Consumer complaint received 2023-11-06
Company: WELLS FARGO & COMPANY
State: TX
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
On XX/XX/ I submitted an application to Wells Fargo 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, Wells Fargo has unjustly refused to grant me access to the credit line I requested, thereby impeding my financial opportunities and potentially violating regulations governing fair lending practices.

Since 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 of the social security credit card and the holder in due course, as I presented the credit card to initiate the transaction, 15 U.S. Code 1691 prevents me from getting denied a transaction I initiated in good faith. The term " adverse action '' does not refer to denial of credit to a consumer, and I expressly granted Wells Fargo permission to extend me my right to credit because I am credit worthy. The right to 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 powers 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 the consumer. Nowhere in the term adverse action defined within the FCRA does it mention that a I can be denied credit. It is not lawful to be denied my right to grant credit.

Furthermore, my credit was used and I received no benefit from the use of my credit. Upon checking my consumer report, I noticed an inquiry which is a receipt of a transaction that proves my credit was used, yet I didn't benefit from it. In fact, I suffered mental and financial damages due to the denial of my rights. According to 15 U.S. Code 1602 ( p ) the 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 which the cardholder receives no benefit.

The Federal Reserve Act provides for the utilization of securities as collateral for various financial transactions. I believe that Wells Fargo has utilized my security without my consent or proper compensation, thereby infringing upon my rights as a securities holder, thus committing security 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 equitably. It ensures that the rights and interests of securities holders, such as myself, are protected. I believe that Wells Fargo 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, Wells Fargo has legal obligations to comply with the Federal Reserve Act and other applicable laws and regulations. This includes ensuring that the rights of security holders are respected and that fair and transparent financial practices are followed.

I would like to bring to your attention that I have made diligent efforts to address my concerns with Wells Fargo. I have sent them 3 letters via USPS certified mail, with signed return receipts, on XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX These letters were intended to address the specific laws they were violating and provide them with the opportunity to cure the situation. However, despite receiving these letters, Wells Fargo has defaulted on providing me with the proper remedy, further exacerbating the breach of fiduciary duties and potential securities fraud.

It is crucial to ensure that Wells Fargo 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 I 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