As previously reported, the Pew Charitable Trusts (“Pew”) released a payday lending report last month (the “Report”), the same day that CFPB Director Cordray made some harsh remarks about payday loan “debt traps” in a speech to the Consumer Advisory Board. We have heard reports that news of the impending Pew Report may have spurred Director Cordray to get ahead of the issue in his speech earlier in the day. It has already been cited in a lengthy front page article in the Sunday edition of The New York Times and a subsequent New York Times editorial. In our view, the Report’s immediate and likely impact exceeds its quality. We think our detailed critique shows why the Report is ultimately much more political advocacy than science and much more sizzle than steak.