Peterson testifies before Congress on ending debt traps in the payday lending industry

University of Utah S.J. Quinney College of Law Professor Christopher L. Peterson testified before the U.S. House Subcommittee on Consumer Protection and Financial Institutions of House Financial Services Committee on April 30, in a hearing titled Ending Debt Traps in the Payday and Small Dollar Credit Industry.

Peterson joined several witnesses in addressing the committee members on issues related to consumer debt and payday lending. Among those receiving Peterson’s testimony was Rep. Ben McAdams, a former adjunct professor at the College of Law who now serves on the committee.

View a webcast of the hearing here:

Peterson is the John J. Flynn Endowed Professor of Law at the College of Law where he teaches contracts, commercial law, and consumer protection courses. Peterson was on leave from 2012 to 2016 serving as a special advisor in the Office of the Director at the United States Consumer Financial Protection Bureau, in the Office of Legal Policy for Personnel and Readiness in the United States Department of Defense, and as Senior Counsel for Enforcement Policy and Strategy in the Consumer Financial Protection Bureau’s Office of Enforcement.

Christopher Peterson

A recognized authority on consumer finance, Peterson has testified in congressional hearings and has presented his research to the Federal Deposit Insurance Corporation, Federal Reserve Board of Governors, and at the White House in both Democratic and Republican administrations. Peterson’s books include the Thompson/West casebook Consumer Law: Cases and Materials and Taming the Sharks: Towards a Cure for the High Cost Credit Market which won the American College of Consumer Financial Services Lawyers’ outstanding book of the year prize.  He is a consumer fellow of the American Bar Association’s Consumer Financial Services Committee. Peterson is a recipient of the National Association of Consumer Agency Administrators’ Consumer Advocate of the Year award and the Department of Defense’s Office of the Secretary of Defense Award for Excellence–both bestowed in recognition of his role in promoting an Act of Congress and subsequent implementing regulations that protect military service members from predatory lending practices.

Peterson’s research on SSRN is available here.