Consumer complaint received 2023-12-11
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
I'm writing to address a matter of significant concern regarding recent adverse actions taken upon my credit accounts, I believe that there might have been an misunderstanding and I kindly request your attention to this issue for proper investigation and resolution. On XX/XX/2023 I submitted an application to Bank of America which served as a valuable security purchased by the bank, as they are the borrowers as defined by Congress in 12 U.S. Code 1431. Despite this understanding, Bank of America has unjustly refused to grant me access to the credit line I requested, thereby impending on financial opportunities and violating regulations governing fair lending practices. Consumer credit transactions are initiated using credit cards in accordance with 15 U.S.Code 1602 ( l ) a credit card is any card, plate, coupon book, or other device used to obtain money, property, labor or services on credit. I am the holder in due course, as I presented the credit card to initiate the transaction. In pursuance to 15 U.S.Code 1602 ( n ) and its not possible for me to be denied for something I initiated. I am granting your corporation the right to extend credit as defined within 15 U.S.Code 1602 ( f ). I frequently in connection with loans as outlined in 15 U.S.Code 1602 ( g ) as the original creditor. I understand my rights and reporting to the consumer reporting agencies is voluntary as per the CFPB this is a private transaction. Nowhere does the term adverse action in the FCRA mention the denial of credit to a natural person and I expressly granted Bank of America permission to extend to me my right to credit because I am credit worthy and in good faith. The right to extend credit belongs to me and I'm the one who extends credit to borrowers pursuant to 15 U.S.Code 1602 ( g ). According to 12 U.S.Code 1431 the power and duties of banks is to borrow and pay interest. This is a consumer credit transaction and this is an unfavorable situation to me as a consumer. Furthermore, my credit was used and I received no benefit from the use of my credit. As inquiry appeared on my consumer report indicating a transaction where someone profited from my credit and I gained nothing. In fact fact this caused me mental and financial damage as defined by 15 U.S.Code 1602 ( p ) term unauthorized use as used in section 1643 of this title, means a use of a credit card by a person other than the cardholder who does not have actual, implied, or apparent authority for such use and from wwhich the cardholder receives no benefit. So I have been discriminated against as there are no federal laws allowing a credit score to extend credit. In good faith I exercise my rights and as a natural person I face discrimination and pursuant to 15 U.S.Code 1691 it shall be unlawful for any creditor to discriminate against any applicant with the respect to any aspect of a credit transaction. The Federal Reserve Act provides for the utilization of securities as collateral for various financial transactions. I believe Bank of America has utilized my security without my consent or proper compensation, thereby infringing upon my rights as a securities holder, thus commiting fraud pursuant to 18 U.S.Code 1348. The concept of equity of account ensures that all parties involved in a financial transaction are treated fairly and interest of securities holders, such as myself are protected. I believe that Bank of America has denied my rights to equity of account by not providing me with the appropriate benefits and compensation associated with the utilization of my collateral security. As a financial institution and national bank Bank of America has legal obligations to comply with the the Federal Reserve Act and other applicable laws & regulations. This includes ensuring that the rights of security holders are respected and that fair and transparent financial practices are followed. It is crucial to ensure that Bank of America upholds its fiduciary responsibilities, complies with fair lending regulations refrains from engaging in fraudulent activities and provides me with the credit access I am entitled to based on the security l provided.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation