Vol. XXXIV, No. 27 Legal Bank Holidays: 2024 ScheduleThis issue serves as a reference to the Holiday Schedule for 2024 listed by legal definition and the dates upon which such holidays will fall. Official holidays for state-chartered banks are governed by state law; Neb.Rev.Stat. § 62-301. If any holiday date falls on Sunday, the following Monday shall be a holiday. If the date designated by the State for the observance of any holiday, except Veterans Day, is different from the date of observance of any such holiday pursuant to a federal holiday schedule, the federal holiday schedule will be observed. A bank may, at its own option, be open or closed on an official holiday provided that reasonable notice is given to the public in accordance with state statute. A holiday observance becomes important in determining liability under the UCC midnight deadline rule and must be considered carefully when planning to close on a Friday or Monday in lieu of a regularly scheduled holiday which might fall on Saturday or Sunda. 12 U.S.C. § 95(b)(1) addresses the applicability of state banking holidays to national banks as follows:
National banks may, in their discretion, either close or remain open on such a state-designated holiday unless the Comptroller of the Currency by written order directs otherwise. (Source: 12 U.S.C. § 7.3000) A more detailed article, sample notice and pertinent statutory provisions may be found in the NBA Compliance Handbook: Volume I: Governance section titled "Bank Holidays." Official Federal Reserve System and State Holidays (2024) (Legal Definition | Date Observed)
*Although an official state holiday, the Federal Reserve Banks are open on Arbor Day and on the day after Thanksgiving. NOTE: The Federal Reserve standard holiday schedule provides that if a holiday falls on a Sunday, the following Monday is observed as a holiday. For holidays falling on a Saturday, the preceding Friday is not observed as a holiday. For future planning, an extended list of bank holiday schedules for 2025-2026 is found below (Holiday - 2025: DATE; 2026: DATE):
The foregoing Compliance Update is for informational purposes only and does not constitute legal advice. As a reminder, the NBA general counsel is the attorney for the Nebraska Bankers Association, not its member banks. The general counsel is available to assist members with finding resources to help answer their questions. However, for specific legal advice about specific situations, members must consult and retain their own attorney.
Vol. XXXV, No. 26 Special Appraisal Requirements for Higher-Priced Mortgage LoansThe Board of Governors of the Federal Reserve System has announced the annual adjustment of the dollar amount used to determine whether a small loan is exempt from the special appraisal requirements that apply to higher-priced mortgage loans. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 amended the Truth in Lending Act to require creditors to obtain a written appraisal based on a physical visit of the home's interior before making a higher-priced mortgage loan. The rules implementing this requirement contain an exemption for loans of $25,000 or less and also provide that the exemption threshold will be adjusted annually based on the annual percentage change reflected in the Consumer Price Index. The exemption threshold will increase from $31,000 to $32,400, effective January 1, 2024, based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2023. Full-Text PDF The foregoing Compliance Update is for informational purposes only and does not constitute legal advice. As a reminder, the NBA general counsel is the attorney for the Nebraska Bankers Association, not its member banks. The general counsel is available to assist members with finding resources to help answer their questions. However, for specific legal advice about specific situations, members must consult and retain their own attorney.
Vol. XXXV, No. 25 Regulation Z - Consumer Credit Transactions Threshold AmountThe Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau have issued final rules pertaining to the implementation of the Consumer Protection Act (CPA). Effective January 1, 2024, the threshold for exempt consumer credit transactions will increase from $66,400 to $69,500. Full-Text PDF The foregoing Compliance Update is for informational purposes only and does not constitute legal advice. As a reminder, the NBA general counsel is the attorney for the Nebraska Bankers Association, not its member banks. The general counsel is available to assist members with finding resources to help answer their questions. However, for specific legal advice about specific situations, members must consult and retain their own attorney.
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