Consumer complaint received 2024-02-17 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: DISCOVER BANK
State: OR

Complaint narrative:
I'm writing to the CFPB to make a complaint against Discover. My complaint pertains to my credit card application and due to their actions raise concerns of possible securities fraud and tax evasion. I tried to work this out with Discover, but I am being ignored and they did not respond within the allotted time. I gave Discover my application which then entered Discover Bank into the roll of Fiduciary for accepting my application/credit agreement. Upon receipt of the application/credit agreement, I became an investor by establishing an Account of an Eligible Receivable where my Note/ Investor Certificate as defined by Discover as a SECURITY. This is why Discover Bank falls under the Security Exchange Act of XXXX, and has to agree to and be licensed to operate under the SEC, additionally requiring Discover to uphold their agreement as Fiduciary and Trustee pursuant to the Trust Indenture Act of XXXX which kindly describes me, XXXX and my application as. An investor ( of Discover Bank ) due to giving Discover a Security in the form of my application/credit agreement. Discover has sold it into a trust and are making money on the secondary market, and selling my application turning it into a security on the secondary market. Discover is making money on my application monthly. My application also made me an investor of Discover Bank. I am being denied access to my account as the Account Holder, Discover defines and admits was opened with an unlimited principal balance upon submission pursuant to a credit agreement.On XX/XX/XXXX at XXXX, I gave Discover Bank a credit application and had to AGREE to the Credit Agreement, defined per Discover Bank as any credit card account, the agreement ( including any related statement under the Truth in Lending Act ) governing that account. I had to AGREE to the Credit Agreement, which falls under Truth In Lending Act which in turn created the Account ( which means EACH INITIAL account, each additional account, surviving account ), which creates the Eligible Receivable and Existing Assets. Ive given Discover something of value, a security in the form of my credit application. Per Discovers definitions in the Receivables Sale and Contribution Agreement between Discover Bank and Discover XXXX LLC dated XX/XX/XXXX because I signed Discover 's Credit Agreement, ( which I had to acknowledge and digitally sign before allowing them to pull my credit report and move on within your system and complete my application ), that created an Account which means each Initial Account, or Additional Account and is now considered an Eligible Receivable.Receivables Sale and Contribution Agreement between Discover Bank and Discover XXXX LLC dated XX/XX/XXXX, Form XXXX for the year ended XX/XX/XXXX, Prospectus Supplement ( To Prospectus dated XX/XX/XXXX ) Rule 424 ( b ) ( 5 ), and XXXX Form filed XX/XX/XXXX Discover Financial has agreed they are licensed under and will agree to all terms of the Securities Exchange Act of XXXX and Trust Indenture Act of XXXX. 

Discover Financial has a fiduciary duty to uphold the agreements set forth in the previously mentioned publications. The Executive Vice President, Chief Financial Officer XXXX XXXX XXXX on XX/XX/XXXX, even signed an acknowledgement that they would uphold and to be licensed under the requirements of the Securities Exchange Act of XXXX to handle investor securities.

Company response to consumer: Closed with explanation