Pew payday loan study: what’s new?

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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.

Topics:  CFPB, Payday Loans, Richard Cordray

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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