Removing Barriers Blog

CFPB on Juneteenth Holiday and Mortgage Closings
Posted June 21, 2021 by CUNA Advocacy

Late on Friday, President Biden signed the Juneteenth National Independence Day Act establishing June 19th as a Federal Holiday going forward.  CFPB Acting Director Dave Uejio released a statement acknowledging that this new holiday may have implications for scheduled mortgage closings and the provision of TRID disclosures according to the rule’s hyper-specific timeline. The statement highlighted the statutory ability to correct errors under TILA, as well as the statute’s provisions regarding unintentional violations and bona fide errors. The Bureau did not provide any guidance, but it did indicate that if it does, the guidance would “take into account the limited implementation period before the holiday.” It is not clear whether this guidance is forthcoming, and whether it will be issued within a timeframe that is at all useful to credit unions.