Overview & Key Responsibilities
Since Texas’ existence as an independent republic, some form of consumer credit regulation has existed in the state. Since its creation in 1963, the Office of Consumer Credit Commissioner (OCCC) has seen the depth and breadth of its regulatory oversight increase to encompass the expanding financial marketplace in Texas, and each segment, with its own unique and specific benefits and compliance concerns. The agency works to ensure that the non depository financial services industry that it regulates provides compliant financial products. Participants within this dynamic and diverse industry range from small, independent providers, to international publicly-traded corporations engaging in an extensive array of financial transactions.
The agency works to ensure that this vast financial marketplace adheres to laws regulating financial transactions, as well as to educate both financial service providers and consumers about rights, responsibilities, and remedies associated with such transactions. The agency’s regulatory authority is found in the Texas Finance Code §14.001 et seq.
The agency’s operating budget is approved by the Finance Commission, and all operating funds are received directly from regulated industries; revenues are used to fund direct and indirect costs. The agency matches revenues with expenditures to ensure that regulated entities are not charged more than is required to maintain operations and meet statutory mandates.
Our Governing Board
The Finance Commission of Texas is the agency's eleven member governing board that is appointed by the Governor. It is responsible for overseeing and coordinating the Office of the Consumer Credit Commissioner, the Department of Savings and Mortgage Lending, and the Texas Department of Banking. The Finance Commission is the policy making body for these agencies and is not a separate state agency.
OCCC Commissioner
Texas Finance Code §14.051 states, the Finance Commission shall appoint the commissioner. The commissioner serves at the will of the commission; and is subject to orders and directions of the commission. The current commissioner is Leslie L. Pettijohn. Her bio can be found here.
Agency Philosophy
The OCCC’s mission is accomplished by promoting the highest principles of professional conduct, ethics, stewardship, and conservation of funds, while engaging in limited, balanced, and effective regulation. To fulfill the agency’s mission, the OCCC observes the following four-part philosophy:
• Regulate fairly, efficiently, and effectively, balancing the needs of both consumers and financial service providers by
enforcing Texas credit laws and licensing qualified financial service providers.
• Educate consumers about rights, responsibilities, and remedies, and financial service providers about rights and
responsibilities
• Communicate collaboratively, encouraging communication among the financial services industry, consumer public, and
the OCCC.
• Protect and safeguard consumers against unlawful and unfair lending practices.
Compact with Texans
The Compact with Texans sets forth the customer service standards and describes customer service principles for the agency as well as licensing and registration procedures and contact information.
OCCC Association Memberships
The OCCC maintains memberships in two trade groups that promote a better understanding of the industries we regulate and provide a forum for information exchange among regulatory agencies.
- National Association of Consumer Credit Administrators (NACCA)
- American Association of Residential Mortgage Regulators (AARMR)
Among other activities, NACCA develops training programs to promote consistent regulation across state lines, and coordinates the efforts of individual states toward determination of sound public policy.
AARMR works to develop model legislation, increase the knowledge and ability of mortgage regulators, and enhance jurisdictional consistency relating to mortgage lending, servicing, and brokering.