NEWS: The White House declared January 9, 2025, as a national day of mourning for former President Jimmy Carter. Various organizations like the New York Stock Exchange, Nasdaq, the Supreme Court, and all federal offices will be closed. There will be no mail delivery on January 9th.
National days of mourning do not require businesses, banks or credit unions to close like a federal holiday normally does. Therefore, the national day of mourning should be treated as a business day for TRID closing disclosure delivery purposes and rescission purposes. If the credit union will be open on the national day of mourning, it should be treated as a business day for loan estimate delivery purposes, as well.
For the purpose of providing a loan estimate, a business day is a day on which the creditor’s offices are open to the public for carrying out substantially all of its business functions. (Comment Reg. Z § 1026.19(e)(1)(iii)-1, § 1026.2(a)(6)).
Business day is defined differently for other purposes; including counting days to ensure the consumer receives the closing disclosure on time and for the purpose of rescission (See Reg. Z ( §§ 1026.2(a)(6), 1026.19(f)(1)(ii)(A) and (f)(1)(iii)). For these other purposes, business day means “all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a)..” That statute says that only 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.
- Juneteenth (June 19).
- 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
That statute goes on to explain how days that are declared to be federal holidays by Executive Order may impact pay and leave for federal employees; however they do not impact how your credit union should count the three-day rescission period.
We cover rescission in The League’s ii Release No. B036.
We cover TRID in The League’s ii Release No. B079.