OCFA was originally organized as the “Oklahoma Associate of Small Loan Companies” on July 21, 1941. In 1952 the name was changed to the Oklahoma Consumer Finance Association (OCFA).
In 2001, the SLCO merged with the OCFA. The SLCO was formed in 1997 in order to carry on and protect the work of the Council for Credit Reform (CCR). The CCR successfully sponsored through the Oklahoma legislature HB 1393, a set of historic reforms which were designed to introduce a new era of peace and stability for the small loan industry.
The OCFA aims to promote and preserve conditions of stability under which small loan companies, their owners and employees can make long term plans and invest for the future, and as a result of their investment, aims to provide a stable and continuing source of credit to Oklahoman’s.
The association aims to ensure that the Industry is perceived positively by the general public and by those involved in public policy.
To this end it will work with the media to ensure that it is accurately and fairly represented, and will work with the Department of Consumer Credit and the Administrator to ensure that the kinds of practices and operators which would be likely to bring the Industry into disrepute are not permitted to do so.
Association members believe that by acting together we will be able to afford the best legal representation and advice on matters affecting the Industry.