# EDGAR Filing Document

**Accession Number:** 0001645731
**File Stem:** 0001407200-26-000014
**Filing Date:** 2026-3
**Character Count:** 100744
**Document Hash:** 41f779badc031e2555eddc9807da98be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001407200-26-000014.hdr.sgml**: 20260324

**ACCESSION NUMBER**: 0001407200-26-000014

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260324

**DATE AS OF CHANGE**: 20260324

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Card Execution Note Trust
- **CENTRAL INDEX KEY:** 0001407200
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 510020270
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-141703-02
- **FILM NUMBER:** 26786289

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 3023237315

**MAIL ADDRESS:**
- **STREET 1:** C/O DISCOVER BANK
- **STREET 2:** 800 PRIDES CROSSING SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Discover Funding LLC
- **CENTRAL INDEX KEY:** 0001645731
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 474047337
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-205455
- **FILM NUMBER:** 26786290

**BUSINESS ADDRESS:**
- **STREET 1:** 800 PRIDES CROSSING
- **STREET 2:** SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713
- **BUSINESS PHONE:** 303-323-7315

**MAIL ADDRESS:**
- **STREET 1:** 800 PRIDES CROSSING
- **STREET 2:** SUITE 100
- **CITY:** NEWARK
- **STATE:** DE
- **ZIP:** 19713

**<u>________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________</u>**

**<u>________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________

**FORM 10-K**

____________________________________

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| |
|:---|
| 🗷**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the fiscal year ended December 31, 2025** |
| **or** |
| ◻**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**  |

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| |
|:---|
| **Commission File Number of Issuing Entity: 333-141703-02** |
| **Central Index Key Number of Issuing Entity: 0001407200** |

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____________________________________

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| |
|:---|
| **DISCOVER CARD EXECUTION NOTE TRUST** |
| **(Exact Name of Issuing Entity as Specified in Its Charter)** |
| **(Issuer of the Notes)** |

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____________________________________

**Commission File Number of Depositor: 333-205455**

**Central Index Key Number of Depositor: 0001645731**

____________________________________

**DISCOVER FUNDING LLC**

**(Exact Name of Depositor as Specified in Its Charter)** 

____________________________________

**Central Index Key Number of Sponsor: 0000047288**

____________________________________

**CAPITAL ONE, NATIONAL ASSOCIATION**

**(as successor by merger to Discover Bank)**

**(Exact Name of Sponsor as Specified in Its Charter)** 

____________________________________

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| |
|:---|
| **Delaware** |
| **(State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity)** |
| **c/o Discover Funding LLC<br>800 Prides Crossing,<br>Suite 100<br>Newark, Delaware 19713** |
| **(Address of Principal Executive Offices of Issuing Entity)** |
| **(302) 323-7315** |
| **(Registrant**'**s telephone number, including area code)** |
| **Not Applicable** |
| **(I.R.S. Employer Identification No.)** |

---

____________________________________

**Securities registered pursuant to Section 12(b) of the Act:** 

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| N/A | N/A | N/A |

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**Securities registered pursuant to Section 12(g) of the Act: None**

____________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻ No 🗷

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ◻No 🗷

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗷No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes 🗷No ◻[Rule 405 of Regulation S-T is not applicable.]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company. or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ◻ |
| Non-accelerated filer | 🗷 | Smaller reporting company | ◻ |
| | | Emerging growth company | ◻ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻[Not Applicable]

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes ◻No 🗷

Registrant has no voting or non-voting common equity outstanding held by non-affiliates.

Documents Incorporated by Reference. **See Item 15(b).**

________________________________

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**EXPLANATORY NOTE**

As previously reported, on February 19, 2024, Capital One Financial Corporation (the "Corporation"), entered into an agreement and plan of merger with Discover Financial Services ("Discover"). On May 18, 2025, the Corporation closed the acquisition of Discover, pursuant to which (a) a wholly-owned subsidiary of the Corporation merged with and into Discover, with Discover as the surviving entity (the "Merger"), (b) immediately following the Merger, Discover, as the surviving entity, merged with and into the Corporation, with the Corporation as the surviving entity in the second-step merger (the "Second Step Merger"), and (c) immediately following the Second-Step Merger, Discover Bank, a Delaware-chartered and wholly owned subsidiary of Discover, merged with and into Capital One, National Association (the "Bank"), with the Bank as the surviving entity.

Upon the merger of Discover Bank with and into the Bank, the Bank assumed all rights, duties and obligations of Discover Bank in any capacity relating to Discover Card Master Trust I (the "Master Trust") and Discover Card Execution Note Trust (the "Note Issuance Trust"), including responsibility for originating credit card accounts and servicing the credit card receivables held by the Master Trust.

As previously reported, on December 18, 2025 (the "Defeasance Date"), Discover Funding LLC ("Discover Funding"), as Beneficiary on behalf of the Note Issuance Trust, defeased the outstanding DiscoverSeries Class A(2021-2) Notes, Class A(2023-1) Notes, and Class A(2023-2) Notes (collectively, the "Class A Notes") issued by the Note Issuance Trust pursuant to Section 1310 of the Second Amended and Restated Indenture, as amended, and a Defeasance Agreement, dated as of December 18, 2025. There were no other Class A DiscoverSeries Notes outstanding as of the Defeasance Date.

In connection with the defeasance, the original collateral securing the Note Issuance Trust's obligations with respect to the defeased Class A Notes, including the Series 2007-CC collateral certificate that represented a beneficial interest in the portfolio of credit card receivables held by the Master Trust, was released from the lien of the Indenture and was replaced by defeasance collateral consisting of U.S. Treasury bonds, cash, or a combination of both. The portfolio of credit card receivables held by the Master Trust was then reassigned to Discover Funding, and by Discover Funding to the Bank, and the Master Trust was terminated in accordance with the terms of the Fourth Amended and Restated Pooling and Servicing Agreement, as amended. Upon completion of the defeasance, the defeasance collateral became the sole source for the scheduled payments of principal of, and interest on, the defeased Class A Notes.

**PART I**

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:**

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| | |
|:---|:---|
| Item 1. | Business. |
| Item 1A. | Risk Factors. |
| Item 1C. | Cybersecurity. |
| Item 2. | Properties. |
| Item 3. | Legal Proceedings. |

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**Item 1B. Unresolved Staff Comments.**

Not applicable.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Substitute information provided in accordance with General Instruction J to Form 10–K:**

 **Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets (Financial Information).**

Prior to the Defeasance Date, the primary asset of the Note Issuance Trust was the Discover Card Master Trust I, Series 2007-CC collateral certificate, which represented an undivided interest in the Master Trust, whose assets included Discover Card receivables existing as of specified dates in designated accounts, which receivables were transferred to the Master Trust by Discover Bank or the Bank, as successor to Discover Bank, and Discover Funding LLC, as applicable. The investor interest in receivables for the Series 2007-CC collateral certificate reflected the aggregate nominal liquidation amount of notes issued by the Note Issuance Trust. The Master Trust, therefore, may have been considered a significant obligor in relation to the Note

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Issuance Trust from January 1, 2025 to the Defeasance Date. Pursuant to Instruction 3.b. to Item 1112(b) of Regulation AB, the information required by Instruction J to Form 10-K in respect of the Master Trust has been disclosed in this report on Form 10-K in lieu of the information otherwise contemplated by Item 1112(b).

From January 1, 2025 to the Defeasance Date, the pool assets held by the Master Trust did not include any significant obligors.

From the Defeasance Date to December 31, 2025, the primary assets of the Note Issuance Trust were and remain the defeasance collateral consisting of U.S. Treasury bonds, cash, or a combination of both. For more information concerning the defeasance, see "Explanatory Note" above.

**Item 1114(b)(2) of Regulation AB: Credit Enhancement and Other Support, Except for Certain Derivatives Instruments (Financial Information).**

Based on the standards set forth in Item 1114(b)(2) of Regulation AB, no information is required in response to this Item.

**Item 1115(b) of Regulation AB: Certain Derivatives Instruments (Financial Information).**

Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this Item.

**Item 1117 of Regulation AB: Legal Proceedings.**

Litigation claims and proceedings of all types are subject to many uncertain factors that generally cannot be predicted with assurance. Below we provide a description of certain legal proceedings and claims.

***Capital One, National Association***

The Corporation and the Bank are commonly subject to various pending and threatened legal actions relating to the conduct of their normal business activities. In the opinion of management, the ultimate aggregate liability, if any, arising out of all such pending or threatened legal actions is not expected to be material to security holders.

**U.S. Bank Trust Company, National Association (Successor to U.S. Bank National Association)**

U.S. Bank National Association ("U.S. Bank") and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees' purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.

U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs' claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the "DSTs") that issued securities backed by student loans (the "Student Loans") filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association ("U.S. Bank") in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans. This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the "NCMSLT Action"). The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans. Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated. On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases. On January 21, 2020, the Court entered an order consolidating for pretrial purposes the

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NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans, which remains pending.

U.S. Bank denies liability in the NCMSLT Action and believes it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs and that it has meritorious defenses. It has contested and intends to continue contesting the plaintiffs' claims vigorously.

U.S. Bank Trust Company, National Association has provided us with the information under the caption "U.S. Bank Trust Company, National Association (Successor to U.S. Bank National Association)" immediately above in response to the requirements of Regulation AB. Neither Capital One, National Association nor its affiliates is a party to such litigation. Other than the information regarding U.S. Bank Trust Company, National Association litigation immediately above and the information concerning U.S. Bank Trust Company, National Association specified in this Form 10-K under the caption "Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria" and in Exhibits 33.2 and 34.2 to this Form 10-K, U.S. Bank Trust Company, National Association has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

***Owner Trustee Litigation***

As of the date of the Form 10-K, to the best of Wilmington Trust Company's ("WTC") knowledge, there were no legal proceedings pending against WTC or of which any property of WTC was the subject, which would be material to security holders, nor were any such material proceedings known to be contemplated by any governmental authorities.

On February 3, 2026, certain investors served Wilmington Trust, National Association ("WTNA"), an affiliate of WTC, with a civil complaint, filed in the Supreme Court of the State of New York, County of New York, for an unspecified amount of damages arising from alleged breaches of contract and duties related to WTNA's roles as custodian and indenture trustee for certain Tricolor Holdings, LLC asset-backed securitization transactions. The plaintiffs generally assert causes of action related to WTNA's purported failure to comply with certain provisions related to waterfall payments, servicing transition costs and post-event of default duties and related to WTNA's purported failure to perform certain actions as custodian with respect to the related receivables. WTNA intends to vigorously defend itself against this legal action. WTNA does not believe that the ultimate resolution of this proceeding will have a materially adverse effect on the corporate trust services it provides.

WTC has provided us with the information under the caption "Owner Trustee Litigation" immediately above in response to the requirements of Regulation AB. Neither Capital One, National Association nor its affiliates is a party to such litigation. Other than the information regarding owner trustee litigation immediately above, WTC has not participated in the preparation of, and is not responsible for, any other information contained in this Form 10-K.

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**PART II**

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:**

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| | |
|:---|:---|
| Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
| Item 6. | [Reserved.] |
| Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
| Item 7A. | Quantitative and Qualitative Disclosures about Market Risk. |
| Item 8. | Financial Statements and Supplementary Data. |
| Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. |
| Item 9A. | Controls and Procedures. |
| **Item 9B:** | **Other Information.** |
| None. | None. |
| **Item 9C:** | **Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.** |
| Not applicable. | Not applicable. |

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**PART III**

**The following Items have been omitted in accordance with General Instruction J to Form 10–K:**

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| | |
|:---|:---|
| Item 10. | Directors, Executive Officers and Corporate Governance. |
| Item 11. | Executive Compensation. |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence. |
| Item 14. | Principal Accountant Fees and Services. |

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**Substitute information provided in accordance with General Instruction J to Form 10–K:**

**Item 1119 of Regulation AB: Affiliations and Certain Relationships and Related Transactions***.*

The Bank (as successor by merger to Discover Bank), which acts as the sponsor of its securitizations, is a wholly-owned subsidiary of the Corporation. Discover Funding LLC, which is a wholly owned subsidiary of the Bank, acts as depositor and beneficiary for the Note Issuance Trust and, prior to the Defeasance Date, as holder of the residual transferor interest of the Master Trust. Prior to the Defeasance Date, the Bank originated the credit card receivables generated under certain designated Discover card accounts and transferred such credit card receivables to Discover Funding LLC for further transfer to the Master Trust. Discover Bank and the owner trustee formed the Note Issuance Trust on July 2, 2007. Discover Bank transferred an undivided interest in the receivables and other assets of the Master Trust, represented by the Series 2007-CC collateral certificate, to the Note Issuance Trust to support the issuance of notes on July 26, 2007.

Prior to the Defeasance Date, the Bank (as successor by merger to Discover Bank) acted as master servicer for the Master Trust and was the only servicer under the Fourth Amended and Restated Pooling and Servicing Agreement with respect to the receivables. During the portion of the reporting period prior to the Defeasance Date, the Bank outsourced certain servicing functions to its affiliate, Discover Products Inc. ("DPI"). While DPI contracted with third-party service providers for certain services, the Bank is ultimately responsible for the overall servicing function.

For more information concerning (i) the merger of Discover Bank with and into the Bank, the Bank's succession to the rights, duties and obligations of Discover Bank in any capacity relating to Master Trust and the Note Issuance Trust, and (ii) the subsequent defeasance of the DiscoverSeries Class A Notes that remained outstanding as of the Defeasance Date, see "Explanatory Note" above.

**Item 1122 of Regulation AB: Compliance with Applicable Servicing Criteria.**

Each of (i) the Bank, as successor to Discover Bank, for itself, and on behalf of its affiliate DPI, and (ii) U.S. Bank Trust Company, National Association (each, a "Servicing Participant") has been identified by the registrant as a party participating in the servicing function with respect to the pool assets held by each of the Master Trust and the Note Issuance Trust. Each Servicing Participant has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a "Report on Assessment") as of, and for the twelve-month period ended, December 31, 2025, which Reports on Assessment are included as exhibits to this Form 10-K. In addition, each Servicing Participant has provided an attestation report (each, an "Attestation Report") by a registered independent public accounting firm regarding its related Report on Assessment. Each Attestation Report is attached as an exhibit to this Form 10-K.

Vendors

A Servicing Participant may engage one or more vendors to perform specific and limited, or scripted activities that address all or a portion of one or more servicing criteria applicable to such Servicing Participant. Generally in these cases, the Servicing Participant has instituted policies and procedures to monitor whether such vendors' activities comply in all material respects with such servicing criteria, and may elect to take responsibility for assessing compliance with the servicing criteria applicable to such vendors' activities in such Servicing Participant's Report on Assessment. Where the Servicing Participant has not instituted such policies and procedures, or where the Servicing Participant does not otherwise elect to take responsibility for assessing its vendors' activities, the vendor is itself treated as a Servicing Participant and is required to provide its own Report on Assessment and related Attestation Report.

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No Report on Assessment or related Attestation Report has identified (i) any material instance of noncompliance with the servicing criteria identified in such Report on Assessment as applicable to the related Servicing Participant or (ii) any material deficiency in such Servicing Participant's policies and procedures to monitor vendor compliance.

***Platform-Level Reports***

Regulations of the Securities and Exchange Commission ("SEC") require that each Servicing Participant complete a Report on Assessment at a "platform" level, meaning that the transactions covered by the Report on Assessment should include all asset-backed securities transactions involving such Servicing Participant that are backed by the same asset type. Further guidance from the SEC staff identifies additional parameters that a Servicing Participant may apply to define and further limit its platform. For example, a Servicing Participant may define its platform to include only transactions that were completed on or after January 1, 2006 and that were registered with the SEC pursuant to the Securities Act of 1933. Each Servicing Participant is responsible for defining its own platform, and each platform will naturally differ based on various factors, including the Servicing Participant's business model, the transactions in which it is involved and the range of activities performed in those transactions.

Based on our understanding of their platforms and the guidance that is available at this time, we believe that the parameters by which the Servicing Participants have defined their platforms should be permissible. However, because the guidance available at this time is subject to clarification or change, we cannot assure you that the SEC and its staff will necessarily agree.

**Item 1123 of Regulation AB: Servicer Compliance Statement.**

Each of the Bank, as successor to Discover Bank and for itself, and DPI has been identified by the registrant as a servicer meeting the criteria of Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB with respect to the pool assets held by each of the Master Trust and the Note Issuance Trust. Each of these servicers has provided a statement of compliance (a "Compliance Statement"), which has been signed by an authorized officer of such related servicer. Each Compliance Statement is attached as an exhibit to this Form 10-K.

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**PART IV**

**Item 15. Exhibits and Financial Statement Schedules.**

(a)(1) Not Applicable.

(a)(2) Not Applicable.

(a)(3) The exhibits required by Item 601 of regulation S-K are listed in the Exhibit Index.

(b) Exhibits.

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**Exhibit Index** 

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Amended and Restated Limited Liability Company Agreement of Discover Funding LLC, dated as of May 18, 2025, between Capital One, National Association and the Special Member of Discover Funding LLC (incorporated by reference to Exhibit 3.1.1 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex311.htm)</u> |
| 4.1 | <u>[Omnibus Securitization Agreements Assignment and Assumption Agreement, dated as of May 18, 2025, among Discover Bank, Discover Funding LLC and Capital One, National Association (incorporated by reference to Exhibit 4.1.1 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex411.htm)</u> |
| 4.2 | <u>[Amended and Restated Receivables Sale and Contribution Agreement, dated as of May 18, 2025, between Capital One, National Association and Discover Funding LLC (incorporated by reference to Exhibit 4.1.2 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex412.htm)</u>\* |
| 4.3 | <u>[Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025, among Capital One, National Association, Discover Funding LLC and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1.3 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025)](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex413.htm)</u>.\* |
| 4.4 | <u>[Second Amended and Restated Series 2007-CC Supplement, dated as of May 18, 2025, among Capital One, National Association, Discover Funding LLC and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1.4 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex414.htm)</u>\* |
| 4.5 | <u>[Amendment No. 1 to Fourth Amended and Restated Pooling and Servicing Agreement and Amendment No. 1 to Second Amended and Restated Series Supplement, dated as of December 18, 2025, among Capital One, National Association, Discover Funding LLC and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.3 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex43.htm)</u>\* |
| 4.6 | <u>[Collateral Certificate Transfer Agreement, between Discover Bank, as Depositor, and Discover Card Execution Note Trust, dated as of July 26, 2007 (incorporated by reference to Exhibit 4.4 to the Note Issuance Trust's Current Report on Form 8-K filed on July 27, 2007).](https://www.sec.gov/Archives/edgar/data/894327/000095013707010711/c17126exv4w4.htm)</u> |
| 4.7 | <u>[Series Termination Date Extension Agreement, between Discover Bank, as Master Servicer and as Servicer, Discover Funding LLC, as Transferor, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, dated as of January 31, 2023 (incorporated by reference to Exhibit 99.1 to the Note Issuance Trust's Current Report on Form 8-K filed on February 1, 2023).](https://www.sec.gov/Archives/edgar/data/894329/000119312523021644/d241989dex991.htm)</u> |
| 4.8 | <u>[Second Amended and Restated Indenture, dated as of May 18, 2025, between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1.5 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex415.htm)</u> |
| 4.9 | <u>[Amendment No. 1 to Second Amended and Restated Indenture, dated as of December 18, 2025, between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex41.htm)</u> |
| 4.10 | <u>[Third Amended and Restated Indenture Supplement, dated as of May 18, 2025, between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1.6 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex416.htm)</u> |
| 4.11 | <u>[Second Amended and Restated Trust Agreement, dated as of May 18, 2025, between Discover Funding LLC and Wilmington Trust Company (incorporated by reference to Exhibit 4.1.9 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex419.htm)</u> |
| 4.12 | <u>[Amendment No. 1 to Second Amended and Restated Trust Agreement, dated as of December 18, 2025, between Discover Funding LLC and Wilmington Trust Company (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex42.htm)</u> |
| 4.13 | <u>[Class A(2008-C) Terms Document between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of August 28, 2008 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on August 29, 2008).](https://www.sec.gov/Archives/edgar/data/894327/000119312508187659/dex41.htm)</u> |
| 4.14 | <u>[Omnibus Amendment to Indenture Supplement and Terms Documents, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of July 2, 2009 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on July 6, 2009).](https://www.sec.gov/Archives/edgar/data/894327/000119312509144429/dex41.htm)</u> |
| 4.15 | <u>[Class D(2009-1) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of July 2, 2009 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on July 6, 2009).](https://www.sec.gov/Archives/edgar/data/894327/000119312509144429/dex42.htm)</u>\* |
| 4.16 | <u>[Omnibus Amendment to Terms Documents, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of January 13, 2010 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on January 13, 2010).](https://www.sec.gov/Archives/edgar/data/894327/000119312510005582/dex41.htm)</u> |
| 4.17 | <u>[Class A(2010-D) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of November 23, 2010 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on November 23, 2010).](https://www.sec.gov/Archives/edgar/data/894327/000119312510267415/dex41.htm)</u> |
| 4.18 | <u>[Class A(2011-A) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of January 28, 2011 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on February 1, 2011).](https://www.sec.gov/Archives/edgar/data/894327/000119312511019867/dex41.htm)</u> |

---

------

4.19 <u>[Third Amendment to Class A(2008-C) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of August 30, 2013 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on August 30, 2013).](https://www.sec.gov/Archives/edgar/data/894327/000119312513353427/d591451dex41.htm)</u>

4.20 <u>[Class A(2015-A) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of June 19, 2015 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on June 22, 2015).](https://www.sec.gov/Archives/edgar/data/894327/000119312515230035/d944765dex41.htm)</u>

4.21 <u>[Class A(2019-A) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of June 25, 2019 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on June 28, 2019).](https://www.sec.gov/Archives/edgar/data/894327/000119312519186103/d762950dex41.htm)</u>

4.22 <u>[Class A(2021-2) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of September 27, 2021 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on September 28, 2021).](https://www.sec.gov/Archives/edgar/data/894327/000119312521285484/d219037dex42.htm)</u>

4.23 <u>[Class A(2022-1) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of February 22, 2022 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on February 22, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522048699/d302597dex41.htm)</u>

4.24 <u>[Class A(2022-2) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of May 26, 2022 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on May 26, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522161140/d355528dex41.htm)</u>

4.25 <u>[Class A(2022-3) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Indenture Trustee, dated as of August 9, 2022 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on August 10, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522217438/d368837dex41.htm)</u>

4.26 <u>[Class A(2022-4) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Indenture Trustee, dated as of November 28, 2022 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on November 29, 2022).](https://www.sec.gov/Archives/edgar/data/894329/000119312522294364/d370580dex41.htm)</u>

4.27 <u>[Omnibus Amendment to Specified Terms Documents, dated as of May 18, 2025, between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.1.7 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex417.htm)</u>

4.28 <u>[Class B(2023-1) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Indenture Trustee, dated as of January 31, 2023 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on February 1, 2023).](https://www.sec.gov/Archives/edgar/data/894329/000119312523021644/d241989dex41.htm)</u> \*

4.29 <u>[Class C(2023-1) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Indenture Trustee, dated as of January 31, 2023 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on February 1, 2023)](https://www.sec.gov/Archives/edgar/data/894329/000119312523021644/d241989dex42.htm)</u>.\*

4.30 <u>[Class A(2023-1) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Indenture Trustee, dated as of April 11, 2023 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on April 12, 2023).](https://www.sec.gov/Archives/edgar/data/894329/000119312523099310/d483051dex41.htm)</u>

4.31 <u>[Class A(2023-2) Terms Document, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Indenture Trustee, dated as of June 28, 2023 (incorporated by reference to Exhibit 4.1 to the Note Issuance Trust's Current Report on Form 8-K filed on June 29, 2023).](https://www.sec.gov/Archives/edgar/data/894329/000119312523178715/d527181dex41.htm)</u> \*

4.32 <u>[Omnibus Amendment to Specified Risk Retention Agreements, dated as of May 18, 2025, between Discover Card Execution Note Trust and Capital One, National Association (incorporated by reference to Exhibit 4.1.8 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex418.htm)</u>

4.33 <u>[Class A(2021-2) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of September 27, 2021 (incorporated by reference to Exhibit 4.4 to the Note Issuance Trust's Current Report on Form 8-K filed on September 28, 2021).](https://www.sec.gov/Archives/edgar/data/894327/000119312521285484/d219037dex44.htm)</u> \*

4.34 <u>[Class A(2022-1) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of February 22, 2022 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on February 22, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522048699/d302597dex42.htm)</u>

4.35 <u>[Class A(2022-2) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of May 26, 2022 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on May 26, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522161140/d355528dex42.htm)</u>

4.36 <u>[Class A(2022-3) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of August 9, 2022 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on August 10, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522217438/d368837dex42.htm)</u>

4.37 <u>[Class A(2022-4) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of November 28, 2022 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on November 29, 2022).](https://www.sec.gov/Archives/edgar/data/894329/000119312522294364/d370580dex42.htm)</u>

4.38 <u>[Class A(2023-1) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of April 11, 2023 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on April 12, 2023).](https://www.sec.gov/Archives/edgar/data/894329/000119312523099310/d483051dex42.htm)</u> \*

4.39 <u>[Class A(2023-2) Risk Retention Agreement, among Discover Card Execution Note Trust, as Issuer, Discover Bank and Discover Funding LLC, dated as of June 28, 2023 (incorporated by reference to Exhibit 4.2 to the Note Issuance Trust's Current Report on Form 8-K filed on June 29, 2023).](https://www.sec.gov/Archives/edgar/data/894329/000119312523178715/d527181dex42.htm)</u> \*

4.40 <u>[Defeasance Agreement, dated as of December 18, 2025, by and among Discover Card Execution Note Trust, U.S. Bank Trust Company, National Association and U.S. Bank National Association (incorporated by reference to Exhibit 4.4 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex44.htm)</u>

------

4.41 <u>[Reassignment and Release, dated as of December 18, 2025, among Discover Funding LLC, among Discover Funding LLC, Capital One, National Association and U.S. Bank Trust Company, National Association (incorporated by reference to Exhibit 4.5 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex45.htm)</u>

4.42 <u>[Reconveyance of Receivables, dated as of December 18, 2025, between Discover Funding LLC and Capital One, National Association (incorporated by reference to Exhibit 4.6 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex46.htm)</u>

4.43 <u>[Omnibus Termination Acknowledgement, dated as of December 18, 2025, among Discover Card Execution Note Trust, Discover Funding LLC and Capital One, National Association (incorporated by reference to Exhibit 4.8 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex48.htm)</u>

10.1 <u>[Fourth Amended and Restated Master Services Agreement, between Discover Financial Services, Discover Bank and other affiliated entities party thereto, dated as of May 9, 2024 (incorporated by reference to Exhibit 99.1 to the Note Issuance Trust's Current Report on Form 8-K filed on February 19, 2025).](https://www.sec.gov/Archives/edgar/data/894327/000119312525029716/d937072dex991.htm)</u>

10.2 <u>[Fifth Amended and Restated Services Addendum, between Discover Products Inc. and Discover Bank, dated as of April 3, 2023 (incorporated by reference to Exhibit 10.2 to the Note Issuance Trust's Annual Report on Form 10-K filed on March 21, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525059493/d937406dex102.htm)</u>

10.3 <u>[Collateral Account Control Agreement, between Discover Card Execution Note Trust, as Grantor, U.S. Bank National Association, as Secured Party, and U.S. Bank National Association, as Securities Intermediary, dated as of July 26, 2007 (incorporated by reference to Exhibit 10.1 to the Note Issuance Trust's Current Report on Form 8-K filed on July 27, 2007).](https://www.sec.gov/Archives/edgar/data/894327/000095013707010711/c17126exv10w1.htm)</u> \*

10.4 <u>[Amendment No. 1 to Collateral Account Control Agreement, between Discover Card Execution Note Trust, as Grantor, U.S. Bank Trust Company, National Association (as successor U.S. Bank National Association), as Secured Party, and U.S. Bank National Association, as Securities Intermediary, dated as of July 1, 2022 (incorporated by reference to Exhibit 99.2 to the Note Issuance Trust's Current Report on Form 8-K filed on July 1, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522187289/d566327dex992.htm)</u> \*

10.5 <u>[Amended and Restated Asset Representations Review Agreement, dated as of May 18, 2025, among Discover Card Execution Note Trust, Capital One, National Association and FTI Consulting, Inc. (incorporated by reference to Exhibit 4.1.10 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex4110.htm)</u>

10.6 <u>[Termination and Consent Agreement relating to the Asset Representations Review Agreement, dated as of December 18, 2025, among Discover Card Execution Note Trust, Capital One, National Association, and FTI Consulting, Inc. (incorporated by reference to Exhibit 4.7 to the Note Issuance Trust's Current Report on Form 8-K filed on December 19, 2025).](https://www.sec.gov/Archives/edgar/data/1407200/000119312525326465/d24119dex47.htm)</u>

10.7 <u>[Amended and Restated Securities Account Control Agreement, dated as of May 18, 2025, among Discover Funding LLC, Capital One, National Association, U.S. Bank Trust Company, National Association, and U.S. Bank National Association (incorporated by reference to Exhibit 4.1.11 to the Note Issuance Trust's Current Report on Form 8-K filed on May 20, 2025)](https://www.sec.gov/Archives/edgar/data/1407200/000119312525123112/d920729dex4111.htm)</u>.\*

10.8 <u>[Series 2007-CC Investor Certificate, by Discover Bank and authenticated by U.S. Bank Trust Company, National Association, as Trustee, dated as of July 1, 2022 (incorporated by reference to Exhibit 99.3 to the Note Issuance Trust's Current Report on Form 8-K filed on July 1, 2022).](https://www.sec.gov/Archives/edgar/data/894327/000119312522187289/d566327dex993.htm)</u> \*

31.1 <u>[Certification of Discover Funding LLC pursuant to Rule 13a-14(d)/15d-14(d) under the Securities Exchange Act of 1934.](dcentexhibit31125.htm)</u>

33.1 <u>[Report on Assessment of Compliance with Servicing Criteria for Capital One, National Association, as successor to Discover Bank](dcentexhibit33125.htm) [,](dcentexhibit33125.htm) [for itself](dcentexhibit33125.htm) [,](dcentexhibit33125.htm) [and on behalf of its affiliate Discover Products Inc.](dcentexhibit33125.htm)</u>

33.2 <u>[Report on Assessment of Compliance with Servicing Criteria for U.S. Bank Trust Company, National Association.](dcentexhibit33225.htm)</u>

34.1 <u>[Attestation Report of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to Capital One, National Association](dcentexhibit34125.htm) [, as](dcentexhibit34125.htm) [successor](dcentexhibit34125.htm) [to Discover Bank, for itself, and on behalf of](dcentexhibit34125.htm) [its affiliate Discover Products Inc.](dcentexhibit34125.htm)</u>

34.2 <u>[Attestation Report of Ernst & Young on Assessment of Compliance with Servicing Criteria relating to U.S. Bank Trust Company, National Association.](dcentexhibit34225.htm)</u>

35.1 <u>[Servicer Compliance Statement of Capital One, National Association, as successor to Discover Bank and for itself.](dcentexhibit35125.htm)</u>

35.2 <u>[Servicer Compliance Statement of Discover Products Inc.](dcentexhibit35225.htm)</u>

__________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each exhibit marked with an asterisk denotes an agreement or other document that has been terminated or cancelled in connection with the defeasance that occurred on December 18, 2025.

(c) Not Applicable.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp; Form 10-K Summary.**

Not Applicable.

------

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **Discover Funding LLC, as Depositor to Discover Card Execution Note Trust** | **Discover Funding LLC, as Depositor to Discover Card Execution Note Trust** |
| By: | /s/ Franco E. Harris |
| Name: | \*Franco E. Harris |
| Title: | President |
| Date: | March 24, 2026 |
|  | \* Franco E. Harris is the senior officer in charge of securitization of Discover Funding LLC |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO RULE 13a-14(d)/15d-14(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

I, Franco E. Harris, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this report on Form 10-K of Discover Card Execution Note Trust (the "Exchange Act periodic reports");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period covered by this report is included in the Exchange Act periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Based on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreement in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.All of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in this report on Form 10-K.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association).

Date: March 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Franco E. Harris |
| Name: | \*Franco E. Harris |
| Title: | President |
|  | Discover Funding LLC |
|  | \*Franco E. Harris is the senior officer in charge of securitization of Discover Funding LLC |

---

## Exhibit 33.1

**Exhibit 33.1**

**CAPITAL ONE, NATIONAL ASSOCIATION**

**REPORT ON ASSESSMENT OF COMPLIANCE WITH SERVICING CRITERIA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Capital One, National Association (the "Asserting Party") is responsible for assessing compliance with the servicing criteria applicable to it, as successor to Discover Bank for the period from January 1, 2025 to May 18, 2025, and for itself for the period from May 18, 2025 to December 31, 2025, and its affiliate Discover Products Inc. for the period from January 1, 2025 to December 18, 2025, under paragraph (d) of Item 1122 of Regulation AB, as of and for the year ended December 31, 2025 (the "Reporting Period"), as set forth in Appendix B hereto. The transactions covered by this report include (a) asset-backed securities transactions involving credit card receivables conducted by Discover Card Master Trust I and Discover Card Execution Note Trust where the related asset-backed securities were outstanding during the portion of the Reporting Period from January 1, 2025 to December 18, 2025 (the "Pre-Defeasance Period") for which the Asserting Party or Discover Products Inc. acted as servicer (the "Pre-Defeasance Platform") and (b) those asset-backed securities transactions described in clause (a) above that were defeased and, thereafter, supported by defeasance collateral consisting of U.S. Treasury bonds, cash, or a combination of both (the "Defeasance Collateral"), where the related asset-backed securities were outstanding during the portion of the Reporting Period from December 18, 2025 to December 31, 2025 (the "Post-Defeasance Period") for which the Asserting Party acted as servicer (the "Post-Defeasance Platform" and together with the Pre-Defeasance Platform, the "Platform"), as listed in Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as set forth in paragraph 3 below, the Asserting Party used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess the compliance by (a) each of the Asserting Party and Discover Products Inc. with the applicable servicing criteria as of December 31, 2025 and for the Pre-Defeasance Period with respect to the Pre-Defeasance Platform taken as a whole and (b) the Asserting Party with the applicable servicing criteria as of December 31, 2025 and for the Post-Defeasance Period with respect to the Post-Defeasance Platform taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The criteria listed in the column titled "Inapplicable Servicing Criteria" on Appendix B hereto are inapplicable to the Asserting Party and Discover Products Inc. based on the activities that each performs with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Asserting Party and Discover Products Inc. have complied, in all material respects, with the applicable servicing criteria as of December 31, 2025 and for the Pre-Defeasance Period with respect to the Pre-Defeasance Platform taken as a whole. The Asserting Party has complied, in all material respects, with the applicable servicing criteria as of December 31, 2025 and for the Post-Defeasance Period with respect to the Post-Defeasance Platform taken as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ernst & Young LLP, a registered public accounting firm, has issued an attestation report on the Asserting Party's assessment of compliance with (a) the applicable servicing criteria as of December 31, 2025 and for the Pre-Defeasance Period with respect to the Pre-Defeasance Platform and (b) the applicable servicing criteria as of December 31, 2025 and for the Post-Defeasance Period with respect to the Post-Defeasance Platform.

March 24, 2026

**CAPITAL ONE, NATIONAL ASSOCIATION**

---

| | |
|:---|:---|
| By: | /s/ MARK DANIEL MOUADEB |
| Name: | Mark Daniel Mouadeb |
| Title: | President, Card |

---

------

APPENDIX A

**Series 2007-CC:**

Class A (2008-C) DiscoverSeries Notes

Class A (2010-D) DiscoverSeries Notes

Class A (2011-A) DiscoverSeries Notes

Class A (2015-A) DiscoverSeries Notes

Class A (2019-A) DiscoverSeries Notes

Class A (2021-2) DiscoverSeries Notes\*

Class A (2022-1) DiscoverSeries Notes

Class A (2022-2) DiscoverSeries Notes

Class A (2022-3) DiscoverSeries Notes

Class A (2022-4) DiscoverSeries Notes

Class A (2023-1) DiscoverSeries Notes\*

Class A (2023-2) DiscoverSeries Notes\*

Class B (2023-1) DiscoverSeries Notes

Class C (2023-1) DiscoverSeries Notes

Class D (2009-1) DiscoverSeries Notes

_____________

\*Each transaction marked with an asterisk (\*) denotes a transaction that was defeased on December 18, 2025. All of the transactions listed in this Appendix A are part of the Pre-Defeasance Platform; only those transactions marked with an asterisk (\*) are part of the Post-Defeasance Platform.

------

**Appendix B. Regulation AB Item 1122 Applicable Servicing Criteria Details** 

*ICRODOT [{'title': 'Data Security Classification', 'text': 'Internal'}]_END* 

*ᴅʟᴘ_MICRODOT [{'title': 'Data Security Classification', 'text': 'Internal'}]_END* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SERVICING CRITERIA** | **SERVICING CRITERIA** | **APPLICABLE**<br>**SERVICING CRITERIA**<sup>(1)</sup> | **APPLICABLE**<br>**SERVICING CRITERIA**<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;**INAPPLICABLE SERVICING**<br>**CRITERIA** |
|  |  | &nbsp;&nbsp;&nbsp;Performed directly by Asserting Party | &nbsp;&nbsp;&nbsp;Performed by<br>Vendor(s) for<br>which Asserting Party Takes<br>Responsibility |  |
|  | **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. |  |  | **X** |
| 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. | **X** | **X**<sup>(2)(3)</sup> |  |
|  | **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 following receipt, or such other number of days specified in the transaction agreements. | **X**<sup>(4)</sup> | **X**<sup>(2)</sup> |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | **X**<sup>(5)</sup> |  |  |
| 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. |  |  | **X** |
| 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 §240.13k-1(b)(1) of this chapter. |  |  | **X** |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  |  | **X** |
| 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: (A) are mathematically accurate; (B) are prepared within 30 calendar days after the bank statement cut-off date, or such other number of days specified in the transaction agreements; (C) are 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. | **X** |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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**<sup>(6)</sup> |  |  |
| 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. |  |  | **X** |
|  | **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 documents. |  |  | **X** |
| 1122(d)(4)(ii) | Pool assets 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**<sup>(7)</sup> |  |  |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable 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** | **X**<sup>(2)</sup> |  |
| 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. | **X** |  |  |
| 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. | **X** | **X**<sup>(3)</sup> |  |
| 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). | **X** | **X**<sup>(3)</sup> |  |
| 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. | **X** |  |  |

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| | | | |
|:---|:---|:---|:---|
| 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. |  | **X** |
| 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. |  | **X** |
| 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. |  | **X** |
| 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. |  | **X** |
| 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. |  | **X** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For the Pre-Defeasance Platform, each of the criteria listed in the column titled "Applicable Servicing Criteria" in this Appendix B is applicable to the Asserting Party and Discover Products Inc., in the manner and to the extent described in this Appendix B. For the Post-Defeasance Platform, 1122(d)(1)(i), 1122(d)(1)(v), 1122(d)(2)(ii), 1122(d)(2)(vii), 1122(d)(3)(i), 1122(d)(3)(ii) and 1122(d)(4)(iii) are the only servicing criteria that are applicable to the Asserting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)With respect to servicing criteria 1122(d)(1)(v), 1122(d)(2)(i) and 1122(d)(4)(iv), the Asserting Party has engaged vendors to perform certain limited payment activities required by these servicing criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)With respect to servicing criteria 1122(d)(1)(v), 1122(d)(4)(vii) and 1122(d)(4)(viii), the Asserting Party has engaged vendors to perform the collection activities required by these servicing criteria for a limited number of accounts that were delegated to such vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)1122(d)(2)(i): The Asserting Party was responsible for sending payments on the pool assets to the trustee for the transactions included in the Asserting Party's Platform. The trustee was responsible for depositing such payments on the pool assets into the appropriate custodial bank accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)1122(d)(2)(ii): The Asserting Party was responsible for providing disbursements instructions. The trustee was responsible for executing disbursements to investors at the direction of the Asserting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)1122(d)(3)(ii): The Asserting Party was responsible for the allocation of funds due to investors. The trustee was responsible for remitting such funds to investors at the direction of the Asserting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)1122(d)(4)(iii): On December 18, 2025, the pool assets were substituted with the Defeasance Collateral.

## Exhibit 33.2

**Exhibit 33.2**

Management's Assertion

Report on Assessment of Compliance with Applicable Servicing Criteria

Management of U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively "U.S. Bank") is responsible for assessing compliance as of and for the year ended December 31, 2025, with the servicing criteria set forth in Item 1122 (d) of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the **U.S. Bank Corporate Trust Asset-Backed Securities Platform**<sup>1</sup> **(the "Platform")**

U.S. Bank hereby provides the following report on its assessment of compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.U.S. Bank is responsible for assessing its compliance with the servicing criteria applicable to it as noted on the accompanying Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as set forth in paragraph 3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation AB to assess its compliance with the applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The criteria listed in the column titled "Inapplicable Servicing Criteria" on Exhibit A hereto are inapplicable to U.S. Bank based on the servicing activities it performs directly with respect to the Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.U.S. Bank has complied, in all material respects, with the applicable servicing criteria as of and for the year ended December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S. Bank's assessment of compliance with the applicable servicing criteria as of and for the year ended December 31, 2025.

<sup>1</sup>The U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.

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| |
|:---|
| U.S. BANK NATIONAL ASSOCIATION |
| /s/ Joe Nardi |
| Name: Joe Nardi |
| Title: Executive Vice President |
| U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION |
| /s/ Joe Nardi |
| Name: Joe Nardi |
| Title: Executive Vice President |

---

Dated: February 26, 2026

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EXHIBIT A to Management's Assertion

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| | **General Servicing Considerations** | | |
| &nbsp;&nbsp;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** |  |
| &nbsp;&nbsp;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. | <br>**X**<sup>2</sup> |  |
| &nbsp;&nbsp;1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the Pool Assets are maintained. |  | **X** |
| &nbsp;&nbsp;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** |  |
| &nbsp;&nbsp;<br>1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | <br>**X**<sup>3</sup> |  |
|  | **Cash Collection and Administration** |  |  |
| &nbsp;&nbsp;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 following receipt, or such other number of days specified in the transaction agreements. | **X** |  |
| &nbsp;&nbsp;<br>1122(d)(2)(ii) | <br>Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | <br>**X** |  |
| &nbsp;&nbsp;<br>1122(d)(2)(iii) | <br>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. | <br>**X**<sup>4</sup> |  |
| &nbsp;&nbsp;1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | **X** |  |
| &nbsp;&nbsp;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.  | **X** |  |
| &nbsp;&nbsp;1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. | **X** |  |

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<sup>2</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>3</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

<sup>4</sup> No servicing activities were performed by the Company that required the servicing criteria to be complied with.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(2)(vii) | <br>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. | <br>**X** |  |
|  | **Investor Remittances and Reporting** |  |  |
| &nbsp;&nbsp;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** |  |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(3)(ii) | <br>Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | <br>**X** |  |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(3)(iii) | <br>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. | <br>**X** |  |
| &nbsp;&nbsp;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. | **X** |  |
|  | **Pool Asset Administration** |  |  |
| &nbsp;&nbsp;1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. |  | **X** |
| &nbsp;&nbsp;1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. |  | **X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(iii) | <br>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. | <br>**X** |  |
| &nbsp;&nbsp;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** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reference** | **Servicing Criteria** | **Applicable Servicing Criteria** | **Inapplicable Servicing Criteria** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(v) | <br>The Servicer's records regarding the pool assets agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(vi) | <br>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. |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(vii) | <br>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. |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(viii) | <br>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). |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(ix) | <br>Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(x) | <br>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;<br>(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. |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>1122(d)(4)(xi) | <br>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<br>received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  | <br>**X** |
| &nbsp;&nbsp;&nbsp;<br>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. |  | <br>**X** |
| <br>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. |  | <br>**X** |
| <br>1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  | <br>**X** |
| <br>1122(d)(4)(xv) | <br>Any external enhancement or other support, identified in Item 1114(a)(1) through<br>(3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | <br>**X** |  |

---

## Exhibit 34.1

**Exhibit 34.1**

**Report of Independent Registered Public Accounting Firm**

Capital One, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with SEC Regulation AB Servicing Criteria, that Capital One, National Association ("CONA") as successor to Discover Bank for the period from January 1, 2025 to May 18, 2025, and for itself for the period from May 18, 2025 to December 31, 2025, and its affiliate Discover Products Inc. for the period from January 1, 2025 to December 18, 2025 (together the "Company") complied with the servicing criteria set forth in Item 1122 (d) of the Securities and Exchange Commission's Regulation AB for (a) asset-backed securities transactions involving credit card receivables conducted by Discover Card Master Trust I and Discover Card Execution Note Trust where the related asset-backed securities were outstanding during the portion of the Reporting Period from January 1, 2025 to December 18, 2025 (the "Pre-Defeasance Period") for which CONA or Discover Products Inc. acted as servicer (the "Pre-Defeasance Platform") and (b) those asset-backed securities transactions described in clause (a) above that were defeased and, thereafter, supported by defeasance collateral consisting of U.S. Treasury bonds, cash, or a combination of both (the "Defeasance Collateral"), where the related asset-backed securities were outstanding during the portion of the Reporting Period from December 18, 2025 to December 31, 2025 (the "Post-Defeasance Period") for which CONA acted as servicer (the "Post-Defeasance Platform" and together with the Pre-Defeasance Platform, the "Platform"), as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(1)(iv), 1122(d)(2)(iii), 1122(d)(2)(iv), 1122(d)(2)(v), 1122(d)(2)(vi), 1122(d)(3)(iii), 1122(d)(3)(iv), 1122(d)(4)(i), 1122(d)(4)(x), 1122(d)(4)(xi), 1122(d)(4)(xii), 1122(d)(4)(xiii) and 1122(d)(4)(xv) which the Company has determined are not applicable to the activities performed by them with respect to the servicing Platform covered by this report for the Pre-Defeasance Period and the Post Defeasance Period, and except for 1122(d)(1)(ii), 1122(d)(2)(i), 1122(d)(4)(ii), 1122(d)(4)(iv), 1122(d)(4)(v), 1122(d)(4)(vi), 1122(d)(4)(vii), 1122(d)(4)(viii), 1122(d)(4)(ix), and 1122(d)(4)(xiv) which the Company has determined are also not applicable to the activities performed by them with respect to the Post-Defeasance Platform covered by this report for the Post Defeasance Period. See Appendix A of management's Report on Assessment of Compliance with Servicing Criteria for the asset-backed securities transactions covered by this Platform. Management is responsible for the Company's compliance with those 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 attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset backed transactions and securities that comprise the Platform, testing of less than all of the 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 and as permitted by Regulation AB Compliance and Disclosure Interpretations of the Division of Corporation Finance, Section 200.06, "Vendors Engaged by Servicers" (C&DI 200.06). 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 the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

As described in management's assertion, for servicing criteria 1122 (d)(1)(v), 1122(d)(2)(i), 1122(d)(4)(iv), 1122(d)(4)(vii) and 1122(d)(4)(viii) the Company has engaged various vendors to perform the activities required by these servicing criteria. The Company has determined that these vendors are not 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 applicable servicing criteria applicable to each vendor as permitted by 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 servicing criteria 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 criteria 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 servicing criteria set forth in Item 1122 (d) of the Securities and Exchange Commission's Regulation AB, including servicing criteria 1122 (d)(1)(v), 1122(d)(2)(i), 1122(d)(4)(iv), 1122(d)(4)(vii) and 1122(d)(4)(viii) for which compliance is determined based on C&DI 200.06 as described above, as of and for the year ended December 31, 2025 for the Platform, is fairly stated, in all material respects.

/s/ Ernst & Young LLP

March 24, 2026

## Exhibit 34.2

**Exhibit 34.2**

**Report of Independent Registered Public Accounting Firm**

The Board of Directors

U.S. Bank National Association and U.S. Bank Trust Company, National Association

We have examined management's assertion, included in the accompanying Report on Assessment of Compliance with Applicable Servicing Criteria, that U.S. Bank National Association and U.S. Bank Trust Company, National Association (collectively, the "Company") complied with the servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission's Regulation AB for the U.S. Bank Corporate Trust Asset-Backed Securities Platform (the "Platform"), for which the Company provides trustee, securities administration, registrar and paying agent services, as of and for the year ended December 31, 2025, except for servicing criteria 1122(d)(1)(iii), 1122(d)(4)(i)-(ii), and 1122(d)(4)(iv)-(xiv), which the Company has determined are not applicable to the activities it performs with respect to the servicing platform covered by this report. Management is responsible for the Company's compliance with those 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 attestation standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform, testing of less than all of the 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. Although the Company is responsible for assessing compliance with Items 1122(d)(1)(ii), 1122(d)(1)(v), and 1122(d)(2)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended December 31, 2025 that required these servicing criteria to be complied with. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our examination engagement.

Our examination does not provide a legal determination on the Company's compliance with the servicing criteria.

In our opinion, management's assertion that the Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2025, for the U.S. Bank Corporate Trust Asset-Backed Securities Platform is fairly stated, in all material respects.

/s/ Ernst & Young LLP

Minneapolis, Minnesota

February 26, 2026

## Exhibit 35.1

**Exhibit 35.1**

**SERVICER COMPLIANCE STATEMENT**

**DISCOVER CARD EXECUTION NOTE TRUST** 

Discover Card Execution Note Trust

c/o Discover Funding LLC

800 Prides Crossing, Suite 100

Newark, Delaware 19713

In connection with the Annual Report on Form 10-K of Discover Card Execution Note Trust, as the issuing entity in respect of the notes, for the fiscal year ended December 31, 2025 (the "Report"), the undersigned, a duly authorized officer of Capital One, National Association, as successor to Discover Bank for the period from January 1, 2025 to May 18, 2025, and for itself for the period from May 18, 2025 to December 31, 2025 (the "Servicer"), does hereby certify and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A review of the activities and performance of the Servicer (x) for the period from January 1, 2025 to December 18, 2025 (the "Pre-Defeasance Period") under (i) the Third Amended and Restated Pooling and Servicing Agreement, dated as of December 22, 2015, as amended, among Discover Bank, as Master Servicer and Servicer, Discover Funding LLC, as Transferor, and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee, (ii) the Fourth Amended and Restated Pooling and Servicing Agreement, dated as of May 18, 2025, among Capital One, National Association (as successor by merger to Discover Bank), Discover Funding LLC and U.S. Bank Trust Company, National Association, (iii) the Amended and Restated Indenture, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, dated as of December 22, 2015 and (iv) the Second Amended and Restated Indenture, dated as of May 18, 2025 (the "Second Amended and Restated Indenture"), between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association (collectively, the "Pre-Defeasance Agreements") during the Pre-Defeasance Period that is the subject of the Report, and (y) for the period from December 18, 2025 to December 31, 2025 (the "Post-Defeasance Period") under the Second Amended and Restated Indenture, as amended by Amendment No. 1 to Second Amended and Restated Indenture, dated as of December 18, 2025, between Discover Card Execution Note Trust and U.S. Bank Trust Company, National Association (as so amended, the "Post-Defeasance Agreement"), in each case, has been made under my supervision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under (x) the Pre-Defeasance Agreements in all material respects throughout the Pre-Defeasance Period and (y) under the Post-Defeasance Agreement in all material respects throughout the Post-Defeasance Period, in each case, that is the subject of the Report.

IN WITNESS WHEREOF, the undersigned has duly executed this Servicer Compliance Statement this 24th day of March, 2026.

**CAPITAL ONE, NATIONAL ASSOCIATION**

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| | |
|:---|:---|
| By: | /s/ MARK DANIEL MOUADEB |
| Name: | Mark Daniel Mouadeb |
| Title: | President, Card |

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## Exhibit 35.2

**Exhibit 35.2**

**SERVICER COMPLIANCE STATEMENT** 

**DISCOVER CARD EXECUTION NOTE TRUST**

Discover Card Execution Note Trust

c/o Discover Funding LLC

800 Prides Crossing, Suite 100

Newark, Delaware 19713

In connection with the Annual Report on Form 10-K of Discover Card Execution Note Trust, as the issuing entity in respect of the notes, for the fiscal year ended December 31, 2025 (the "Report"), the undersigned, a duly authorized officer of Discover Products Inc. (the "Servicer"), does hereby certify and represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A review of the activities of the Servicer during the period from January 1, 2025 to December 18, 2025 and of its performance under the Fourth Amended and Restated Master Services Agreement, among Capital One Financial Corporation (as successor to Discover Financial Services), Capital One, National Association (as successor to Discover Bank), the Servicer and other affiliated entities thereto, dated as of May 9, 2024, as supplemented by the Fifth Amended and Restated Services Addendum, between the Servicer and Capital One, National Association (as successor to Discover Bank), dated as of April 3, 2023 (collectively, the "Agreements") was made under my supervision

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;To the best of my knowledge, based on such review, the Servicer has fulfilled all of its obligations under the Agreements in all material respects throughout the period from January 1, 2025 to December 18, 2025 that is the subject of the Report.

IN WITNESS WHEREOF, the undersigned has duly executed this Servicer Compliance Statement this 24th day of March, 2026.

**DISCOVER PRODUCTS INC.**

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| | |
|:---|:---|
| By: | /s/ DANIEL P. CAPOZZI |
| Name: | Daniel P. Capozzi |
| Title: | Executive Vice President, President - Consumer Banking |

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