Consumer complaint received 2023-05-21
Company: TRUIST FINANCIAL CORPORATION
State: TX
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
I have evidence Lightstream/Truist Financial Corporation ( `` Creditor '' ) received payment-in-full from the XXXX XXXX and XXXX XXXX ( `` Principals '' ) 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 Principals through the promissory note, the Creditor willfully and knowingly created false and misleading invoices mailed to the Principals in order to receive additional payments from the Principals. 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 Principals online access ( viewable document not provided because Creditor has not made one available ), it is presented to the Principals as a remaining amount owed by the Principals 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 Principals, the Creditor securitized the promissory note by creating a liability owed to the Principals in the form of a debt instrument/bond. Therefore, the principal balance belongs to the Principals. 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 Principals. As a result, the economic effect of the Creditors actions is similar to counterfeiting, swindling and stealing from the Principals.

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