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Does the CFPB's New Integrated Disclosure Rule Preempt New York State Law?
The Consumer Financial Protection Bureau's (CFPB) new “Integrated Disclosure Rule” ' currently scheduled to take effect on Oct. 1, 2015 ' redesigns the disclosures that are provided under the Federal Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) in connection with certain residential mortgage transactions.
This reform is a product of the Dodd-Frank Act of 2010, which directed the CFPB to “simplify the technical nature of the disclosures” by “utilizing readily understandable language.” See 12 U.S.C. ' 2603(a); 15 U.S.C. ' 1604(b). The revised disclosures must use “plain language comprehensible to consumers” and “a clear format and design” to “succinctly explain[] the information that must be communicated” to the borrower. See 12 U.S.C. ' 5532(b)(2). The new disclosures must be “validated through consumer testing,” and must be informed by “available evidence about consumer awareness, understanding of, and responses to disclosures or communications about the risks, costs, and benefits of consumer financial products or services.” See 12 U.S.C. ” 5532(b)(3), (c).
Background
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?