Ex-CFPB Official Peterson to Lead NJ Consumer Affairs

Christopher L. Peterson, a former senior official at the Consumer Financial Protection Bureau (CFPB), has been appointed as the acting director of the New Jersey Division of Consumer Affairs. This appointment was announced this week by the office of Attorney General Jennifer Davenport. Peterson is slated to begin his new role on August 3, pending a formal nomination by Governor Mikie Sherrill. The position requires the advice and consent of the New Jersey State Senate. This move by New Jersey indicates a strategic pivot towards increased state-level oversight of predatory lending and consumer finance practices, particularly as federal enforcement priorities evolve. The appointment also follows a similar trend in California, where Governor Gavin Newsom appointed former CFPB Director Rohit Chopra in May to lead the state's newly established Business and Consumer Services Agency. Peterson's prior experience at the CFPB includes serving as a senior advisor, where he contributed to enforcement policy and strategy during the agency's early development. He was also instrumental in the creation of the federal Military Lending Act, legislation designed to curb exploitative lending practices targeting service members and their families. Most recently, Peterson held the position of John J. Flynn Endowed Professor of Law at the S.J. Quinney College of Law at the University of Utah. The New Jersey Division of Consumer Affairs serves as the state's primary agency for civil consumer protection. Its responsibilities include enforcing the state's consumer fraud laws, regulating the securities industry, and overseeing 51 different professional licensing boards, as detailed in a company news release. Governor Sherrill highlighted Peterson's extensive background, stating he has "spent decades fighting for consumers through public service, congressional advocacy, and in the courtroom." Sherrill further connected the appointment to the current economic challenges faced by New Jersey families, emphasizing that "Chris’s unparalleled experience protecting families from predatory practices will help ensure New Jersey remains at the forefront of consumer protection and continues standing up for residents no matter what is happening in Washington." Attorney General Davenport echoed these sentiments, noting Peterson's "remarkable record of holding lawbreakers accountable and relentlessly pursuing economic justice for consumers."