Exhibit 34.1





Report of Independent Registered Public Accounting
Firm



The Board of Directors
SYNCHRONY FINANCIAL:



We have examined management’s assertion, included
in the accompanying Management’s Assessment of Compliance, that SYNCHRONY FINANCIAL (the Company) complied with the servicing
criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB for the Synchrony Credit Card Master
Note Trust asset-backed securities transactions for which the Company acted as servicer involving private label and co-branded credit
card receivables (such asset-backed securities transactions, the “Platform”), except for servicing criteria 1122(d)(1)(iii),
1122(d)(2)(i), 1122(d)(2)(ii), 1122(d)(2)(iii), 1122(d)(2)(v), 1122(d)(2)(vi), 1122(d)(2)(vii), 1122(d)(3)(iv), 1122(d)(4)(vi), 1122(d)(4)(vii),
1122(d)(4)(viii), 1122(d)(4)(ix), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii) and 1122(d)(4)(xiii), which the Company has determined
are not applicable to the activities it performs with respect to the Platform (the Servicing Criteria), as of and for the twelve months
ended December 31, 2021. The Company has determined that Servicing Criterion 1122(d)(1)(v) is applicable to the activities the Company
performs with respect to the Platform only as it relates to the conveyance of information in the monthly noteholder statements delivered
to the trustee. With respect to applicable Servicing Criteria 1122(d)(4)(iii) and 1122(d)(4)(xv), the Company has determined that there
were no activities performed during the twelve months ended December 31, 2021 with respect to the Platform because there were no occurrences
of events that would require the Company to perform such activities. Appendix B to Management’s Assessment of Compliance
identifies the individual asset-backed transactions and securities defined by management as constituting the Platform. Management is responsible
for the Company’s compliance with the Servicing Criteria. Our responsibility is to express an opinion on management’s assertion
about the Company’s compliance with the Servicing Criteria based on our examination.



Our examination was conducted in accordance with
the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards established
by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included examining, on a test
basis, evidence about the Company’s compliance with the Servicing Criteria and performing such other procedures as we considered
necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities that comprise the Platform,
testing selected servicing activities related to the Platform, and determining whether the Company processed those selected transactions
and performed those selected activities in compliance with the Servicing Criteria. Furthermore, our procedures were limited to the selected
transactions and servicing activities performed by the Company during the period covered by this report. Our procedures were not designed
to determine whether errors may have occurred either prior to or subsequent to our tests that may have affected the balances or amounts
calculated or reported by the Company during the period covered by this report for the selected transactions or any other transactions.
We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on
the Company’s compliance with the Servicing Criteria.



As described in the accompanying Management’s Assessment of
Compliance, for Servicing Criterion 1122(d)(4)(iv), the Company has engaged various vendors to perform the activities required by
this Servicing Criterion. The Company has determined that none of these vendors is considered a “servicer” as defined in Item
1101(j) of Regulation AB, and the Company has elected to take responsibility for assessing compliance with the Servicing Criterion applicable
to each vendor as permitted by the SEC’s Compliance and Disclosure Interpretation (C&DI) 200.06, Vendors Engaged by Servicers
(C&DI 200.06). As permitted by C&DI 200.06, the Company has asserted that it has policies and procedures in place designed to
provide reasonable assurance that the vendors’ activities comply in all material respects with the Servicing Criterion applicable
to each vendor. The Company is solely responsible for determining that it meets the SEC requirements to apply C&DI 200.06 for the
vendors and related Servicing Criterion as described in its assertion, and we performed no procedures with respect to the Company’s
eligibility to apply C&DI 200.06.



In our opinion, management’s assertion that
the Company complied with the aforementioned Servicing Criteria, including Servicing Criterion 1122(d)(4)(iv) for which compliance is
determined based on C&DI 200.06 as described above, as of and for the twelve months ended December 31, 2021 is fairly stated, in all
material respects.



/s/KPMG LLP



Chicago, Illinois
March 25, 2022