On September 29, Christopher Peterson, Associate Dean for Academic Affairs and Professor of Law at the S.J. Quinney College of Law, joined a group of 73 law professors from around the country to demand the passage of the Consumer Financial Protection Act, a bill currently pending in Congress that would create an independent Consumer Finance Protection Agency.
Each of the legal scholars who support the Act signed a detailed Statement of Support that refers specifically to dozens of scholarly articles and studies, including research conducted by Peterson, demonstrating that at “critical moments of consumer confusion and vulnerability,” the existing regulators “have been unwilling to expend resources to develop appropriate rules and guidelines and to police mortgage and credit instruments.”
Peterson said, “This bill is arguably the best chance the country has for meaningful consumer finance reform in the wake of the financial crisis. It’s time for Congress to show that it can learn from past mistakes.”