Consumer complaint received 2023-07-29
Company: CITIBANK, N.A.
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
In the most recent SEC filing, it is evident that a second amended and restated indenture exists between CITIBANK CREDIT CARD XXXX XXXX, as the Issuer, and XXXX XXXX XXXX XXXX XXXX, as the Trustee. This indenture was filed on XX/XX/XXXX, for CITIBANK CREDIT CARD MASTER TRUST I and can be found on Citibank 's Investor Relations page. However, the current contact information for the trust indenture signee and the indenture trustee signee for CITIBANK 's master credit card trust is not available on the SEC. Neither the SEC website nor the websites of CITIBANK or XXXX XXXX XXXX XXXX XXXX provide this information in relation to this specific trust indenture. The absence of an identifiable indenture trustee signee leaves investors without a clear communication channel as noteholders. 

In the most recent 10-K filing dated XX/XX/XXXX, only XXXX XXXX and XXXX XXXX are listed as signatories, but not in the capacity of indentured trustee signees, merely as trustees. 

I have made attempts to contact both CITIBANK N.A. and XXXX XXXX  regarding this issue but to no avail. XXXX XXXX, in particular, responded via email, stating their inability to disclose this information about a U.S. bank due to " security reasons and to maintain banking secrecy ''. This response is neither valid nor consistent with the Trust Indenture Act 1939 and the National Bank Act of 1863, which guide the operations of the Office of the Comptroller of the Currency. It is worth noting that as part of their registration with the OCC for securities handling, this falls under the Corporate Trust, which governs the fiduciary activities of banks for investors in a specific security. 

The SF-3 filing section for CITIBANK , N.A . states that " The indenture trustee may resign at any time... In all circumstances, the issuance trust must appoint a successor trustee for the notes. '' However, there is no mention of when an indentured trustee signee would be included in the documentation as an update on this matter for the public interest. 

I am requesting that the most recent information be made public, as per the Trust Indenture Act ( TIA ) of 1939, to allow viewing of the current credit card trust indenture information in relation to the indenture trustee signee contact and contact information. 

A court case, Mertens v. Hewitt Associates, 508 U.S. 248, 1993, highlights that withholding such information due to a conflict of interest to the beneficiaries of the trusts as noteholders is not permissible. The case states that fiduciaries are obligated to " the proper management, administration, and investment of [ plan ] assets, the maintenance of proper records, the disclosure of specified information, and the avoidance of conflicts of interest. '' I kindly request your immediate attention to this matter and look forward to an update soon, as this information is not available on the SEC site or the entities listed on the documents in question.

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