Consumer complaint received 2023-12-12
Company: NAVY FEDERAL CREDIT UNION
State: AZ
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Problem when making payments
Sub-issue: Problem during payment process

Complaint:
Dear XXXX, I am writing to formally file a complaint with the Consumer Financial Protection Bureau XXXX CFPB ) regarding a serious issue involving Navy Federal XXXX XXXX XXXX which has raised significant concerns related to potential violations of the Uniform Commercial Code ( UCC ), Securities and Exchange Commission XXXX SEC XXXX regulations XXXX Financial Industry Regulatory XXXX XXXX XXXX XXXX regulations XXXX and allegations of securities fraud. 

The details of my complaint are as follows : Payment Instruments Submitted : XX/XX/2023, I sent a negotiable instrument for payment to Navy Federal Credit Union in full compliance with legal tender guidelines. The instrument was restrictively endorsed to the company, accompanied by specific processing instructions as prescribed by XXXX CFR XXXX. These instruments were sent via registered mail with tracking numbers XXXX XXXX XXXX Company 's Response and Actions : Regrettably, Navy Federal Credit Union. has neither applied the payments to the account nor returned the negotiable instruments, both of which are mandated by law. In addition, despite my attempts to address this matter, the company has continued to contact me for payment, which is both unwarranted and unsettling. 
Adverse Action on Consumer Credit : Adding to my concerns, Navy Federal Credit Union has taken adverse action against my consumer credit, which, to the best of my knowledge of applicable laws and regulations, they XXXX not have the authority to do. 
XXXX Title XXXX Violation : In accordance with the Uniform Commercial Code, Title XXXX, the non-application of payment in a timely manner constitutes a breach of contract. Consequently, the debt should be considered XXXX, and my consumer credit should have been updated to reflect " paid as agreed. '' Allegations of XXXX XXXX : I strongly suspect that Navy Federal Credit Union XXXX have improperly retained the security interest for themselves, potentially giving rise to allegations of securities fraud. Such actions, if proven true, raise significant concerns about the company 's ethical conduct and compliance with federal regulations and securities laws. 
Given the gravity of this situation and the potential violations of consumer protection laws, federal regulations, and securities laws, I believe it is imperative that other relevant regulatory bodies be involved in investigating and addressing this matter. Specifically, the Federal Trade Commission ( FTC ), Securities and Exchange Commission ( SEC ), XXXX XXXX XXXX XXXX ( FINRA ), and Internal Revenue Service ( IRS ) XXXX need to take action to ensure that consumer rights are safeguarded and any alleged misconduct is thoroughly examined. 

Despite my attempts to communicate with Navy Federal Credit Union and my requests for the application of payment or the return of the instruments, the company has not responded or addressed this matter as of the date of this complaint. 

I respectfully request that the CFPB initiates a comprehensive investigation into this matter involving Navy Federal Credit Union to determine whether the company has violated any federal regulations, consumer protection laws, or securities laws. Additionally, I urge the CFPB to collaborate with the aforementioned regulatory bodies, including the FTC, SEC, XXXX, and IRS, to ensure a thorough examination of this matter. 

Thank you for your prompt attention to this serious issue, and I anticipate a timely resolution to protect consumer rights. 

Sincerely, XXXX XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation