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VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
John Zasada, Compliance Consulting Director, Financial Institutions Group
On Aug. 5, 2021, the Consumer Financial Protection Bureau (CFPB) released an 11-page interpretive rule to assist lenders in determining Regulation Z timing requirements related to rescission of closed-end mortgages and the TILA-RESPA Integrated Disclosures (TRID) in light of the new Juneteenth federal legal public holiday. The interpretive rule clarifies that, if the relevant closed-end rescission or TRID time period began on or before June 17, 2021, then June 19, 2021, is considered a business day. If the relevant time period began after June 17, 2021, then June 19, 2021, is a federal holiday. Note: nothing prohibits lenders from providing longer time periods. Therefore, it would also be compliant for lenders to have considered June 19, 2021, a federal holiday for purposes of these rules.
If you have questions about this new interpretive rule, contact Doeren Mayhew’s regulatory compliance specialists today.
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