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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).
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Supreme Court Rules Rejection of Trademark License Does Not Rescind Rights of Licensee
Mission Product Holdings, Inc. v. Tempnology, LLC The question is whether a debtor's rejection of its agreement granting a license "terminates rights of the licensee that would survive the licensor's breach under applicable nonbankruptcy law."