Does this calculator account for holidays that a bank is open?
Example: We are open on Saturdays; we are open on Veteran's Day 10/14/13. For the purposes of early disclosures, we are supposed to count that day, the 14th, since we're open for substantially all of our business functions; for the purposes of the 7 day waiting period and rescission, we cannot count that day since it's a legal holiday.

we are open on Veteran's Day 10/14/13. For the purposes of early disclosures, we are supposed to count that day, the 14th, since we're open for substantially all of our business functions

No, you are not.

1026.19(a)

2. Timing and use of estimates. The disclosures required by §1026.19(a)(1)(i) must be delivered or mailed not later than three business days after the creditor receives the consumer's written application. The general definition of “business day” in §1026.2(a)(6)—a day on which the creditor's offices are open to the public for substantially all of its business functions—is used for purposes of §1026.19(a)(1)(i). See comment 2(a)(6)–1.

1026.2

(6) Business day means a day on which the creditor's offices are open to the public for carrying on substantially all of its business functions. However, for purposes of rescission under §§1026.15 and 1026.23, and for purposes of §§1026.19(a)(1)(ii), 1026.19(a)(2), 1026.31, and 1026.46(d)(4), the term means all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a), such as New Year's Day, the Birthday of Martin Luther King, Jr., Washington's Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.

Beyond Dan's site above, another way to look at it is to realize that while people may be able to come into your bank, deposits will be dated the next business day, funds cannot be disbursed until the next business day, etc. So you are NOT open to all business. You're just accomodating people who can't come in during regular business hours.

and just for the record...October 14th is Columbus Day,not Veterans' day.

Whoops - thanks for pointing out the error.

Our Compliance Officer discussed this with our compliance consultant company and they agree that, based on 1026.2(a)(6), we should count holidays we are open(i.e.Columbus Day, Veteran's Day) as a business day for determining when to send preliminary disclosures. The exceptions listed for excluding Sundays and legal public holidays do not include section 1026.19 (a)(1)(i) which states the disclosures shall be delivered no later than the third business day after the creditor receives the consumer's written application. Also, we are open for substantially all of our business functions based on Comment 1026.2 (a)(6)-1 as we are able to make loan disbursements by check; we open new accounts and we handle credit transaction inquiries.
Thoughts?!

Business day - all days you are open for most business functions.

Precise business day - all days except Sunday and the above-listed specific holidays.

Business day is used for early disclosure (3-day) timing.

Precise business day is used for 7-day to 1st close date and rescission.

So, will anything be changing with the calculator?

Please reread Dan's post above. Whether you're open or not, you do NOT count federal holidays for the three days to disclose the GFE/TIL.

I'm looking for new calculators for 2018 - I didn't see them in the Compliance Tools - are they available?