CFPB Issues Interpretive Rule on Juneteenth and Mortgage Disclosure Requirements
JDSupra, Aug. 10, 2021
This year, “Juneteenth National Independence Day” on June 19 was designated a federal holiday. Because the legislation took effect immediately, it raised compliance questions for residential mortgage lenders, which must take federal holidays into account when calculating waiting periods for rescissions of closed-end loans under the Truth in Lending Act and disclosures under the TILA-RESPA Integrated Disclosure rule. In response, the Consumer Financial Protection Bureau issued an interpretive rule to clarify that lenders did not need to treat June 19 as a federal holiday if the relevant time period began on or before June 17.