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BankersOnline.com Forums Banker Forums General Discussion July 4th 2020
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#2228649 - 01/09/20 05:45 PM July 4th 2020
DoS Offline
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DoS
Joined: Apr 2012
Posts: 264
one state over
This year Independence Day falls on a Saturday. It Appears the Fed will be open the Friday prior and the Monday after. Am I correct in thinking that only Saturday would be excluded as a business day for right of rescission?
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General Discussion
#2228652 - 01/09/20 06:09 PM Re: July 4th 2020 DoS
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,352
Galveston, TX
The 4th is a specific holiday - the 3rd will always be a business day unless it is a Sunday.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2228654 - 01/09/20 06:15 PM Re: July 4th 2020 DoS
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,352
Galveston, TX
https://www.federalreserve.gov/aboutthefed/k8.htm

The Board of Governors is closed on July 3, 2020, December 24, 2021, December 31, 2021, and November 10, 2023
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2228702 - 01/09/20 10:42 PM Re: July 4th 2020 DoS
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Definitions, definitions, definitions!

The term "business day" is defined in Section 1026.2(a)(6) in a particular way for its use in the ROR rules in Section 1026.15(a)(3) and 1026.23(a)(3). The definition incorporates 5 U.S.C. 6103(a) which declares the exact days for the observance of the 10 federal holidays.
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