Consumer complaint received 2023-12-16
Company: AMERICAN EXPRESS COMPANY
State: NC
Product: Credit card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
I the creditor/consumer and natural person was denied credit by American Express when I applied for a American Express gold card. I countered there offer to extend credit to me the applicant/creditor, applicant defined in [ 12 CFR 1002.2 ]. 

Per [ UCC section 1-201 ( 13 ) ] and [ 15 USC 1602 ( g ) ], I am defined as the creditor and my social security number, which is a credit card per [ 15 USC 1602 ( l ) ] and pursuant to section [ 1602 ( n ) ], I am the card holder. The law clearly conveys that banks can not lend there own money as there is no lawful money in circulation and debts can only be paid in gold or silver. Per Article 1, Section 10 of the U.S Constitution, stating that " No State shall make any Thing but gold and silver Coin a Tender in Payment of Debts. '' And your banking institution is creating credit based upon the consumers signature, taking consumers promise as obligations of the U.S., taking it to the U.S Treasury and then giving consumers their own credits. So pursuant to [ 15 USC 1691 ( a ) ( 3 ) ], I in good faith exercised my right under the CCPA, only to face unjust discrimination of extension of my own credit, a clear violation of [ 15 USC 1691 ( a ) ].

When I provided American Express with my social security number and name that in turn made it a security and the inquiry appearing on my consumer report is evidence that someone got paid. So I hereby put your organization on notice and would like to inform you that I never gave consent to this reporting. This report being furnished by you on my behalf. So I am holding you liable under the Gramm Leach Bliley Act. And I am hereby rescinding your companies right to sale my security to a third party. 

Adverse Action against a consumer is 100 % against the law according to the Equal Credit Opportunity Act which is codified in [ 15 USC 1691 ( a ) ] and [ 12 CFR 1002 ] and in pursuant to civil liability under [ 15 USC 1692 ( k ) ]. 

You are subject to criminal liability for violating 15 USC 1691 ( a ) as I have proof that I was discriminated against by American Express due to the response I received. 

Furthermore, because my social security number/credit card was used and I received no benefit, this is proof of fraudulent activity, unauthorized use of a credit card on behalf of American Express .

Your trust indenture, as outlined, appears to involve securities fraud by lack of proper disclosure to consumers as well as other clear violations of sharing my non public information to third parties without my consent, it reads as follows ; The Company periodically securitizes Card Member receivables and loans arising from its card business, including Card Member loans and receivables XXXX, through the transfer of those assets to securitization trusts. The trusts then issue debt securities to third-party investors, collateralized by the transferred assets. 
Card Member receivables are transferred to the American Express Issuance Trust II ( the Charge Trust ). Card Member loans are transferred to the American Express Credit Account Master Trust ( the Lending Trust, collectively the Trusts ). The Trusts are consolidated by American Express Travel Related Services Company , Inc. ( TRS ), which is a consolidated subsidiary of the Company. The Trusts are considered VIEs as they have insufficient equity at risk to finance their activities, which are to issue debt securities that are collateralized by the underlying Card Member receivables and loans. Details on the principles of consolidation can be found in the summary of significant accounting policies ( refer to Note 1 ). I would like to point out that this is in fact securities fraud. Proper disclosure is not provided to unsuspecting consumers. 

Our regulators, including regulatory examiners, are increasingly focused on ensuring that our privacy, data protection and information security-related policies and practices are adequate to inform customers of our data collection, use, sharing and/or security practices, to provide them with choices, if required, about how we use and share their information, and to safeguard their personal information in accordance with applicable privacy, data protection and information security laws. 

In the United States, certain of our businesses may be subject to the privacy, disclosure and information security provisions of the Gramm-Leach-Bliley Act ( GLBA ) and its implementing regulations and guidance. Among other things, the GLBA imposes certain limitations on the ability of a financial institution to share consumers nonpublic personal information with nonaffiliated third parties ; requires that a financial institution provide certain disclosures to consumers about its data collection, sharing and security practices and affords customers the right to opt out of the institutions disclosure of their personal financial information to nonaffiliated third parties ( with limited exceptions ), and requires the financial institution to develop, implement and maintain a written comprehensive information security program containing safeguards that are appropriate to the financial institutions size and complexity, the nature and scope of the financial institutions activities and the sensitivity of customer information processed by the financial institution. 

Fair Credit Reporting The FCRA regulates the disclosure of consumer credit reports by consumer reporting agencies and the use of consumer credit report information by banks and other companies. Among other things, FCRA places restrictions ( with limited exceptions ) on the sharing and use of certain personal financial and creditworthiness information of our customers with and by our affiliates. The FCRA was significantly amended by the enactment in 2003 of the FACT Act. The FACT Act requires any company that receives information concerning a consumer from an affiliate, subject to certain exceptions, to permit the consumer to opt out from having that information used to market the companys products to the consumer. We have implemented various mechanisms to allow our customers to opt out of affiliate sharing and of marketing by the Company and our affiliates, and we continue to review and enhance these mechanisms to ensure compliance with applicable laws, rules and regulations and a favorable customer experience.

Company response to consumer: Closed with explanation