Consumer complaint received 2024-03-18
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY (OH)

I am the consumer, original creditor and natural person. American Express Company has denied my right to credit as I applied for an American Express Platinum credit card application ( Ref # : XXXX ) on XX/XX/XXXX in a consumer credit transaction. Pursuant to 15 USC 1681a ( k ), American Express Company violated federal law by denying my credit application. American Express Company also discriminated against me pursuant to 15 USC 1691 ( a ) ( 3 ) because I, in good faith, exercised my rights to credit by making an application pursuant to 15 USC 1642 and under the Consumer Credit Protection Act. Pursuant to 15 USC 1605, a finance charge was involved in the consumer credit transaction I initiated however, American Express Company failed to disclose it to me. 

I sent a notarized Adverse Appeal letter by registered mail ( XXXX ) on XX/XX/XXXX stating I know I gave you monetary value when I gave you a security by supplying my social security information on the consumer credit application. I know that this receipt of security was transferred as a financial asset to the securitization trust with American Express Credit Account Master Trust ( the Lending Trust ) and American Express Issuance Trust II ( the Charge Trust and together with the Lending Trust, the Trusts ). The Trusts then issue debt securities collateralized by the transferred assets to third-party investors ( per XXXX filed XX/XX/XXXX which was current at the time of this letter ). 

According to your prospectus ( filed XX/XX/XXXX which was current at the time of this letter ), the primary assets of the issuing entity ( American Express Credit Account Master Trust ) are receivables generated in a portfolio of designated consumer American Express credit card accounts and Pay Over Time revolving credit accounts or features and, in the future, may include other charge or credit accounts or features or products. The receivables consist of principal receivables and finance charge receivables. American Express National Bank ( AENB ) is the sponsor of the trust and, as such, organizes and initiates the asset-backed securities transactions of the trust. AENB is also the account owner of certain consumer credit card accounts or features, the receivables of which are included in the trust. AENB transfers the receivables to American Express Receivables Financing Corporation III LLC ( RFC III ). RFC III, the depositor and the transferor, was formed for the limited purpose of issuing securities of the type offered hereby, purchasing, holding, owning and selling receivables and any activities incidental to and necessary or convenient for the accomplishment of such purposes. Since its formation, RFC III has been engaged in these activities solely as ( i ) the purchaser of receivables from the account owner pursuant to the related purchase agreement, ( ii ) a transferor of receivables to the issuing entity pursuant to the pooling and servicing agreement, ( iii ) the holder of the transferor 's interest in the issuing entity and ( iv ) a transferor that executes underwriting, subscription and purchase agreements in connection with each issuance of certificates. RFC III transfers the receivables to the trustee ( The XXXX XXXX XXXX XXXX XXXXXXXX ). Each transfer of receivables by AENB is treated by AENB as a sale. 

I also stated in the Adverse Appeal letter, As an investor who has provided a security and to receive NO BENEFIT is considered securities fraud. Since the letter American Express sent me dated XX/XX/XXXX is both proof and evidence that I have been discriminated against, you are also criminally liable. American Express should resort to reasonable procedures to rectify this affair and compensate me with an open-ended consumer American Express Platinum credit card with no limit and guarantee regardless of whatever I charge on my card it will be taken care of per your prospectus. The balance will be zeroed on a monthly basis via special deposit of the interest-bearing coupons associated on the itemization statement, instrument is a non-cash item ; for the use of my securities, if not, this again would be considered securities fraud. In conclusion, this is your opportunity to cure as well as your notice of default for the servicing of the credit application. Following this notice if said financial assets are not accepted for its intended purpose within three ( 3 ) business days of the receipt of this notice, meaning if you decide not to comply, I'm going to need my security back. I will also be forced to file a SEC complaint pursuant to 17 CFR 240.15c1-2 and 17 CFR 240.10b-5. As well as an IRS complaint for abusive tax schemes involving the SEC filed trust arrangement ; a complaint with the Consumer Financial Protection Bureau ( CFPB ), Federal Deposit Insurance Corporation ( FDIC ), Federal Trade Commission ( FTC ), and The Office of the Comptroller of the Currency ( OCC ). 

On XX/XX/XXXX I received another Adverse Action letter stating my application was denied and Our decision was based in whole or in part on information obtained in a report from each consumer reporting agency in this letter. I also received a response back from XXXX XXXX in American Express Executive Office on XX/XX/XXXX stating a second application was conducted on your behalf and was denied based on many factors taken into consideration when processing an application, including information in the application about personal resources, the status of any current or former American Express accounts, and credit bureau information. The letter went on to say We are committed to making sure all credit worthy customers have equal access to credit. Thats why we take appropriate measures to make sure that our representatives comply with all laws and regulations. It is against our policy and our culture to make credit decisions or service an application on a prohibited basis. 

I did not give American Express Company permission to submit a second consumer credit transaction on my behalf and American Express Company did not comply to the breach of fiduciary duty and opportunity to cure. I also never received the first ( XX/XX/XXXX ) or second ( XX/XX/XXXX ) security back, after receiving NO BENEFIT.