On June 17, President Biden signed Senate Bill 475 (the “Bill”) into law; this Bill amends Title 5 of the United States Code to include June 19, Juneteenth National Independence Day (“Juneteenth”) as a legal public holiday.

Regulation Z specifically defines a ‘business day’ as a day on which the creditor’s offices are open to the public for business. When a creditor is closed in observance of a holiday, that day of observation would not fall under this definition of a business day.

However, for purposes of rescission of open and closed-end mortgage transactions, disclosure timing and waiting periods on closed-end mortgage transactions, and disclosure timing for private education loans, Regulation Z provides a different definition.

Specifically, ‘business day’ is defined as all calendars days except Sundays, and the legal public holidays specified in 5 USC 6103(a), such as New Year’s Day, the Birthday of Martin Luther King, Jr., Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.

Without further action to amend the Truth In Lending Act and Regulation Z, the specific definition of a ‘business day’ as specified in 5 USC 6103(a) will exclude Juneteenth as a business day for the purpose of those timing requirements. But like four other federally recognized holidays, Juneteenth is identified by a specific date.

When one of these holidays, identified by a specific date, falls on a Saturday, Federal offices and others may observe the holiday, for example, on the preceding Friday. When observation of the federal holiday falls on a date other than June 19, this day, is still considered a ‘business day’ under the precise definition, even though the creditor may be closed.

The Consumer Financial Protection Bureau (CFPB) did issue a statement, which indicates guidance will be forthcoming.

Senate Bill
CFPB Statement