The Texas Texas Office of Consumer Credit Commissioner (OCCC) has officially shut down Credit Access Business (CAB) functionality in the ALECS system as part of the transition to the Nationwide Multistate Licensing System & Registry (NMLS).

 

CABs will begin the official transition process Monday, March 16.

 

For now, you can go here to access licensing documents and guidance on the NMLS transition: https://occc.texas.gov/industry/cab/licensing-forms/

 

A few important operational notes for the industry:

• If you were in the process of preparing a new CAB license application in ALECS but had not yet submitted it, those applications appear to have been deleted.

• If you currently have a CAB license application already under review, you will still be able to continue working through that application within ALECS.

• No new CAB license activity will be accepted in ALECS going forward.

 

Beginning March 16, all new CAB applicants will need to complete the entire licensing process through NMLS.

 

For existing CAB licensees, the transition application process will require several steps: • Creation of an NMLS company account
• Creation of individual NMLS accounts for owners, control persons, and other required individuals
• Addition of branch locations (if applicable)
• Assignment of branch managers

 

Each of these steps involves its own process of data entry, document uploads, and attestations to properly link all company, individual, and branch records within NMLS.

 

Another notable change: OCCC reporting will no longer occur through ALECS. At this time it has not yet been announced what system will ultimately handle CAB annual and quarterly reporting going forward.

 

For many of us who have worked in Texas consumer lending for years, ALECS has been a simple — if sometimes quirky — system. We learned its nuances, its shortcuts, and its occasional roadblocks.

 

Now we begin working inside NMLS… which of course has its own set of complexities.

 

CAB Consulting assisted many Regulated Lenders with this same transition last Summer and has already begun working with Texas CABs to get ready for this process. 

 

Reach out for more information see below for contact. Best,