New Jersey is reaching into the Consumer Financial Protection Bureau’s alumni network for its next top consumer protection official, a move that signals the state intends to fill the enforcement space it says Washington has vacated.
Gov. Mikie Sherrill will nominate Christopher L. Peterson, a former senior CFPB official and nationally recognized consumer law scholar, to serve as director of the New Jersey Division of Consumer Affairs, Attorney General Jennifer Davenport announced yesterday. Peterson will begin serving as acting director on Aug. 3, with his formal nomination subject to confirmation by the state Senate.
The appointment is the latest data point in a now-familiar pattern for the credit and collection industry: as the CFPB pulls back under the current administration, states are recruiting former Bureau personnel to lead their own regulatory and enforcement operations. Sherrill made the connection explicit, saying the CFPB “has abandoned the consumers it should be protecting” and that Peterson’s experience would keep New Jersey “at the forefront of consumer protection” regardless of what happens in Washington.
Peterson helped establish the CFPB during its formative years, working on the agency’s enforcement policy and strategy. He was also instrumental in strengthening the federal Military Lending Act, which shields service members and their families from predatory lending practices. He most recently held the John J. Flynn Endowed Professor of Law position at the University of Utah’s S.J. Quinney College of Law, where his scholarship focused on consumer finance, predatory lending, and financial regulation. Peterson ran for governor of Utah in 2020, losing to Republican Spencer Cox.
Peterson said he plans to move quickly. “On day one, I will get to work to make life more affordable for New Jersey families by protecting consumers from scams and exploitation,” he said, adding that the agency would support honest businesses while “holding those who break our laws accountable.”
Peterson replaces Jeremy E. Hollander, who has served as acting director since January following the departure of Elizabeth M. Harris. Hollander returns to his role as deputy director of the division’s Office of Consumer Protection.
