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ARTICLE · 28 JUNE 2021

CFPB Issues Statement On Juneteenth Bill Truth In Lending Act Issue

Ballard Spahr LLP
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As previously reported, the bill signed into law by President Biden on June 17, 2021 to create the Juneteenth National Independence Day actually results in an important change under the Truth in Lending Act (TILA) and Regulation Z.

United StatesConsumer Protection
Richard J. Andreano, Jr.
Richard J. Andreano, Jr.
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As previously reported, the bill signed into law by President Biden on June 17, 2021 to create the Juneteenth National Independence Day actually results in an important change under the Truth in Lending Act (TILA) and Regulation Z.  There is a specific definition of "business day" under Regulation Z for certain purposes, including the waiting periods that apply to the TRID rule disclosures and right of rescission, the date that private education loan disclosures mailed to the consumer are deemed to be received, and the date that the right to cancel a private education loan expires.  Under the specific definition, a "business day" is "all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a) . . . ."

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