I just wanted to make sure I am thinking this clearly for right of rescission (ROR). For the instances when a federal holiday (such as Independence Day) falls on a Saturday, we do not consider this a "business" day according Reg Z and ROR is technically extended, correct ?

For example:
- a loan closes on Thurdsay, July 2nd = Day 0
- the Bank is open on Friday (other offices are closed for observation) = Day 1
- the Independence Day falls on a Saturday (not sure if relevant or not, but Bank also does not operate on Saturdays regardless of holiday) = Exempt from ROR
- Sunday, July 5th = Exempt from ROR
- Monday, July 6th = Day 2
- Tuesday, July 7th = Day 3 (last day to exercise rescission)

If the scenario was done in the month of June, ROR would need to be exercised on the 6th due to no holiday on Saturday, correct?

Thanks for the help!

Correct and whether you are open for business makes no difference.

And if the bank had closed on July 3 in observance of the holiday, July 3 would still be a business day for purposes of rescission days counting.

This is one of those cases where thinking is not required--because there are no options. Reg. Z's definition of "business day" (Section 1026.2(a)(6)) says (in relevant part) "... for purposes of rescission the term ("business day") means all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a)...." 5 U.S.C. 6103 has 4 subsections. Only paragraph (a) is relevant. It's plain language isn't subject to interpretation:
"The following are legal public holidays:
New Year’s Day, January 1.
Birthday of Martin Luther King, Jr., the third Monday in January.
Washington’s Birthday, the third Monday in February.
Memorial Day, the last Monday in May.
Independence Day, July 4.
Labor Day, the first Monday in September.
Columbus Day, the second Monday in October.
Veterans Day, November 11.
Thanksgiving Day, the fourth Thursday in November.
Christmas Day, December 25."

If you continue reading paragraphs (b) through (d) you find the rules for administering holiday pay and leave for the federal workforce. These paragraphs are not referenced in Reg. Z's definition of "business day"--only paragraph (a).