The CFPB issued an interpretive rule clarifying the right of rescission and TRID timing requirements under the Truth-in-Lending Act (TILA) due to the 2021 Juneteenth Federal Holiday (June 19, 2021). Under TILA, the right of rescission and TRID timing requirements are based on a definition of “business day” that excludes federal legal public holidays. Per the interpretive rule, whether June 19, 2021 counts as a business day or federal holiday depended on when the relevant time period began. If the relevant time period began on or before June 17, 2021, then June 19 was a business day. If after June 17, 2021, then June 19 was a federal holiday. In addition, the interpretive rule clarified that Friday, June 18, 2021 (the day of federal observance for the 2021 Juneteenth holiday) was considered a business day.
Click to view the CFPB – Interpretive Rule for 2021 Juneteenth National Independence Day: https://www.tenaco.com/wp-content/uploads/2021/08/CFPB-Interpretive-Rule-for-2021-Juneteenth-National-Independence-Day-08-05-21.pdf
