Credit card -- Getting a credit card -- Complaint #9968327
Complaint Overview
Complaint ID: 9968327
Company: Navy Federal Credit Union
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-Issue: Application denied
State: California
ZIP Code: XXXXX
Date Received: 2024-08-28T12:00:00-05:00
Date Sent to Company: 2024-08-28T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Dear CFPB this Complaint is in regard to Navy Federals continue Unfair, Deceptive acts and practices. I was denied a consumer credit transaction Navy Federal is in violation of 16 CFR 433.1 they are not exempt because of 16 CFR 433.3. I am a consumer according to 15 usc 1692E and Navy Federal is in violation of the trust and lending act. Credit is a right that is granted to me. Navy Federal has denied me that right. In addition Navy Federal asked for a co-signed on said loan. According to 16 CFR 444.1 A Cosigner is natural person who renders himself or herself liable for the obligation of another person without compensation. The term shall include any person whose signature is requested as a condition to granting credit to another person, or as a condition for forbearance on collection of another person 's obligation that is in default. The term shall not include a spouse whose signature is required on a credit obligation to perfect a security interest pursuant to State law. A person who does not receive goods, services, or money in return for a credit obligation does not receive compensation within the meaning of this definition. A person is a cosigner within the meaning of this definition whether or not he or she is designated as such on a credit obligation. My cosigner and I tender Navy Federal an instrument ( securities ) to secure said loan. Instead Navy Federal took the instrument and added it their balance sheet as Financial asset and has not given an value to the transaction. According to Navy Federals Sec filings the following can be read : The Company clears transactions on behalf of customers on a fully disclosed basis with a clearing broker-dealer, and promptly transmits all customer funds and securities to the clearing broker-dealer. The Companys other business activities are limited to effecting securities transactions via direct business where the funds are payable to the issuer or its agent and not to the Company. Cash and cash equivalents Cash and cash equivalents consist of demand deposits and money market accounts with financial institutions as well as short-term investments with stated maturities of three months or less. Cash equivalents are promissory notes. According to 18 usc 8 The term obligation or other security of the United States includes all bonds, certificates of indebtedness, national bank currency , Federal Reserve notes, Federal Reserve bank notes, coupons, United States notes, Treasury notes, gold certificates, silver certificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of the United States, stamps and other representatives of value, of whatever denomination, issued under any Act of Congress, and canceled United States stamps. If Navy Federal chooses not to comply I will be forwarding a more extensive complaint to the OCC and SEC.
Frequently Asked Questions
What is Complaint #9968327 about?
Complaint #9968327 was filed against Navy Federal Credit Union regarding Credit card specifically about Getting a credit card. It was received by the CFPB on 2024-08-28T12:00:00-05:00.
How did Navy Federal Credit Union respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card) and describe your issue in detail.
Can I see other complaints against Navy Federal Credit Union?
Yes, visit the Navy Federal Credit Union company profile at readthecomplaint.com/company/navy-federal-credit-union to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.