Young redbuds tend to have a lanky, awkward growth habit. That long branch is probably the central leader. Don't do any structural pruning until winter/early spring when you can SEE the branch structure.

The yellowing leaves are probably heat stress because it's August.

When winter/early spring comes, would it be wise to prune that central leader? It won't hurt the tree in the long run, correct?

Do you want this to be a tree or a bush? Cutting back the central leader would create a bush shape... then the tree would try to grow another central leader because that's what it's programmed to do. Let it be.

@cecily 7A - your comment about the branch structure made me look a little closer to the tree. It looks like what was the central leader is being suffocated by fabric that was used to provide support when the tree was young, but that was never taken off :( I moved into the house not long ago and I'm just noticing.

The branch that's shooting up higher than the rest originates from the left side branch in the picture below (healthy looking branch). All the yellowing leaves originate from the upright branch in the picture below (the branch that is above the black fabric and not looking so healthy)

Should I try and get this fabric off the tree now or should I wait until winter?

I'd remove it now. Trees should be staked for a year or two after planting while they root in then the stakes/supports are removed.

Yes remove it now. That fabric is clearly strangling the branch it is on, and your tree is throwing out that branch to the left in a desperate attempt to survive. With all that cracked bark on the upright branch, I suspect you are too late to save that part - but you won’t know until you get it off and see what is happening.

OK! I'll do that tomorrow and post a picture of what it looks like. Thank you all so much!!

Redbuds are native here and many people, I'm one, plant them on their property for ornamentals. A redbud should not be turning yellow now.

@lacey 6A, WV - I'm in the Atlanta area. It's been a very hot summer and the tree gets direct sunlight for a large portion of the day. I think the issue is clearly the fabric suffocating the tree

Hi all - I was able to remove the fabric and WOW! this has to be the issue.

1. Will the tree be able to bounce back from this?
2. Anything I can do to proactively help it?

I took of the fabric as gently as I could, but it did require a box cuter and some elbow grease. There are a few open wounds, but they're small. I disinfected the box cutter before using.

The tree will heal itself if it can - nothing else you can do that benefits besides proper water. Personally I think you will lose that main upright and be left with a lopsided tree. Appears it is in front in a pride-of-place spot? If it were me I would probably yank it out and replace, as eastern redbud is readily available, generally inexpensive and fast growing. (Replace when weather breaks cooler for you this fall or next spring.)