Consumer complaint received 2024-11-22 00:00:00
Product: Checking or savings account — Checking account
Issue: Improper use of your report — Reporting company used your report improperly
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL

Complaint narrative:
I, [ XXXX XXXX XXXX ] XXXX acting in my capacity as the Secured Party Creditor and Trustee of [ FAITH BEYOND HOPE ], hereby submit this formal petition regarding the discriminatory denial of my application for credit or financial services. I assert my rights under the Federal Reserve Act, Truth in Lending Act ( 15 U.S.C. 1601 et seq. ), Equal Credit Opportunity Act ( 15 U.S.C. 1691 et seq. ), and related federal laws.

This denial violates my rights as a consumer and secured party creditor. Furthermore, it demonstrates discriminatory practices, including baseless assumptions regarding creditworthiness, which contravene established legal and constitutional principles.

Claims of Violation Violation of the Federal Reserve Act Pursuant to the Federal Reserve Act, banks are required to accept valid collateral, including notes, drafts, bills of exchange, or acceptances as outlined in Sections 10A, 10B, 13, or 13A, and obligations that are fully guaranteed by the United States or any agency thereof. 

My XXXX XXXX XXXX securitizing trust assets qualifies as valid collateral under these provisions. 
By denying my application without legitimate cause, Bank of America has failed to comply with the Federal Reserve Acts framework for issuing or securing credit. 
Discriminatory Practices in Lending Under the Equal Credit Opportunity Act ( 15 U.S.C. 1691 ), it is unlawful for a financial institution to discriminate against an applicant based on race, color, national origin, or arbitrary assumptions regarding creditworthiness.

The cited reasons for denial, including " serious delinquency, '' " insufficient time since business started, '' and " insufficient credit history, '' are baseless and discriminatory, as my application is backed by legally recognized securities and assets.

These practices violate the Equal Credit Opportunity Act ( ECOA ) and demonstrate a lack of adherence to fair lending practices.

Violation of Truth in Lending Act ( TILA ) The Truth in Lending Act ( 15 U.S.C. 1601 et seq. ) mandates transparency in lending practices, including clear disclosure of the reasons for denial. 

The reasons provided lack specificity and rely on vague assumptions rather than objective evaluations of my assets and financial standing. 
TILAs transparency requirements have been violated, undermining my ability to address the denial effectively. 
Breach of Contract and Fiduciary Duty As a Federal Reserve member bank, Bank of America has a fiduciary duty to honor its obligations under federal statutes, including accepting legally compliant instruments for credit applications. Denying access to my securities constitutes a breach of these obligations. 

Maxims of Law Supporting the Petition " Nemo dat quod non habet '' : One can not give what one does not have. As the original issuer of the financial instrument, I am the rightful party to enforce its use as collateral.

" Equity aids the vigilant, not those who sleep on their rights '' : I have acted in good faith and with diligence in asserting my legal rights.

" Ignorantia juris non excusat '' : Ignorance of the law excuses no one. The banks decision, based on erroneous assumptions, can not stand in the face of clear statutory obligations. 
Case Citations Supporting the Petition XXXX XXXX XXXX, XXXX XXXX XXXX ( XXXX ) : Federal laws, including the Federal Reserve XXXX, take precedence over conflicting state or institutional policies. 
XXXX XXXX v. XXXX, XXXX XXXX XXXX ( XXXX ) : Reinforces the supremacy of federal law in matters involving obligations backed by the federal government. 
Regents of XXXX. of California v. XXXX, XXXX XXXX XXXX ( XXXX ) : Discrimination in institutional practices violates fundamental rights and equal protection under the law. 
XXXX v. XXXX XXXX XXXX XXXX, XXXX XXXX XXXX ( XXXX ) : Institutions must present specific, substantiated reasons for adverse actions to avoid discriminatory practices. 
Relief Sought Immediate Acceptance of Collateral : I request that Bank of America immediately process my application, recognizing the validity of my XXXX Financing Statement and other submitted instruments under the Federal Reserve Act. 
Compensatory Damages : I seek compensatory damages for the delays and hardships caused by this denial, to be determined in arbitration or court.

Cease and Desist Order : Bank of America must cease discriminatory practices and comply with all applicable federal laws, including the Equal Credit Opportunity Act.

Mandatory Arbitration : As per the arbitration clause below, I request that any dispute arising from this petition be resolved through binding arbitration.

Arbitration Clause Any dispute arising out of or relating to this petition, including the denial of my application, shall be resolved exclusively through binding arbitration under the rules of the American Arbitration Association. Each party shall bear its own costs unless otherwise ordered by the arbitrator

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