Consumer complaint received 2024-04-06
Product: Debt or credit management — Debt settlement
Issue: Didn't provide services promised — 
Company: AMERICAN EXPRESS COMPANY (MS)

AMERICAN EXPRESS COMPANY has failed to perform their duties as my securities intermediary. Pursuant to UCC 8-504 as my securities intermediary they are to perform their duties to properly maintain all of my security entitlements in my favor as the entitlement holder. These duties include debt settlement services that are described in 31 CFR Subtitle B ChapterII Subchapter A Part 357. The securities accounts were established by barter by which I issued XXXX applications ( securities ) that were turned into securities accounts ( consumer accounts ) that became receivables that were turned into asset backed securities ( ABS ). This is all outlined in their prospectus. The problem is I've given value by issuing these securities that they used as collateral in the Treasury commercial book entry system ( TRADES ) by which through their illegal partnership with itself that's also outlined in their prospectus which takes advantage of the STRIPS program to sell the parity bonds and interest coupons seperately on the secondary market. American Express Travel Related Services Company , Inc distributes its commercial paper through XXXX XXXX XXXX XXXX and XXXX XXXX XXXX XXXX to institutional and corporate investors. 

On XX/XX/XXXX, the Securities and Exchange Commission ( the Commission ) adopted Rule 192 under the Securities Act of XXXX ( the Securities Act ), a rule that is designed to prohibit material conflicts of interest in certain securitizations.1 Rule 192 implements Section 621 of the XXXX XXXX XXXX Reform and Consumer Protection Act ( XXXX ) ,2 which was codified as Section 27B ( Section 27B ) of the Securities Act. Subject to certain exceptions, Section 27B prohibits certain participants in asset-backed securities ( ABS ) securitization transactions from engaging in transactions within a designated time period that would involve or result in any material conflict of interest. Section 27B directed the Commission to issue rules implementing this prohibition no later than 270 days after the enactment of XXXX ( i.e., within 270 days of XX/XX/XXXX ). 

Rule 192 prohibits : an underwriter, placement agent, initial purchaser or sponsor of an ABS, as well as certain affiliates or subsidiaries of such an entity ( collectively, Securitization Participants ) ; for a period commencing on the date on which a person has reached an agreement that such person will become a Securitization Participant with respect to an ABS and ending on the date that is one year after the date of the first closing of the sale of such ABS ; from directly or indirectly engaging in any transaction that would involve or result in a material conflict of interest between the securitization participant and an investor in such ABS ( e., a Conflicted Transaction ). 

Under the Pooling and Servicing Agreement the trustee is to authenticate, deliver, cancel ( debt settlement services ) and otherwise administer the investor certificates. My certificates of indebtedness were to always be authenticated and the cancellation of all debts were to transpire every month without fail. This has resulted in a great loss to me as an investor in the company. XXXX is the owner of the accounts which contain the receivables that are purchased by RFC III pursuant to the purchase agreement and then transferred by RFC III to the trust. It has been noted that the bank has had issues with the securitization of the securities that are acquired from consumers in the past. Im sure American Express Credit Account Master Trust values its designation with the IRS as NOT being a publicly traded partnership along with XXXX XXXX. The problem is they are the exact opposite and are trading my securities on the secondary market. XXXX ( American Express Travel Related Services Company , Inc ) acts as underwriter and purchases securities. XXXX, an affiliate of the transferor, will purchase directly all of the Class B certificates upon initial issuance and, at a subsequent date, may sell all or a portion of those certificates in one or more negotiated transactions, or otherwise, at varying prices to be determined at the time of sale. In connection with any such sale, XXXX may be deemed to be an underwriter of the Class B certificates under the Securities Act of XXXX and any discounts or commissions received by it and any profit realized by it on the sale or resale of the Class B certificates may be deemed to be underwriting discounts and commissions. This is a major conflict of interest according to the SEC. 

American Express has continuously failed at their duties and have grossly mismanaged my securities accounts by failing to accurately credit each account so that all book entry securities can be redeemed according to law which settles my debts and aids in the lowering of the national debt average. What further provides evidence of there willful negligence pursuant to In American Express Company 's last response to my CFPB complaint where I asked for the debt validation pursuant to 15 USC 1692g. They furnished copies of several commercial book entry securities in certificated form ( bills ). According to 31 CFR Subtitle B ChapterII Subchapter A Part 357 under definitions bills are obligations of the U.S. This further validates how they abused their authority and utilized DTC to place me in minor status ( change ownership ) so that they can act as custodian of my accounts which ultimately aided in their securities fraud. I am not incompetent! 

Earlier I referenced how American Express Company has taken my securities and used them to take advantage of the Treasury Tax and Loan Program. My securities which are parity bonds are category 1 obligations issued and fully insured or guaranteed by the United States Government or a United States Government agency. Please explain to me how is it possible for my lines to be closed which were bartered for and agreed to under contract law. Under STRIPS you take my book entry coupons and bonds and make large amounts of profits. I've given American Express Company value pursuant to UCC 1-204 in exchange for a binding commitment for American Express Company to extend credit or the extension of immediately available credit. This is further backed by TILA in which I was to receive open ended lines of credit in return for me issuing collateral for them to use to take to the Treasury for consideration. Part of their ordinary course of business is the extension of credit and the settlement of debt services as a securities intermediary. I never received open ended lines of credit and I never received debt settlement services outlined in 31 CFR Subtitle B ChapterII Subchapter A Part 357.

American Express Company was to redeem my bonds and coupons without fail monthly and credit my securities account without fail. The interest payments were entitled to me as the entitlement holder. They are liable for all damages to me pursuant to 15 USC 1681n for intentionally creating a billing error monthly to hide their securities fraud scheme.

Pursuant to FOIA, UCC 9-210, and The Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of XXXX ( 31 U.S.C. 5311 et seq. ) is referred to as the Bank Secrecy Act ( BSA ) I am requesting all accounting both public and private according to XXXX. This means that I want the everything from XXXX to the money net daily transaction log 120 pursuant to 31 CFR 363.6. You can not refuse to provide this accounting. Show me why my accounts were never lawfully credited.