Go to the Cornell University Law School website which lists all the Code of Federal Regulations or CFR's (US Codes). For instance:
The Fair Credit Billing Act, United States Code Service (USCS) Commerce and Trade Title 15 Section 1666 (a)(3)(B)(ii), mandates that the creditor must: send a written explanation or clarification to the obligor, after having conducted an investigation, setting forth to the extent applicable reasons why the creditor believes the account of the obligor was correctly shown in the statement and, upon request of the obligor, provide copies of documentary evidence of the obligors indebtedness.
Under the law Title 12 CFR Section 226.13 (d)(1), a consumer has the right to withhold payment until the dispute is resolved and the creditor is prohibited from all collection efforts, as well as adding late charges and fees if the account is still in dispute. Continued action to attempt to collect payment on a disputed account is in violation of Federal law
Title 12 Code of Federal Regulations (CFR) Banks and Banking section (sect.) 226.13 (d)(1), which specifically states: Consumers right to withhold disputed amount, collection action prohibited. The consumer need not pay (and the creditor may not try to collect) any portion of any required payment that the consumer believes is related to the disputed amount (including related finance or other charges.)
Under the law Title 12 CFR Section 226.12 (Truth in Lending), a bank is prohibited from reporting negatively on your credit report until a dispute is resolved. Your account should either read, "in dispute", and or "closed per customer request". Many times they report as closed by guarantor (them) and also as late. This is your evidence of their violation of federal law.
As stated under Title 12 CFR section 226.12 (c) (2):
"Adverse credit reports prohibited. If, in accordance with paragraph (c)(1) of this section, the cardholder withholds payment of the amount of credit outstanding for the disputed transaction, the card issuer shall not report that amount as delinquent until the dispute is settled or judgment is rendered."
Under USC Title 15 Ch. 41 Sub Ch. I Part D Sec. 1666(a)(1)(B)(ii), which deals with handling credit card disputes, it states that the credit card companies must, "send a written explanation or clarification to the obligor, after having conducted an investigation, setting forth to the extent applicable the reasons why the creditor believes the account of the obligor was correctly shown in the statement and, upon request of the obligor, provide copies of documentary evidence of the obligor's indebtedness.”
Here are just a few examples of what the Courts have set as precedent:
"In the federal courts, it is well settled that a national bank has no power to lend its credit to another by becoming surety, endorser, or guarantor for him". Farmers and Miners Bank v. Bluefield Nat'l Bank 11F 2d 83, 271 U.S. 669
"The exercise of powers not expressly granted to national banks is prohibited". First Nat. Bank v. Nat. Exchange Bank, 92 U.S. 122, 128; California Bank v. Kennedy, 167 U.S. 362, 367; Concord Bank v. Hawkins, 174 U.S. 364.
Checks, drafts, money orders, and bank notes are not lawful money of the United States". State v. Neilon, 73, Pac. 3211, 43 Ore. 168.
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