Consumer complaint received 2024-07-23 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: ALLY FINANCIAL INC.
State: DC

Complaint narrative:
Greetings, On XX/XX/year>, I applied for an ALLY Everyday Cash Back XXXX credit card through XXXX XXXX and was approved. Once I provided my social security number we entered a fiduciary relationship, and I am simply reminding you that a fiduciary is a trustee and has responsibility to act in honor and on my behalf as I am the beneficiary. I exercised my right to initiate a consumer credit transaction ( 12 CFR 1026.2 ( 12 ) with ALLY, I know my rights as a natural person under 12 CFR 1026.2 ( 22 ). 12 CFR 1026.2 ( 15 ( i ) states-A credit card means any card, plate, or other single credit device that may be used from time to time to obtain credit. The term credit card includes a hybrid pre-paid credit card as defined in 1026.61. The Term Credit means the right to defer payment of debt or to incur debt and defer its payment 12CFR 1026.2 ( 14 ) In this case, my applications are considered security instruments for which ALLY received to access my Trust account with the U.S. Treasury and are now trading those instruments on the securities market and are still earning tender from my securities, essentially denying my right to the equitable interests as the beneficiary, which is SECUIRTIES FRAUD. A security is an instrument that can be exchanged on the market for interest and profit. As a result of this denial of my right to an open ended credit plan, has caused mental and financial distress and interfered with my ability to conduct commerce. I am the investor, as stated in 12 CFR 360.6 - Treatment of financial assets transferred in connection with a securitization or participation. ( 3 ) Investor means a person or entity that owns an obligation issued by an issuing entity. When I gave ALLY a Security interest, it is an Asset-Backed-Security and by definition as stated in 15 U.S. Code 78c Definitions and application ( 79 ) ASSET-BACKED SECURITY. 
The term asset-backed security ( A ) means a fixed-income or other security collateralized by any type of self-liquidating financial asset ( including a loan, a lease, a mortgage, or a secured or unsecured receivable ) that allows the holder of the security to receive payments that depend primarily on cash flow from the asset, As a result, the application became the collateral for your extension of credit to me. I did not receive honorable or equitable consideration for the security that I authorized you to have and trade, with my signature and consideration must not be trivial as this could disguise a gift as a contractual agreement. 
And to my knowledge, ALLY is a public bank and operates under the same duties as the federal reserve. According to the FEDERAL RESERVE ACT SECTION 16, and I quote Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. Quoted from the federal reserves discount window As insured depository institutions, the Banks may borrow from the Federal Reserve Bank of XXXX XXXX, subject to the amount of qualifying collateral that they may pledge. The Federal Reserve has indicated that both credit and charge card receivable : are a form of qualifying collateral for secured borrowings made through the discount window. Whether specific assets will be considered qualifying collateral and the amount that may be borrowed against the collateral remain at the discretion of the Federal Reserve. Receiving meaning paid at a later date. 
NO federal law supports the right to be denied credit due to any information outside of the credit application itself or monetary limits on an open-ended credit plan not any report, scores etc. Not one congress has ever defined the term credit score Please inform me if you know of one and where it is located.

Please note that federal law EC OA 1002.6 ( b ) - 1 00 The Equal Credit Opportunity Act 12 C.F.R. {$1000.00} ( b ) ( 1 ) prohibits a creditor from ( 1 ) using a prohibited basis in any system of evaluating the creditworthiness of applicants except as permitted by the Act and part 1002. 
This denial denies me the right to care for myself and my family and conduct commercial business to support the necessities for life liberty and happiness. 
As the consumer, U.S. Code 1602 says The transaction in which the party to whom credit is offered is a natural person and the money, property, or services received by that person must be primary for personal, family, household or agricultural purposes. So, it isnt a loan.

15 U.S. Code 1691 - Scope of prohibition, It shall be Unlawful for any creditor to discriminate against Any application with respect to any aspect of credit transaction AND because the applicant has good faith exercised any right.

I demand that your company ALLY reconsider this matter and comply with federal law and mail me my credit cards with an open-end credit plan. Truth in Lending Act ( TILA ) TILA-B 1026.10 Requires the creditor to follow the payment crediting requirements for open-end credit as provided in 1026.10 ( a ) through ( f ) And correct any Adverse Action taken on my credit report I take my consumer report seriously and I hope that this matter can be resolved. Failure to address this dispute properly may lead to further legal actions and I shall file a lawsuit against ALLY for {$10000.00} or more and report you to the Securities Exchange Commission for SECURITIES FRAUD As well as the INTERNAL REVENUE SERVICE for tax evasion & for the extreme Emotional, Financial and Mental Distress you have bestowed upon me and my offspring for committing this Unlawful act of you using my Security/Application and not letting me gain anything in return.

It is imperative that I receive a response within 3 business days upon receipt of this notice. If no response is received, or if I receive an unfavorable response within 3 business days, denying the relief for which I seek, then I will move forward with filing the lawsuit against ALLY for the previously mentioned violations and proceed with my financial securitization audit report on my account to the Securities Exchange Commission for these illegal and unlawful fraudulent actions that has been bestowed against me by ALLY. 
Thank you for your response in advance. I am writing in good faith, and I pray that you make this right and remain in honor. I expect your response in a timely matter and provide the resolution I am requesting resulting in the continuation of this credit card account under an open-end credit plan ( not home secured ) consumer credit plan 12 CFR 1026.2.15 ( ii ) and to remain open until I ask you as the fiduciary to close the account and not before you have my request in writing shall this account be closed. I am willing to sign an NDA if you wish. 

THIS IS THE SECOND NOTICE!!!

Company response to consumer: Closed with explanation