President Biden Signs Juneteenth Holiday into Law, Federal Reserve Will Remain Open

President Biden signed S. 475 into law today, making Juneteenth National Independence Day a legal public holiday.

The Federal Reserve Financial Services provided the following notification to all financial institutions:

Normal Business Operations on June 18 and June 21

In anticipation of President Biden signing into law the Juneteenth National Independence Day Act, we are notifying our customers that Federal Reserve Financial Services will remain open on Friday, June 18, 2021, and Monday, June 21, 2021. This conforms to our standard practice for any federal holiday that falls on a Saturday.

In the event the bill is signed into law, the Federal Reserve will determine how to adjust our schedule to reflect the new federal holiday in years to come.

Considerations for credit unions:

The NCUA is closing Friday. While many Northwest credit unions were already planning to close early Friday or to close both Friday and Saturday, they are not required to close this year.

Credit unions will want to make their business decision about whether to be open or closed. The Federal Reserve will be open and credit unions will need to plan accordingly to ensure the posting of transactions for their members.

The Act does amend 5 USC 6013(a), which would mean this is a public holiday for the purposes of Regulation Z and affects the timing calculations for rescission and TRID disclosures.

The Act does not fit the business day definition for Regulation CC, but it is expected that the Federal Reserve Board will amend that in the future.

If you have questions about this communication, contact the NWCUA’s compliance team at 800.546.4465, or compliance@nwcua.org.

Posted in Public Awareness.