Consumer complaint received 2023-09-19
Company: SLM CORPORATION
State: MA
Product: Student loan
Sub-product: Private student loan
Issue: Improper use of your report
Sub-issue: Reporting company used your report improperly

Complaint:
On XX/XX/2023, I submitted application number XXXX to Sallie Mae for the purpose of obtaining a bar loan in the amount of {$4500.00}. In response to my good faith application, an adverse action letter was received on XX/XX/2023. The adverse action offer by Sallie Mae is hereby rejected. 

A credit application is a financial asset ( 12 CFR 360.6 ( 2 ) ) as well as a self-liquidating paper ( 17 CFR 260.11b-6 ) ). Sallie Maes adverse action violates 15 U.S.C. 78j, 15 U.S.C 78ff, 15 U.S.C 1691 ( a ) ( 3 ), 18 U.S.C. 241, 18 U.S.C. 242. 

Moreover, Sallie Mae is claiming to be the creditor for the credit application no. XXXX. This appears erroneous as XXXX XXXX claim contradictions 12 CFR 1002.2 ( l ), which defines a creditor as... not includ [ XXXX ] a person whose only participation in a credit transaction involves honoring a credit card. XXXX CFR XXXX ( k ) defines a credit card as any card, plate, coupon book, or other single credit device that may be used from time to time to obtain money, property, or services on credit. The credit card that was to be honored in said transaction is the Social Security card ; specifically, the account numbers placed on the electronic credit application. If there is any presumption that said Social Security XXXX is not to be used to obtain money, property, or services on credit. See XXXX CFR XXXX. A security is defined within the meaning of this regulation in reference to the social security number as or warrant or right to subscribe to or purchase, any of the foregoing ; negotiable instrument ; or money. XXXX CFR XXXX ( h ) XXXX. 

Regarding the credit application, Sallie Mae ( XXXX XXXX ) ( XXXX XXXX Key Number : XXXX ) would be a Sponsor ( XXXX XXXX XXXX ) according to XXXX XXXX XXXX ( B ) ( XXXX ) prospectus. See XXXX Student Loan Trust. As the listed XXXX, the duties of a sponsor are organizing and initiating a securitization transaction by selling or transferring assets, either directly or indirectly, including through an affiliate, to the issuing entity. As a natural person within my own right ( XXXX CFR XXXX ), the placing of the credit card number meaning the social security account/numberon said credit application in addition to consenting to the purchase of the consumer credit report associated with said social security account XXXX is intended to be used as an asset to be transferred to the Issuing XXXX listed in their filing. 

The term application does not include the use of an account or line of credit to obtain an amount of credit that is within a previously established credit limit. The established credit limit with said Social Security Card is open-ended. 

As Sallie Mae nor any of its affiliates and subsidiaries are in any capacity to claim ownership of the financial assets of the natural person to be pooled, securitized, and invested. As any deposit to any bank is intended to be in the nature of bailment. As the XXXX, XXXX, and XXXX to any and all financial assets is XXXX : XXXX in his private capacity. 

This will also serve as a notice of breach of fiduciary duty. ( U.C.C. 3-307 ). Following this notice, if said financial assets are not either returned to the referenced Creditor/Bailor/Beneficiary via mail within three ( 3 ) business days or accepted for its intended purpose within three ( 3 ) business days of the receipt of this notice, an SEC complaint will be filed pursuant to XXXX XXXX XXXX and XXXX XXXX XXXX. As well as an IRS complaint for the abusive tax schemes involving the XXXX trust arrangement. 

XXXX XXXX XXXX Sallie Mae to issue credit to the applicant the maximum allowable by applicable law. 15 U.S.C. 1602 ( m ), ( j ). 

Balance will be zeroed on a monthly basis via a special or general deposit payment coupon from the monthly statements as a non-cash item. XXXX CFR XXXX ( u ) ( XXXX ). 

Any Finance Charge will be offset through the Treasury XXXX XXXX as Sallie Mae XXXX will act as a fiduciary appointed through IRS XXXX XXXX.

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