Consumer complaint received 2024-05-09
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Problem with a company's investigation into an existing problem — Their investigation did not fix an error on your report
Company: U.S. BANCORP (MN)

The last response to my complaint follow up provided further clarification as to why my account did not qualify for CARES Act protection. 

" We would like to take this opportunity to provide additional clarification. As the Covid-19 Public Health Emergency drew to a close, the Federal Housing Administration gave borrowers until XX/XX/XXXX, to request a pandemic-related forbearance under the CARES Act. Your request for relief was not received until XX/XX/XXXX, which was after the CARES Act expired, therefore, CARES Act credit protection is not applicable. '' The problem with this clarification is that my loan is not applicable to this FHA guidance, as my loan is not FHA insured, nor is it a USDA, or any other applicable loan type. The mortgage loan I have is a conventional loan that was purchased by XXXX XXXX. The FHFA ( Federal Housing Finance Agency ) oversees Fannie Mae and XXXX XXXX, whereas FHA XXXX Federal Housing Administration ) provides mortgage insurance and regulates loans of which it insures. 

Applicable servicing guidance as it relates to my mortgage is provided by XXXX XXXX, and Cares Act protection is self contained regulatory guidance that covers all federally backed mortgages, not limited to FHA insured mortgage products. The clarification made in this response only complicates matters further, and is evident of the complete disregard of the documentation I provided in my previous attempts to mitigate this issue. 

I provided not only the legal and regulatory mandates that the CARES act provides ; including FAQ 's from the CFPB that break down the CARES Act into simplified and basic explanations that even the most basic consumer should be able to understand. I also provided numerous XXXX XXXX servicing guidelines and relevant updates with clear and coherent directives that directly apply to my conventional mortgage loan that was purchased and owned by XXXX XXXX. 

I even provided a letter dated XX/XX/XXXX stating that I was in " an active forbearance as a result of COVID 19 '', standing in direct contradiction to the most recent response letter 's clarification. At a minimum, this would be deceptive and unfair practice by US Bank to suggest that my account was on such a plan ; but that is not even the case as XXXX XXXX did not phase out XXXX XXXX forbearance until XX/XX/XXXX. I've provided documentation from XXXX XXXX from XX/XX/XXXX that states this fact. 

CARES Act protection as stated in law, and clarified by the CFPB in numerous agency press releases, FAQ 's, and guidance ; is as follows : **An accommodation includes any payment assistance or relief granted to a consumer who is affected by the COVID-19 pandemic during the period from XX/XX/XXXX, until XXXX days**** after the termination of the COVID-19 national emergency declared by the President** The president ended the National Emergency XX/XX/XXXX, making the deadline for Cares Act protection XX/XX/XXXX. The key wording in the CARES act is relief granted to a consumer " affected by the COVID 19 pandemic during this period ''. This includes assistance or relief granted voluntarily or pursuant to a statuatory or regulatory rqequirement. Reference CFPB FAQ Version XXXX XXXX XXXX, you are either grossly incompetent, willfully negligent, or intentionally acting with complete disregard for the law. This matter needs to be escalated beyond your supervisory level as the response and actions taken are well below the mandated reasonable investigation standard and are exposing US Bank to unnecessary legal liability. It does not take a legal mind or a lawyer to understand all the documentation and evidence that has been provided to make a reasonable response and investigation.