Consumer complaint received 2024-11-20 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Trouble using your card — Can't use card to make purchases
Company: NAVY FEDERAL CREDIT UNION
State: IN

Complaint narrative:
I the consumer have two concerns with Navy Federal Credit Union 's failure to comply with the contract on a billing error and securities FRAUD and failed to comply. 

I the consumer sent a written statement to NFCU in response to the latter I received reference # XXXX wanting information about the CFPB report ( copy ) and any documents that I the consumer may have to support the position I the consumer stands on and in regards to NFCU credit card XXXX XXXX # XXXX and XXXX XXXX card # XXXX, which is a dispute about them reporting my transaction history which is illegal on these grounds. 





The termconsumer means an individual. The termconsumer report means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumers creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living ( 2 ) Exclusions ( A ) ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report ; Reporting Transaction history is illegal 15U.S.Code1681b- Permissible purposes of consumer reports Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other ( 2 ) In accordance with the written instructions of the consumer to whom it relates. They need your written consent to add anything to your consumer report if you did not give this authorization that is a violation of the Fair Credit Reporting Act. Because I sent NFCU the error writing should put it in a billing error status meaning no payment and on reporting. I the consumer called NFCU on XX/XX/XXXXXXXX  and the consumer was told it's NFCU 's lawful right to report. NFCU continues to report and has closed my account which is illegal according to 15 USC 1666. 



Nevertheless, here is where the securities fraud comes Navy Federal Investment Services, LLC ( An Indirect Wholly Owned Subsidiary of Navy Federal Credit Union which is a nonprofit ) which is the owner of all Navy federal financial groups. 

Navy Federal Credit Union - sponsor /servicer, Navy Federal Investment Services , LLC - depositor, Navy federal financial groups- Issuer then to indenter trustee then to owner trustee. 











XXXX XXXX XXXX XXXX, VA XXXX Business number XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Principal Financial Officer XXXX XXXX XXXX XXXX XXXX XXXX XXXX / VP compliance, legal, Risk. also, Fiduciary and illegally responsible per XXXX, and indenter agreement XXXX signed . 



This Started with NFCU where I the consumer initially filled out an application. Once it has been transferred your application is submitted as commercial paper which they then made a deposit. After it has been deposited, they protect it by moving it into a trust. From here it goes to the owner and indenture trustees who they use to trade these securities on the secondary market. They are not reporting all of this to the SEC. 



Where I the consumer stand on these grounds, In XXXX the United States went bankrupt. When that happened, we lost access to lawful money and were given legal tender instead. 





Under the new law, the money is issued to the banks in return for Government obligations, bills of exchange, drafts, notes, trade acceptances, and banker 's acceptances. Now Trading with The Enemy Act of XX/XX/XXXX, AS AMENDED by the Emergency Banking Relief Act, 48 Stat 1, Public Law No. 1, which is presently codified at 12 USC 95a and confirmed at 95b we are all enemies of the state for using Federal Reserve Notes in our current capacity. They are not lawful money, only legal tender our remedy to the bankruptcy of the United States is securities.

so, because of this am an investor entitled to redeem my instruments. I have not only provided NFCU with a promissory note via my original credit application but I am also entitled to receive the interest on the coupon payments I receive every month. These are notes I can collect under the indenture agreement this was signed and file with the SEC. Under UCC 3-604, if the instruments, notes, or any tender of payment is rejected, surrendered, or mutilated, I can consider the debt discharged. Furthermore, I have a right under the UCC. 



" Person entitled to enforce '' an instrument means ( i ) the holder of the instrument, ( ii ) a no holder in possession of the instrument who has the rights of a holder, or ( iii ) a person not in possession of the instrument who is entitled to enforce the instrument under Section 3-309 or 3-418 ( d ). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument. 

Because the instrument was sent to XXXX XXXX XXXX as the agent of the company, he as to enforce the instrument. 

a ) Subject to subsection ( c ) and Section 3-106 ( d ), " holder in due course '' means the holder of an instrument if : ( 1 ) the instrument when issued or negotiated to the holder does not bear such apparent evidence of forgery or alteration or is not otherwise so irregular or incomplete as to call into question its authenticity; and ( 2 ) the holder took the instrument ( i ) for value, ( ii ) in good faith, ( iii ) without notice that the instrument is overdue or has been dishonored or that there is an uncured default with respect to payment of another instrument issued as part of the same series, ( iv ) without notice that the instrument contains an unauthorized signature or has been altered, ( v ) without notice of any claim to the instrument described in Section 3-306, and ( vi ) without notice that any party has a defense or claim in recoupment described in Section 3-305 ( a ).

3-602. PAYMENT. 

( a ) Subject to subsection ( b ), an instrument is paid to the extent payment is made ( i ) by or on behalf of a party obliged to pay the instrument and ( ii ) to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under Section 3-306 by another person. 

( b ) Subject to subsection ( e ) a note is paid to the extent payment is made by or on behalf of a party obliged to pay the note to a person that formerly was entitled to enforce the note only if at the time of the payment the party obliged to pay has not received adequate notification that the note has been transferred and that payment is to be made to the transferee. A notification is adequate only if it is signed by the transferor or the transferee ; reasonably identifies the transferred note ; and provides an address at which payments subsequently can be made. Upon request, a transferee shall seasonably furnish reasonable proof that the note has been transferred. Unless the transferee complies with the request, a payment to the person that formerly was entitled to enforce the note is effective for purposes of subsection ( c ) even if the party obliged to pay the note has received a notification under this paragraph. 

( c ) Subject to subsection ( e ), to the extent of a payment under subsections ( a ) and ( b ), the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under Section 3-306 by another person.

3-603. TENDER OF PAYMENT ( a ) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. 

( b ) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an endorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates. 

( c ) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is deemed to have made tender of payment on the due date to the person entitled to enforce the instrument. 



The last Act I would like to touch on is the Trust Indenture Act of 1939 This Act applies to debt securities such as bonds, debentures, and notes that are offered for public sale. Even though such securities may be registered under the Securities Act, they may not be offered for sale to the public unless a formal agreement between the issuer of bonds and the bondholder, known as the trust indenture, conforms to the standards of this Act.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation