Consumer complaint received 2024-09-20 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: TRUIST FINANCIAL CORPORATION
State: NC

Complaint narrative:
On XX/XX/XXXX I was contacted by XXXX XXXX from XXXX XXXX XXXX XXXX XXXX who was to assist in a small business with no documentation loan. XXXX proceeds to up-sell a business credit card. A tendered application was provided in good faith for both. An adverse reaction email for credit card came the same day and on XX/XX/XXXX the letter. There was NO AGREEMENT to keep credit card applications or loan applications without an exchange of credits. XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX did not disclose this at any time that XXXX would keep the contracts /instruments ( ASSET BACKED SECURITY )  and SECURITIZE IT them which RECEIVABLES and handlings are in XXXX XXXX, XXXX XXXX and Prospectus that XXXX XXXX XXXX XXXX runs them thru. 
I replied to the Adverse Action email with a RECONSIDERATION REQUEST ( enclosed ). According to 12 CFR 360.6 ( 2 ) the credit application is a FINANCIAL ASSET as well as SELF-LIQUIDATING PAPER according to 17 CFR 260.11 b-6. The ADVERSE ACTION is in violation of the following : 15 U.S.C 78j, 15 U.S.C. 78ff, 15 U.S.C 1602 ( I ), 15 U.S.C 1691 ( a ) ( 3 ), 18 U.S.C. 241, 18 U.S.C. 242. XXXX agreed to follow up after confirming with the underwriter about accepting/approval consideration that a very small portion of proceeds would be used to pay past and current annual filings fees with the state of XXXX  XXXX stated that no application would be submitted unless the underwriter was on board with the terms. Today XX/XX/XXXX there has been NO communication with XXXX XXXX. I emailed XXXX on XX/XX/XXXX and he has not replied. On XX/XX/XXXX XXXX XXXX called on behalf of the security processing thrift from XXXX XXXX  and left a voicemail message that he would like to go over case # XXXX. I called XXXX back twice the same day and left a message. On XX/XX/XXXX, XXXX followed up with me stating that the underwriting re-reviewed the account and will not reconsider opening the {$25000.00} business credit card. XXXX also stated that the decision was based on credit for myself, the GRANTOR and the business credit. I asked for the return of the application. XXXX told me, It is considered property of XXXX. As the Grantor, I gave permission to transfer the credits. I asked if the decision was made from the BOARD OF GOVERNORS that are at FEDERAL RESERVE SYSTEM? XXXX said, No, this decision was made by their underwriter. That is a complete violation of FRA sect 16.1, 16.2, 16.4. Also a breach of obligation/fiduciary duties with their indenture agreement with the SECURITY EXCHANGE COMMISSION if applications were securitized without my knowlegde. I am expressing these crucial consumer rights and safeguards that are relevant to all credit transactions. These are enshrined in Title 1XXXX of the United States Code, the Truth in Lending Act ( TILA ), the Fair Credit Reporting Act ( FCRA ), the Fair Debt Collection Practices Act ( FDCPA ), the Credit Card Act of 2009, the Servicemembers Civil Relief Act ( SCRA ), the Privacy Act of 1974, the Uniform Commercial Code ( UCC ), Law Merchant, Generally Accepted Accounting Principles ( GAAP ), among other pivotal laws, regulations, and case law. Non-Discrimination in Credit Granting : As per the Equal Credit Opportunity Act, Title 15, Section 1691, your institution is legally bound not to deny credit based on race, color, religion, national origin, sex, marital status, age, or source of income. This Act underscores the principle of equal access to credit for all consumers, thereby cultivating a fair and non-discriminatory financial marketplace. Limitations on the Use of Credit Reports : As stipulated by the FCRA, Title 15, Sections 1681-1681 x, only information from my credit application can be used to evaluate my creditworthiness. A violation occurs if my credit reports are used unjustly to deny credit, thereby ensuring a fair assessment of my ability to repay any credit extended.

Consumer Law is designed to be in favor of the consumer and make sure we are fairly treated. 
XXXX XXXX institutions are not only in violation of TRUTH and LENDING ACT. According to Title 15 U.S.C 1602 ( I ) the term credit card means any card, plate, coupon book, or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. Any card pertains to a social security card. Which classifies a credit card application denial or adverse action as an unauthorized use of a credit card due to them using the social to obtain money, property, or labor. Penalties for Non-Compliance with Truth in Lending Act ( TILA ) and Title XXXX : Non-adherence to TILA or Title 15 provisions can result in substantial penalties as defined in Title 15, Section 1640- Civil Liability. These penalties may include compensation for actual damages suffered by the consumer due to the violation, statutory damages of up to { {$4000.00} } in individual actions or a sum equal to the lesser of { >= {>= $1,000,000} } or 1 % of the creditors net worth in class actions, and the recovery of the actions cost and attorneys fees. Where in Truth & Lending, Federal Reserve Act does the FICO score have mention of requirement? XXXX failed to disclose that they are to only provide a SERVICE between myself and the Federal Reserve/Treasury so I may have used those credits that my tendered consideration in good faith authorized XXXX to do and that they do not actually have any money. This is backed by the US CONSTITUTION, and that I must receive REMEDY. I respectfully request that XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX, XXXX XXXX XXXX XXXX XXXXXXXX XXXX to strictly adhere to these regulatory provisions, statutory requirements, and established case law proceedings during our financial engagements. These legal guidelines are designed to uphold the integrity of the consumer credit market and shield consumers like me from potentially harmful financial practices. In particular, the unjustifiable denial of credit infringes upon the Equal Credit Opportunity Act ( ECOA ), which outlaws credit discrimination. Furthermore, inappropriate use of personal information, such as Social Security Numbers, in credit decisions contravenes the Privacy Act of 1974 and the Fair Credit Reporting Act ( FCRA ). Under the principles of Generally Accepted Accounting Principles ( GAAP ), the Law Merchant, and the Uniform Commercial Code ( UCC ), transparency and fairness are fundamental to all credit transactions. Thank you for your attention to this significant matter. I anticipate engaging in fair, transparent, and lawful credit transactions. JUST A REMINDER : DENIAL OF CREDIT IS INTERFERENCE WITH COMMERCE AND USING A CREDIT REPORT TO DENY ME CREDIT IS INTERFERENCE WITH COMMERCE!! ( XXXX XXXX XXXX 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