Exhibit 33.1









SYNCHRONY
FINANCIAL



Management’s Assessment of Compliance



| | 1. | Management of SYNCHRONY FINANCIAL (the “Company”) is responsible for assessing
compliance with the servicing criteria applicable to it under paragraph (d) of Item 1122 of Regulation AB of the Securities and
Exchange Commission, as of and for the twelve months ended December 31, 2019 (the “Reporting Period”), as set
forth in Appendix A hereto. Appendix B identifies the transactions covered by this report and includes asset-backed securities
transactions for which the Company acted as servicer involving private label and co-branded credit card receivables originated
through the retail card segment, as well as certain oil and gas credit card program receivables originated through the payment
solutions segment, of SYNCHRONY FINANCIAL (the “Platform”);
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | The Company has engaged a vendor, which is not a “servicer” as defined in Item 1101(j)
of Regulation AB (the “Vendor”), to perform specific, limited or scripted activities, and the Company’s
management elects to take responsibility for assessing compliance with the servicing criterion or portions of the servicing criterion
applicable to such Vendor’s activities as set forth in Appendix A hereto, as permitted by the SEC’s Compliance and
Disclosure Interpretation (“C&DI”) 200.06, Vendors Engaged by Servicers (C&DI 200.06). Management has
policies and procedures in place designed to provide reasonable assurance that the Vendor’s activities comply in all material
respects with the servicing criterion applicable to the Vendor. The Company’s management is solely responsible for determining
that it meets the SEC requirements to apply C&DI 200.06 for the Vendor and related criterion;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Except as set forth in paragraph 4 below, the Company used the criteria set forth in paragraph
(d) of Item 1122 of Regulation AB to assess the compliance with the applicable servicing criteria;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | The criteria listed in the column titled “Inapplicable Servicing Criteria” on Appendix
A hereto are inapplicable to the Company based on the activities it performs with respect to the Platform;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | The Company has complied, in all material respects, with the applicable servicing criteria as of
December 31, 2019 and for the Reporting Period with respect to the Platform taken as a whole;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6. | The Company has not identified and is not aware of any material instance of noncompliance by the
Vendor with the applicable servicing criterion as of December 31, 2019 and for the Reporting Period with respect to the Platform
taken as a whole;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7. | The Company has not identified any material deficiency in its policies and procedures to monitor
the compliance by the Vendor with the applicable servicing criterion as of December 31, 2019 and for the Reporting Period
with respect to the Platform taken as a whole; and
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8. | KPMG LLP, an independent registered public accounting firm, has issued an attestation report on
the Company’s assessment of compliance with the applicable servicing criteria for the Reporting Period.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













March 27, 2020



| | SYNCHRONY FINANCIAL
| | -------------------
| |                    
| | By:                

| | Name: | Eric Duenwald
| | ----- | -------------

| | Title: | Treasurer
| | ------ | ---------













APPENDIX A

|Servicing Criteria | Applicable 
Servicing Criteria                                                                                                                                                                                                                                                                                                                                                  |                                                          
|------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------
|Reference          | Criteria                                                                                                                                                                                                                                                                                                                                                                        | Performed
        Directly
        by
        the Company
|                   | General Servicing Considerations                                                                                                                                                                                                                                                                                                                                                |                                                          
|1122(d)(1)(i)      | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.                                                                                                                                                                                                                        | X                                                        
|1122(d)(1)(ii)     | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.                                                                                                                                                                            | X                                                        
|1122(d)(1)(iii)    | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.                                                                                                                                                                                                                                                               |                                                          
|1122(d)(1)(iv)     | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.                                                                                                               | X                                                        
|1122(d)(1)(v)      | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.                                                                                                                                                                                                                                         | X1                                                       
|                   | Cash Collection and Administration                                                                                                                                                                                                                                                                                                                                              |                                                          
|1122(d)(2)(i)      | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements.                                                                                                                                          |                                                          
|1122(d)(2)(ii)     | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.                                                                                                                                                                                                                                                           |                                                          
|1122(d)(2)(iii)    | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.                                                                                                                                                       |                                                          
|1122(d)(2)(iv)     | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.                                                                                                                           | X                                                        
|1122(d)(2)(v)      | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. |                                                          










1
Servicing criterion 1122(d)(1)(v) is applicable to the activities performed by the Company with respect to the Platform only as
it relates to the conveyance of information in the monthly noteholder statements delivered to the Trustee.













|Servicing Criteria | Applicable 
Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                          
|------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------
|Reference          | Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Performed
        Directly
        by
        the Company
|1122(d)(2)(vi)     | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |                                                          
|1122(d)(2)(vii)    | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. |                                                          
|                   | Investor Remittances and Reporting                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                          
|1122(d)(3)(i)      | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.                                              | X                                                        
|1122(d)(3)(ii)     | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | X                                                        
|1122(d)(3)(iii)    | Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | X                                                        
|1122(d)(3)(iv)     | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                          
|                   | Pool Asset Administration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                          
|1122(d)(4)(i)      | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset loan documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | X                                                        
|1122(d)(4)(ii)     | Pool asset and related documents are safeguarded as required by the transaction agreements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | X                                                        
|1122(d)(4)(iii)    | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | X                                                        













|Servicing Criteria | Applicable 
Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                          
|------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------
|Reference          | Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Performed
        Directly
        by
        the Company
|1122(d)(4)(iv)     | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.                                                                                                                                                                          | X                                                        
|1122(d)(4)(v)      | The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                             | X                                                        
|1122(d)(4)(vi)     | Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.                                                                                                                                                                                                                                                                                                                               |                                                          
|1122(d)(4)(vii)    | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.                                                                                                                                                                                                                                                                                |                                                          
|1122(d)(4)(viii)   | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).                                                                        |                                                          
|1122(d)(4)(ix)     | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                          
|1122(d)(4)(x)      | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |                                                          
|1122(d)(4)(xi)     | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.                                                                                                                                                                                       |                                                          
|1122(d)(4)(xii)    | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.                                                                                                                                                                                                                                                                                                                                                   |                                                          












2
Servicing criterion 1122(d)(4)(iv) is applicable to the activities performed by Vendors with respect to the Platform as it relates
to (x) the posting of certain payments on pool assets to the appropriate servicer’s obligor records and (y) allocation of
certain payments on pool assets to principal, interest or other items in accordance with the related pool asset documents.













|Servicing Criteria | Applicable 
Servicing Criteria                                                                                                                                                                            |                                                          
|------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------
|Reference          | Criteria                                                                                                                                                                                                  | Performed
        Directly
        by
        the Company
|1122(d)(4)(xiii)   | Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements. |                                                          
|1122(d)(4)(xiv)    | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.                                                                          | X                                                        
|1122(d)(4)(xv)     | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.                             | X3                                                       














3
With respect to servicing criterion 1122(d)(4)(xv), there were no activities performed during the twelve months ended December 31,
2019 with respect to the Platform because there were no occurrences of events that would require the Company to perform such activities.













APPENDIX B



Synchrony Credit Card Master Note Trust, Series
2012-2 Notes

Synchrony Credit Card Master Note Trust, Series
2012-7 Notes

Synchrony Credit Card Master Note Trust, Series
2014-VFN3 Notes

Synchrony Credit Card Master Note Trust, Series
2014-VFN4 Notes

Synchrony Credit Card Master Note Trust, Series
2014-VFN5 Notes

Synchrony Credit Card Master Note Trust, Series
2015-1 Notes

Synchrony Credit Card Master Note Trust, Series
2015-4 Notes

Synchrony Credit Card Master Note Trust, Series
2016-1 Notes

Synchrony Credit Card Master Note Trust, Series
2016-2 Notes

Synchrony Credit Card Master Note Trust, Series
2016-3 Notes

Synchrony Credit Card Master Note Trust, Series
2017-1 Notes

Synchrony Credit Card Master Note Trust, Series
2017-2 Notes

Synchrony Credit Card Master Note Trust, Series
2018-1 Notes

Synchrony Credit Card Master Note Trust, Series
2018-2 Notes

Synchrony Credit Card Master Note Trust, Series
2019-VFN1 Notes