Consumer complaint received 2023-12-13
Company: AMERICAN EXPRESS COMPANY
State: NJ
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
On XX/XX/XXXX I applied for American Express Business Platinum Card on XX/XX/XXXX Reference # XXXX and got denied. Regardless of their reason for being denial, I have a right to credit. Pursuant to 12 CFR Part 1002 - Equal Credit Opportunity Act ( Regulation B ) " Regulation B protects applicants from discrimination in any aspect of a credit transaction. '' I tendered a financial asset to American Express Company. I am fully aware pursuant to the Security Exchange Act of 1934, their Security Exchange Commission filings Form 10-K Commission File No. 1-7657 that my application is a collateral that is securitized and sold to investors, then monetized on the secondary market.That makes me an in American Express Company XXXX Said company securitizing my receivable asset for their financial gains, but withholding access to my securities is securities Fraud. American Express Company violating the Equal Credit Opportunity Act, Security Exchange Act, Credit Protection Act, Federal Consumer Financial Protection Laws and are engaging in " unfair, deceptive and abusive '' acts or practice. An equal exchange of security was issued. They accepted the financial asset, securitized it, sold it, but are denying me access to my securities. That is FRAUD. 

Pursuant to American Express Company Form 10-K filled with the Security Exchange Commissions File No. 1-7657 " LONG-TERM DEBT AND ASSET SECURITIZATION PROGRAMS '' As of December 31, 2022, we had {$42.00} billion in long-term debt outstanding, including unsecured debt and asset-backed securities. Refer to Note 8 to the Consolidated Financial Statements for a further description of these borrowings and scheduled maturities of long-term debt obligations. 

We periodically securitize Card Member loans and receivables arising from our U.S. card business, as the securitization market provides us with cost-effective funding. Securitization of Card Member loans and receivables is accomplished through the transfer of those assets to a trust, which in turn issues securities collateralized by the transferred assets to third-party investors. The proceeds from issuance are distributed to us, through our wholly owned subsidiaries, as consideration for the transferred assets. Refer to Note 5 to the Consolidated Financial Statements for a further description of our asset securitizations.

" Federal Reserve Discount Window '' As an insured depository institution, XXXX XXXX borrow from the XXXX XXXX XXXX XXXX XXXXXXXX XXXX, subject to the amount of qualifying collateral that it may pledge. The XXXX XXXX has indicated that both credit and charge card receivables are a form of qualifying collateral for secured borrowings made through the discount window. Whether specific assets will be considered qualifying collateral and the amount that may be borrowed against the collateral remain at the discretion of the XXXX XXXX. 
As of XX/XX/XXXX, we had approximately {$100.00} billion in U.S. credit card loans and charge card receivables that could be sold over time through our securitization trusts or pledged in return for secured borrowings to provide further liquidity, subject in each case to applicable market conditions and eligibility criteria.

Company response to consumer: Closed with explanation