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#2255492 - 06/17/21 05:50 PM New Fed Holiday - Impact on Rescission and TRID
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
President Biden is reportedly signing into law today the act passed by Congress this week making Juneteenth a federal holiday. As the act had no provision for a delayed implementation, June 19th (two days from now) will be a federal holiday. This has implications for both rescission for Reg Z and for receipt of CD dates under TRID. If you issued a rescission notice yesterday that specified the rescission period expired at midnight on June 19 (which would have been proper before this law), that notice is now incorrect and the rescission period actually runs until midnight of June 21. But that also means you have not provided a correct notice required under the rule, so actually the rescission period hasn't technically even started. You'll have to provide a new, corrected rescission notice with a correct rescission period. Thank you, Congress! Similar concerns for timing on loan closings related to when customer received CD as this Saturday would no longer be eligible to be counted as a business day. So if you issued a CD and the borrower received it today and you were planning on closing on Monday, you'll now have to wait until Tuesday to close that loan. At least that's the way I understand it - tell me if I'm wrong.
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Jim Bedsole, CRCM, CBA, CFSA, CAFP
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#2255510 - 06/17/21 07:38 PM Re: New Fed Holiday - Impact on Rescission and TRID RVFlyboy
RVFlyboy Offline
Power Poster
RVFlyboy
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
Admins, please delete this as there is a duplicate thread with more info in it.
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Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions

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