Tuesday, May 08, 2012
Chris Peterson Joins the CFPB
Good news for consumers; bad news for MERS. Chris Peterson, the law professor who has done excellent work on exposing MERS’ fundamental weaknesses and fallacies, is joining the Consumer Financial Protection Bureau As
Deepak Gupta has a post on the Public Citizen blog about it:
His work — on the mortgage market, MERS, securitization, preemption, payday lending, and other big topics in predatory lending — blends the empirical with the doctrinal, and consistently has an impact not only in the world of scholarship but in the real world as well. To name just one example, Chris’s eye-opening study on the law and geography of payday loans, demonstrating that payday lenders target servicemembers, led to a Defense Department investigation and, in turn, to the enactment of the Military Lending Act of 2007. Not bad for a law review article. It’s only appropriate that an agency that owes its existence to a scholarly article by a law professor should have the good sense to draw on Chris’s considerable talents.
Update: Alan Kaplinsky posts on the appointment at the CFPB Monitor blog. (Last year, Alan said my appointment “certainly raise[d] … concerns.” In fact, as far as I can tell, Alan’s blog takes the view that pretty much everything the CFPB does is a cause for concern.)