Consumer complaint received 2021-07-22
Company: ALLY FINANCIAL INC.
State: NV
Product: Debt collection
Sub-product: Auto debt
Issue: Attempts to collect debt not owed
Sub-issue: Debt was result of identity theft

Complaint:
Affidavit of Fact I, The natural Living man, The original creditor have extended my open ended consumer credit to Ally Financial to have it extended back to the Consumer, Myself, using an open ended consumer credit plan Under the Corporation of the United States of America, securely bonded in Surety and trust within my Certificate of Live Birth. 
Under 15 U.S. Code 1610 - Effect on other laws ( c ) Disclosure as evidence In any action or proceeding in any court involving a consumer credit sale, the disclosure of the annual percentage rate as required under this subchapter in connection with that sale may not be received as evidence that the sale was a loan or any type of transaction other than a credit sale. 
Ally Financial is not a federal, but a commercial institution, so by federal law jurisdiction Ally Financial is a debt collector ( debtor ). Because Ally Financial, is a non-living non breathing entity, they have misused my extension of living open ended consumer credit ( SSN ) and signature to create a fraudulent loan to which they had become the borrower and debtor to the Federal Reserve Bank. They have falsified documents and furnished consumer reports stating that their corporation was the " original creditor ', yet by law had no right to the extension of living credit to offer the living consumer, myself. 
FDIC rules prevent banks from loaning their own assets or the assets of their depositors- proving the banks do not and can not provide value for value and have no valid security interest. The Lender in any loan transaction In the United States NEVER lends anything of reasonably equal value to the Borrower and any contract formed is defective for false advertising, semantic deceit, non-disclosure, and lack of equitable consideration. 
Bank transactions require a legal object and purpose. Ally Financial has committed illegal acts, Fraudulent representation of fact and Lending of credit instead of money, also unfair debt collection practices and harassment through repossession of an asset which Ally had no security interest. 
15 U.S. Code 1692f.Unfair practices A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section : A ) there is no present right to possession of the property claimed as collateral through an enforceable security interest ; A loan can not be formed in truth and validity from a CONSUMER CREDIT TRANSACTION. 
See : There is no doubt but what the law is that a national bank can not lend its credit or become an accommodation endorser. National Bank of Commerce v. Atkinson, 55 E471 See : In the Federal courts, it is well established that a national bank has not power to lend its credit to another by becoming surety, endorser, or guarantor for him. Farmers and Miners Bank v. Bluefield Natl Bank, 11 F 2d 83, 271 U.S.669 See : Neither, as included in it powers not incidental to them, is it part of a banks business to lend its credit. If a bank could lend its credit as well as its money, it might, if it received compensation and was careful to put its name only to solid paper, make a great deal more than any lawful interest on its money would amount to. If not careful the power would be mother of panics Indeed, lending creates a liability in favor of the bank, the former gives rise to a liability of the bank to another. I Morse. Banks and Banking 5th Ed. See 65 ; Magee, Banks and Banking, 3rd Ed. See 248. American Express Co. v. Citizens State Bank 194 NW 429.

Ally Financial, by Federal law is also a consumer reporting agency and debt collector, who collected upon a not only fraudulent, but nonexistent alleged debt.

FDCPA and TILA does not specify OR define the term borrower or loan therefore this notion of debt can not be validated in truth even in the highest federal court. 
15 U.S. Code 1692a - Definitions ( 4 ) The term creditor means any person who offers or extends credit creating a debt or to whom a debt is owed, but such term does not include any person to the extent that he receives an assignment or transfer of a debt in default solely for the purpose of facilitating collection of such debt for another. 
Understand, when an organization initiates a loan in a persons commercial name using their open-ended consumer credit plan, then creates and furnishes a deceptive form to make a loan appear valid, this is in fact Identity Fraud. That organization shall pay interest to the Consumer for his or her extension of open-ended consumer credit within the Corporation of the United States. 
See : the bank is allowed to hold money upon personal security, but it must be money that it loans, not its credit. Seligman v. Charlottesville Nat. Bank, 3 Hughes 647, Fed Case N0. 12, 642, 1039.

Section 103 ( b ) ( E ) ( 2 ) of the Depository Institutions Deregulation and Monetary Act of 1980, Public Law 96-221 admits that in the United States, neither paper currency nor deposits have value as commodities. Intrinsically, a dollar bill is a piece of paper and deposits are merely book entries.

A Bank, non-living entity, can not Lend funds or Extend credit, therefore a bank can not be an original creditor of any natural person 's consumer credit transaction. The Documentation you have presented constitutes, Identity theft and fraud. Congress however states, under 12 USC 1431 that banks may Borrow and give security therefor and to pay interest thereon, to issue debentures, bonds, or other obligations upon such terms and conditions as the Director may approve, and to do all things necessary for carrying out the provisions of this chapter and all things incident thereto.

See : First Bank of Montgomery v. Jerome Daly, 1968 ( credit river decision ) See : A National Bank has no power to lend its credit to any person or corporation Bowen v. Needles Natl Bank, 94 F 925 36 CCA 553, certiorari denied in 20 S. Ct. 1024, 176 US 682, 44 LED 637.

See : The Doctrine of Ultra vires is a most powerful weapon to keep private corporations within their legitimate spheres and to punish them for violations of their corporate chapters, and it is probably not invoked too often Zinc Carbonate Co. v. First National Bank, 103 Wis 125, 79 NW 229. American Express Co. v Citizens State Bank, 194 NW 430.

See : A bank may not lend its credit to another even though such a transaction turns out to have been of benefit to the bank, and in support of this a list of cases might be cited, which-would look like a catalog of ships. [ Emphasis added ] Norton Grocery Co. v. Peoples Nat. Bank, 144 SE 505. 151 Va 195.

See : It is not within those statutory powers for a national bank, even though solvent, to lend its credit to another in any of the various ways in which that might be done Federal Intermediate Credit Bank v. L Herrison, 33 F 2d 841, 842 ( 1929 ) See : A bank can lend its money but not its credit. First Natl Bank of Tallapoosa v. Monroe 135 Ga 614, 69 SE 1124, 32 LRA ( NS ) 550 Bank transactions require a legal object and purpose. Ally Financial has committed illegal acts, Fraudulent representation of fact and Lending of credit instead of money, also unfair debt collection practices and harassment through repossession of an assets which Ally had no security interest. 
Under 15 U.S. Code 1692f.Unfair practices A debt collector may not use unfair or unconscionable means to collect or attempt to collect any debt. Without limiting the general application of the foregoing, the following conduct is a violation of this section : A ) there is no present right to possession of the property claimed as collateral through an enforceable security interest ; Ally Financial willfully intended to deceive, the original creditor into a fraudulent contract named a loan } XXXX had taken place. I know who I am, and I Am Invoking my specified remedy as an original creditor and consumer in this consumer credit transaction. If Ally Financial continues to report falsified information on my consumer ( Repossession, Late Payments ) which was constructed willfully in fraudulence and identity theft, I shall be forced to pursue federal litigation with the presentation of facts and exhibits to support my stance. It is impossible to pay on a Positively reflected balanced debt or charge. Ally financial, mislead the consumer, when in fact the Alleged debt balance showed it has already been accounted for. Why did this number not reflect in a negative balance? 


15 U.S. Code 1692h.Multiple debts If any consumer owes multiple debts and makes any single payment to any debt collector with respect to such debts, such debt collector may not apply such payment to any debt which is disputed by the consumer and, where applicable, shall apply such payment in accordance with the consumers directions. 
By powerful will invested in truth of federal law, Return all prior payments to the Original Creditor, Myself.

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