On August 8, 2021, the Consumer Financial Protection Bureau issued an interpretive rule aimed at helping the mortgage industry determine how to handle the June 19, 2021 holiday.
On June 17, President Biden singed Senate Bill 475 into law which added June 19 as a legal public holiday. The timing of the bill becoming law and financial institutions closing in observance of the new holiday left many asking whether June 19 is considered a business day for timing requirements related to rescission of closed-end mortgages and the TILA-RESPA Integrated Disclosures. In general, the interpretive rule indicates that if the time period began on or before June 17, 2021, then June 19, 2021 should be treated as a business day; time periods beginning after June 17, 2021 then June 19 is a holiday. Nothing in the interpretive rule prohibits creditors from providing a longer time period.