Consummation and Timing of Closed-End Disclosures (Whitepaper)

One of the legal implications to consider when developing a blended, single-signature multi-featured lending plan is whether the closed-end Fed Box disclosures can be given timely under Reg Z and applicable state contract law. The answer is yes, they can. By providing the disclosures at the time of advance, prior to or with the disbursement of funds, credit unions satisfy the timing requirements under Reg Z and state law. This paper will explain in greater detail the legal definition of “consummation”, the state law interpreting it, and how it applies to blended multi-featured plans.