Commonwealth Bank and Westpac have had discussions with crowdfunding company Equitise about the possibility of working with the company.Equitise managing director Chris Gilbert said: "Two years ago when we got started we had discussions with banks. They told us it was too risky, too hard."In the past three weeks CBA and Westpac have reached out to us informally to talk about how we can work together."Gilbert, who was on a panel at the Australian Securities and Investments Commission's Annual Forum yesterday, said getting the attention of large financial institutions was one battle fledgling crowdfunders appeared to be winning.But on another front - persuading government to create a regulatory regime that will facilitate the growth of crowdfunding - the news was not so good.In December the Government introduced amendments to the Corporate Act to provide a framework for crowdfunding. Gilbert said there were a number of problems with the bill.It restricts the use the use of crowdfunding to companies with less than A$5 million in assets and only allows them to raise $5 million a year.Companies accessing crowdfunding platforms would have to be unlisted public companies. Crowdfunding platforms would be prohibited from aggregating investments into a single vehicle, such as a managed investment scheme, that would then invest in the start-up.Fold Legal managing partner Claire Wivell Plater, who was also speaking at the ASIC forum, said the reporting and auditing obligations imposed on public companies would be beyond the means of most start-ups.ASIC chairman Greg Medcraft said that at this early stage in the sector's development no one could say what would work and what would not. "We have to limit what people can lose," Medcraft said."People think it a great thing but if something goes wrong it will cruel it for decades."