Answer:
You should run your theory and scenario by bank counsel for approval, but the logic seems sound. The problem with E-SIGN is that it is a sleeper. Even if your regulator reviews your procedure and deems it sound, the real test might be years down the road when a consumer alleges that the bank never delivered a critical written disclosure. Admittedly, that might be more risky on the loan side of the bank, but some Regulation E liability issues depend on when you make the written periodic account statement available.
First published on BankersOnline.com 6/16/08