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NAFCU Urges Changes on Small Business Data Collection

Randolph-Brooks FCU EVP/chief lending officer Mark Sekula tells House subcommitee that credit unions don't deserve to use "broad brush."

By Claude R. Marx | Updated on June 16, 2011
Mark Sekula, executive vice president and chief lending officer at Randolph-Brooks FCU in Live Oak, Texas, testifies June 16 on behalf of NAFCU before the House Small Business Subcommittee on Economic Growth, Capital Access and Tax on the Dodd-Frank Act’s impact on small business lending.

Credit unions and other small business lenders shouldn’t have to collect demographic information from business borrowers, Randolph-Brooks FCU Executive Vice President Mark Sekula told a House panel on Thursday.

“Credit unions are chartered to serve their members,  thus regulatory data collection is intended for institutions that can serve anyone that comes into the doors, and would necessarily paint a broad brush that should not be imposed on credit unions,’’ Sekula told the House Small Business Committee’s Subcommittee on Economic Growth, Capital Access and Taxes.

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