I like the idea of a reasonable approach. However, since the word "meaningful" isn't defined in any general way, I'm afraid the effect might be the contrary. In other words, a reasonable approach could lead an institution to determine that the desired level of reasonableness has been reached after a single step is taken. In that case, no additional effort would be made respecting that exchange.
I propose that we not support this approach in order to preclude any limits on procedures. However, we will address this issue later, perhaps in a little more detail.