Consumer complaint received 2024-02-08
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY (FL)

I, XXXX XXXX ( Implied Surety ) provided, on behalf of the Principal Debtor, AMERICAN EXPRESS NATIONAL BANK ( AENB ) with an instrument, granting access to the cesti que trust of XXXX XXXX ( Principal Debtor ). As contributing heir, agreeing to pay the credit cards indebtedness by periodic deductions from the Principal Debtors estate thus establishing an open-end credit plan. The Grantor/Principal Debtor issued the instrument to AENB, in trust, with the intent of entering a consumer credit transaction. Only to be denied the extension of credit. 

Following the denial letter, a rebuttal was sent to AENB on behalf of the Principal Debtor. The packet was received on XX/XX/XXXX. However, when I reached out to AENB on XX/XX/XXXX, I was told the back office received it but wanted me to resubmit, because they didnt know when they would get to it. Pursuant to AENBs prospectus, account holders are entitled to have payments and credits applied to the revolving credit account promptly. Moreover, further admitting to violations of consumer protection laws that apply to the receivables. 

Violations listed below : Pursuant to American Express National Banks Prospectus Report, Consumer Financial Products Regulation, The relationship of the consumer and the provider of consumer credit is extensively regulated by federal and state consumer protection laws. With respect to credit accounts issued by AENB, the most significant federal laws include the federal Truth in Lending, Equal Credit Opportunity, Fair Credit Reporting and Fair Debt Collection Practices Acts. These statutes impose disclosure requirements before and when an account is opened, at the end of monthly billing cycles and on an annual basis, and, in addition, limit account holder liability for unauthorized use, prohibit certain discriminatory practices in extending credit, and regulate practices followed in collections. In addition, account holders are entitled under these laws to have payments and credits applied to the revolving credit account promptly and to request prompt resolution of billing errors. The trust may be liable for certain violations of consumer protection laws that apply to the receivables, either as assignee from the transferor with respect to obligations arising before transfer of the receivables to the trust or as the party directly responsible for obligations arising after the transfer. In addition, an account holder may be entitled to assert such violations by way of set-off against the obligation to pay the amount of receivables owing. All receivables that were not created in compliance in all material respects with the requirements of such laws ( if such noncompliance has a material adverse effect on the certificateholders interest therein ) will be reassigned to the transferor. The servicer has also agreed in the pooling and servicing agreement to indemnify the trust, among other things, for any liability arising from such violations caused by its servicing activities. '' Pursuant to the prospectus, the receivables transferred to the trust are generated from transactions made by holders of consumer American Express revolving credit card accounts and Pay Over Time revolving credit features associated with certain American Express credit card accounts, all issued by AENB. Subject to certain conditions, the transferor may convey to the trust receivables arising in credit accounts or other credit products that may be of a type not currently included as accounts.

Pursuant to The Truth in Lending Act ( TILA ). TILA defines credit as the right granted by a creditor, to a debtor, to defer payment of debt, or to incur debt and defer its payment. Additionally, the Equal Credit Opportunity Act expressly protects applicants from discrimination based on the exercise of any right under this chapter, including the right to credit as defined by TILA.

16 CFR 433.2 - Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices.

16 CFR 433.3 - Exemption of sellers taking or receiving open end consumer credit contracts before XX/XX/XXXX, from requirements of 433.2 ( a ).

15 U.S. Code 6801-Protection of nonpublic personal information 15 U.S. Code 6802 - Obligations with respect to disclosures of personal information Breach of Representations & Warranties Breach of Contract