the District of Columbia.

I am happy to announce this Solothe largest community finance platform in the US, has reached an agreement with the District of Columbia Office of the Attorney General in connection with a filed complaint 2.May. In coordination with the Attorney General’s Office, SoLo has already made efforts to comply with the terms of this agreement. This resolution marks a tentative closure of this matter with no admissions of wrongdoing and provides SoLo with a clear path forward to proceed with its offering District of Columbia residents. We are grateful for the due process afforded to us and appreciate the efforts of the District of Columbia Attorney General to handle this matter in the spirit of innovation with SoLo and ultimately finding a solution for their residents.

I want to say special thanks District of Columbia Attorney General Brian L Schwalb and its associates for their cooperative approach to resolving this matter. I would also particularly like to thank our advisors for their tireless support Manny Alvarezformer banking commissioner of California. DC’s decision comes after we appointed three strategic additions to our Legal and Regulatory leadership team as Senior Counsel. Collin Schwartz Entry as General Counsel,…

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