Consumer complaint received 2024-03-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Credit denial
Company: PENTAGON FEDERAL CREDIT UNION

Complaint narrative:
The attached file has a document that I sent to PenFed on XXXX about Penfed denying me credit. I'm the creditor and I shouldn't be denied of any credit. Once the promissory note get processed, PenFed will get paid instantly using commercial paper ( my promissory note & using my securities as collateral for the loan.

According to : 15 U.S. Code 1691 - Scope of prohibition creditor ( e ) The term creditor means ANY PERSON who regularly extends, renews, or continues credit ; any person who regularly arranges for the extension, renewal, or continuation of credit ; or any assignee of an original creditor who participates in the decision to extend, renew, or continue credit. 
Also Penfed is denying my request to talk to any representative about my request ( See attached screenshot of them not returning a call to me ) The request was made multiple times and I have been ignored and humiliated about this. This is also a discrimination against me. The request : XXXX. 


Hello, I am perplexed, I feel discriminated against as to why my own credit card, which is backed by my securities, is being denied. According to 16 CFR 433.1, a creditor, A person ( it doesn't say bank or financial institution ) who, in the ordinary course of business, lends purchase money or finances the sale of goods or services to consumers on a deferred payment basis. Therefore, I believe Penfed 's actions are discriminatory and offensive. 
All loans are generated through commercial paper and utilizing the customer 's social security card as credit. This system aligns with the definition of an asset-backed security as outlined in the law, which refers to a fixed-income or other security collateralized by various financial assets, including loans, mortgages, or receivables. These securities allow the holder to receive payments primarily dependent on cash flow from the underlying asset, encompassing collateralized mortgage obligations, debt obligations, bond obligations, and asset-backed securities. 
Additionally, all applications create a security which serves as collateral for the requested loan, as per 15 U.S. Code 78c - Definitions and application - Asset-backed security. It is crucial to understand that all financial transactions within the United States Corporation operate through commercial paper or marketable securities.

Upon approval, Penfed would securitize my promissory note or contract and sell it to XXXX XXXX ( that serves as trustee ), finalizing the securitization process of the legal tender generated using my own credit under my name : XXXX XXXX XXXX. This request is being made on behalf of XXXX XXXX XXXX, with me acting as the agent, XXXX XXXX XXXX. 
I strongly urge PennyMac to process this request and approve my loan application : # XXXX. 
If you are unfamiliar with the aforementioned processes, I kindly request that you escalate this matter to someone who can address it appropriately or the legal department. This issue is of utmost seriousness and is in violation of the law. 
Furthermore, I request a written response detailing the reasons why my concerns are considered invalid. 
Please refrain from attributing the denial to reporting agencies, as that is not a valid explanation within the United States legal framework. 

In 1933, the United States declared bankruptcy, leading to the transition from lawful money to legal tender. As a result, all properties and homes in the nation were mortgaged to support the country 's credit, effectively making citizens like myself ( XXXX XXXX XXXX ) investors with unlimited purchasing power. This transition is documented in the Congressional Record of XX/XX/1933, which outlines that money is issued to banks backed by government obligations, bills of exchange, drafts, notes, trade acceptances, and banker 's acceptances, ensuring its value at XXXXXXXX XXXX on the XXXX  due to the nation 's credit. 
This arrangement is further supported by 18 USC 8, which stipulates that all obligations and securities belong to the United States. Banks are only permitted to borrow and provide security, as outlined in 12 USC 1431, and they are obligated to repay us/me accordingly. 


Approve my loan immediately! 


XXXX XXXX : XXXX XXXX AGENT FOR XXXX XXXX XXXX XXXX

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