Wednesday, October 20, 2021

Juneteenth holiday enacted; federal government to close Friday

Breaking news courtesy the ABA:

President Biden this afternoon signed legislation recognizing Juneteenth as a federal holiday. The new June 19 holiday commemorates the day in 1865, two and a half years after the Emancipation Proclamation and two months after the end of the Civil War, when hundreds of thousands of enslaved men and women in Texas finally learned they had been freed. Since June 19 falls on a Saturday, the federal government will observe Juneteenth tomorrow, June 18.

Federal government agencies will be closed tomorrow. However, the Federal Reserve announced that its payment services, including fulfillment of orders for currency and coin, will remain open tomorrow, “conform[ing] to our standard practice for any federal holiday that falls on a Saturday,” and that it would incorporate Juneteenth into its future operational schedule. Financial markets are not expected to close.

Banking regulatory agencies have not yet issued guidance on financial institutions closing for Juneteenth, although an OCC spokesman said that “we do not plan to issue additional guidance regarding bank operating status.” Banks are encouraged to contact their agencies or monitor agency websites for additional information.