Consumer complaint received 2024-10-23
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Difficulty submitting a dispute or getting information about a dispute over the phone
Company: BANK OF AMERICA, NATIONAL ASSOCIATION (FL)

**Subject** : Formal Complaint of Discriminatory Lending Practices and Violation of Consumer Rights **RE : Bank of America Loan Denial** **Bank of America Address** : XXXX XXXX XXXX, XXXXXXXX XXXX XXXX XXXX*Transaction Date** XXXX XX/XX/year> XXXXAmount Paid** : {$200000.00} **Payment Method** : Credit Car Loan -- - **To the Consumer Financial Protection Bureau ( CFPB ), ** I, XXXX XXXX XXXX XXXX respectfully submit this formal complaint regarding the unlawful and discriminatory practices I encountered during my loan application process with Bank of America. My loan application was denied on the basis of my credit score, despite having demonstrated financial capability and compliance with federal requirements under the **Federal Reserve Act** and contract law. 
1. **Discriminatory Lending Practices in Violation of Equal Credit Opportunity Act ( ECOA ) ** Bank of America cited my credit score as the sole reason for denying my loan application, stating that my score was " too low '' and contained " too many negative entries. '' I believe this denial constitutes **discrimination**, particularly in violation of the **Equal Credit Opportunity Act ( ECOA ) ( 15 U.S.C. 1691 ) **, which prohibits creditors from discriminating based on **age, race, or source of income**. By denying my loan application despite my demonstrated ability to contract, my **right to fair access to credit** has been unlawfully obstructed. 
2. **The Right to Negotiate Terms and Disregard of Lawful Payment Tender** As a consumer, I have the right to **negotiate terms** in any transaction where the proposed terms are not ideal or suitable, as provided under **contract law** principles. I demonstrated my willingness and capacity to contract by submitting a valid loan application and accompanying tender. Bank of America 's disregard of my lawful tender and application is in direct violation of the **Federal Reserve Act**, specifically **Ch. 16 ( 1 ) and ( 2 ) **, which mandates that financial institutions provide credit without discrimination and consider all lawful tenders. 
Furthermore, my compliance with the Federal Reserve Acts provisions, which govern the handling of credits, highlights my legal capacity and readiness to engage in a valid and enforceable contract. The refusal to process my application despite this compliance reflects a failure to uphold federal regulations governing credit issuance. 
3. **Unfair Trade Practices Under the Florida Deceptive and Unfair Trade Practices Act ( FDUTPA ) ** Bank of America 's actions also constitute a violation of the **Florida Deceptive and Unfair Trade Practices Act ( FDUTPA ) **, **Fla. Stat. 501.204**, which protects consumers from **unfair, deceptive, or discriminatory trade practices**. The denial of my loan application based solely on a credit score is an unfair practice that deprives me of equal access to financial services, violating my **right to be treated fairly** and with equal consideration as mandated by state and federal law. 
4. **Right to Redress and Negotiation in Consumer Transactions** In accordance with **consumer protection principles** and **contract law**, I maintain the **right to redress and the right to negotiate the terms** of any transaction that is not favorable. The refusal to negotiate loan terms based on arbitrary factors such as a credit score, rather than a holistic assessment of my financial capacity, violates my fundamental **right to a fair negotiation** in the credit process. 
By denying me the opportunity to engage in meaningful negotiation, Bank of America has effectively engaged in discriminatory practices that obstruct my **right to receive fair credit terms**. This failure to provide an opportunity to negotiate, despite my capacity and willingness to contract, demonstrates not only a violation of contract principles but also a disregard for the **Truth in Lending Act ( TILA ) **, which mandates fairness and transparency in all credit transactions. 
5. **Age-Based Discrimination and Violation of Contract Law** My ability to contract is central to the fairness of any transaction, and by denying my loan application based on arbitrary credit score criteria, Bank of America has also discriminated against me on the basis of **age**. Age discrimination in the extension of credit is expressly prohibited under **ECOA**, and by evaluating me on an improper basis, Bank of America has violated this fundamental protection. 
Given that I have complied with all legal requirements for submitting a loan application, including the proper **tender of funds** in line with the **Federal Reserve Act**, it is clear that my capacity to contract is valid. Therefore, to deny my loan under these circumstances represents a **breach of contract principles** and an unlawful act of discrimination based on irrelevant factors. 

Conclusion and Request for Redress As a consumer, I respectfully request that the CFPB conduct a thorough investigation into Bank of America 's discriminatory lending practices and their failure to follow federal and state law. I seek the following redress : 1. **Reconsideration of my loan application** with an opportunity to **negotiate terms** based on a comprehensive evaluation of my financial capacity, not arbitrary credit score metrics. 
2. **Remediation for the discriminatory practices** that have impacted my ability to secure credit on fair and equitable terms.

3. A formal review of Bank of Americas adherence to the **Federal Reserve Act**, **Equal Credit Opportunity Act**, and **Florida consumer protection laws** in their lending practices.

Should this matter not be resolved, I reserve my right to pursue further legal remedies, including filing complaints with the **Florida Department of Financial Services** and taking legal action for violations of my rights as a consumer. 

Thank you for your attention to this serious matter. I look forward to your prompt response and resolution of this complaint.