Consumer complaint received 2023-05-17
Company: U.S. BANCORP
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
I, XXXX XXXX XXXX, agent to and beneficiary of the Principal, XXXX XXXX XXXX ( Principal ), have evidence of federal consumer and banking law violations committed by U.S. Bancorp ( Creditor ) in connection to the extension of credit to the Principal for the purchase of a XXXX XXXX XXXX  ( Collateral ) on XX/XX/XXXX. 

It has come to my attention, after researching the United States Codes ( USC ), the Uniform Commercial Codes ( UCC ), and conversations with multiple bankers, that I have evidence the Creditor received payment-in-full from the Principal in the form of a promissory note which is the enclosed Contract, a negotiable instrument according to UCC 3-104 and can be accepted as a deposit to the Creditors bank account in exchange for credits according to 12 USC 1813 ( l ). Also, since the Contract included a promise to pay the Finance Charge, the Creditor has also already received the Finance Charge in full in the form of credits exchanged for the promissory note. This is only possible because the promissory note is evidence of debt and is secured by direct obligations of the United States according to 12 USC 347c. The Creditor used the promissory note to receive credits from the US Treasury in the same way banks receive a US dollar bill, which is also evidence of debt, in exchange for credits to a bank account. 

Although the Creditor has already received payment-in-full from the Principal through the promissory note, the Creditor willfully and knowingly created false and misleading statements mailed to the Principal in order to receive additional payments from the Principal. 15 USC 1605 clearly states the Finance Charge is the sum of all charges in connection with a consumer credit transaction. Since the Creditor created charges in addition to the Finance Charge they already received, this is a violation of 15 USC 1605 and the Creditor is subject to civil liability pursuant to 15 USC 1640 and criminal liability pursuant to 15 USC 1611. 

In regard to the principal balance shown in the enclosed Statement, it is presented to the Principal as a remaining amount owed by the Principal to the Creditor. The principal balance is actually a credit balance owed by the Creditor to the Principal. This is evident from the Creditor having to adhere to the Generally Accepted Accounting Principles ( GAAP ) pursuant to 12 USC 1831n ( a ) ( 2 ) ( A ) since they received the promissory note as an asset on their books. To legally offset the asset ( promissory note ) received from the Principle, the Creditor securitized the promissory note by creating a liability owed to the Principal in the form of a debt instrument/bond. Therefore, the principal balance belongs to the Principal. According to 15 USC 1666d, the Creditor should have credited the credit balance to the Principals account, refunded to the Principal upon the Principals request and made a good faith effort to refund the remaining credit balance to the Principal by cash, check, or money order. Since the Creditor did not act according to 15 USC 1666d, they instead fraudulently attempted to receive additional payments from the Principal. As a result, the economic effect of the Creditors actions is similar to counterfeiting, swindling and stealing from the Principal.

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