Hot off the ftp motherboard, the Reg. CC funds availability and Reg. Z rescission calendars are available.

So, Andy if I'm looking at this correctly, this Monday, December 26th is considered the Legal Holiday by the Fed and would NOT count in the three-day rescission calculation? We are open on Monday so it could be a funding day (if we close the loan today or tomorrow), but would not be part of the three-day calculation, correct?

If you plug in 12/22/05 as the start date it will show rescission expiring at midnight on the 26th with the funding date as the 27th. Monday, the 26th, may be counted as a rescission day.

Hi Andy,
Thanks for the updated rescission calendar. Last year I was able to print each month. Any chance this is being updated as well? It was a tool I used all year at a quick glance.
Thanks again for the 2 updates.
Thank you,

Thanks DP - In looking at the calendar of holidays provided in the tools section - it shows Christmas day as a holiday (which is correct) but it shows the day of the week for the holiday as Monday....so do you or do you not count Monday in your three-day rescission calculation. I'm saying no, because Monday is the legal holiday this year. Is the "day calculator" wrong?

The one I'm looking at (and just downloaded) shows Christmas as being Sunday 12/25/05.

PS. Are you looking at Christmas for Monday 12/25/06?

The Rescission Calendar shows Monday January 2, 2006 as being a federal holiday. Do you think this is an error and that it should show Sunday January 1, 2006 as the federal holiday?

For rescission purposes it should be Sunday 1/1/06. January 2, 2006 may be counted as a rescission day.

The four holidays designated by date are:

New Years (Sunday in 2006)
July 4th (Tuesday in 2006)
Veterans Day (Saturday in 2006)
Christmas (Monday in 2006)

I am having trouble figuring out how to use the rescission calculator. Will someone please walk me through the steps. Thanks in advance for your help.

It is an error. It should be 1/1/06. I just corrected it. Those who have downloaded the Excel file should unprotect the sheet, change the date to 1/1/06, turn sheet protection back on. Or, download it again.

1. Download the spreadsheet file (an error was corrected at 12:10 p.m. ET December 27, 2005, so download again if you have the earlier version).
   
2. Make sure you have the Analysis ToolPak - VBA loaded as an add-in.
   
3. For recent versions of Excel, you may need to have your security setting lowered to medium before opening the spreadsheet. It contains macros, and you will have to allow them to run.
   
4. Enter the loan closing date (the date the customer receives disclosures, including the rescission rights disclosure) in the top date field.
   
5. The date by which rescission must be exercised to be effective is the second date in the yellow section, and it's calculated by the spreadsheet.
   
6. The first date on which it is safe to fund the loan is the last date in the yellow section, and it is calculated for you. You can disburse funds on that date if you have reasonably assured yourself the consumer didn't rescind, and of course, if you're open for business.

The end of the rescission period will never fall on Sunday or on one of the federal holidays, as listed in the protected box below the yellow section. It can fall on Saturday, or on a holiday "observance" date, such as 12/26/05 or 1/2/06. Those days are business days for rescission purposes, under federal law and Regulation Z. If you have a state Truth in Lending law that supersedes Regulation Z, you must determine whether your state's law permits you to count "observance" dates, or if a different calendar must be used.

The funding date may fall on ANY day of the week, including Sunday. Of course, if you aren't open for business, you'll probably wait for the next bank business day.