Consumer complaint received 2023-07-09
Company: REGIONS FINANCIAL CORPORATION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Credit denial

Complaint:
Regions Bank Subject : Consumer Rights Notice - Compliance with CFR, Securities Exchange Commission, Truth in Lending Act, Loan Denial Practices, and Auto Loan Endorsement Dear Sir/Madam, I am writing this letter to bring to your attention certain consumer rights and regulations that must be adhered to by Regions Bank XXXX ensuring compliance with the Code of Federal Regulations ( CFR ), Securities Exchange Commission ( SEC ) , and the Truth in Lending Act ( TILA ). Additionally, I want to address concerns regarding loan denial practices. Furthermore, I am requesting an auto loan that requires the consumer 's endorsement and stamp for the promissory note, which will be presented to the United States Treasury for obligation purposes. 

Firstly, it is essential to acknowledge that the consumer involved in this matter is not a minor and is fully aware that any loan products offered by the bank are considered cash equivalents and a mere exchange. It is important to note that banks do not have the authority to lend credit, as it is the consumer 's signature that charges the instrument. Any practices that deny a consumer an extension of credit based on erroneous or illegal grounds other than employment and Insurance are in violation of consumer rights and regulations. 

To ensure compliance with federal regulations and address the auto loan endorsement request, I kindly request that Regions Bank promptly review and address the following points : 1. CFR Compliance : Please ensure that all banking operations conducted by Regions Bank are in full compliance with the relevant provisions of the Code of Federal Regulations ( CFR ) as applicable to your institution.

2. Securities Exchange Commission ( SEC ) Compliance : Verify that all securities transactions and related activities carried out by Regions Bank adhere to the regulations set forth by the Securities Exchange Commission ( SEC ). This includes compliance with reporting requirements, investor protection provisions, and any other applicable regulations. 

3. Truth in Lending Act ( TILA ) Compliance : Regions Bank must comply with the provisions of the Truth in Lending Act ( TILA ) when engaging in lending practices. This includes providing accurate and complete disclosures of terms, rates, fees, and other relevant information to consumers. 

4. Loan Denial Practices : Please review your loan denial practices to ensure that they are fair, transparent, and compliant with all applicable laws and regulations. Denial of credit should be based on legitimate factors such as creditworthiness, income verification, and other lawful criteria. 

5. Auto Loan Endorsement : I request an auto loan that requires the consumer 's endorsement and stamp for the promissory note, which will be presented to the United States Treasury for obligation purposes. Please provide me with the necessary information and procedures to facilitate this endorsement. 

I expect that Regions Bank will take immediate action to investigate and rectify any non-compliance with the aforementioned regulations and concerns. Failure to address these matters appropriately may result in the initiation of further legal action to protect the consumer 's rights. 

Please acknowledge receipt of this letter within ten ( 10 ) business days from the date of this correspondence. Additionally, please provide a timeline for addressing the concerns outlined herein and the necessary steps for the auto loan endorsement. 

Thank you for your prompt attention to this matter. I trust that Regions Bank will take the necessary steps to ensure compliance with consumer rights and regulations and facilitate the auto loan endorsement process. 

Moreover, I would like to draw your attention to the fact that willfully noncomplying with my request would be considered as Regions acceptance of the terms and conditions outlined in the " XXXX  : Sovereign Terms and Conditions '' which is already on file with executive office as well as the " XXXX XXXX BATTLE FEE SCHEDULE. '' I advise that you forward this letter to your legal department so they may fully comprehend the seriousness of this matter.

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