Consumer complaint received 2025-04-29 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Other features, terms, or problems — Other problem
Company: JPMORGAN CHASE & CO.
State: AZ

Complaint narrative:
Consumer Name : XXXX XXXX XXXX XXXX Company Complained Against : JPMorgan Chase Bank , N.A . 
Product : Credit Card or Prepaid Card Issue : Other problem with a credit card Complaint Narrative : I am filing this complaint against JPMorgan Chase Bank , N.A . for engaging in deceptive, misleading, and materially incomplete disclosures concerning the origination and management of my consumer credit card account.

1. Material Omission Regarding Securitization : At the time I opened my Chase credit card account, I was never informed that my future receivables ( debt obligations ) would be pooled, securitized, and sold into investment instruments through a public trust ( specifically, the Chase Issuance Trust ).

This is a material fact which, if disclosed, would have influenced my decision to accept the credit terms.

Failure to disclose this violates the disclosure requirements of the Truth in Lending Act ( TILA, 15 U.S.C. 1601 et seq. ), which mandates that material terms affecting consumer obligations must be disclosed fully and fairly. 

Supporting Case Law : XXXX XXXX XXXX Mortgage XXXX, XXXX XXXX XXXX ( XXXX XXXX. XXXX ) : Even small undisclosed fees or material terms violate TILA if they affect a consumers ability to make an informed decision. 

XXXX. Deceptive and Unfair Practices ( UDAAP ) : Chases practice of selling consumer debts without disclosing this to consumers is a deceptive omission and an unfair practice under the Dodd-Frank Act ( 12 U.S.C. 5531 ( a ) ), which prohibits unfair, deceptive, or abusive acts or practices ( UDAAP ) in connection with consumer financial products.

Supporting Case Law : FTC v. IFC Credit Corp., 543 F. Supp. 2d 925 ( N.D. Ill. 2008 ) : Courts have held that failing to disclose material information related to finance contracts constitutes deceptive and unfair conduct.

3. Denial of the Right to Know True Creditor ( Assignment Notice Failure ) : Under 15 U.S.C. 1641 ( g ), when a creditor sells, assigns, or otherwise transfers ownership of a debt, the consumer must be notified.

By securitizing and transferring my account into an investment trust without notification, Chase violated my right to know the identity of my true creditor. 

Supporting Case Law : XXXX XXXX XXXX XXXX XXXX, L.P., XXXX XXXX XXXX ( S.D. XXXX. XXXX ) : Failure to notify a consumer of an assignment of debt violates the disclosure requirements of TILA 1641 ( g ).

4. Injury and Financial Harm : I suffered harm by unknowingly entering a relationship where my debt obligations are owned or controlled by third parties. I was denied the opportunity to negotiate terms appropriate for this additional risk and exposure. 

XXXX. Chain of Title and Ownership Risk : The legal ownership of my obligation is now clouded by securitization. If enforcement becomes necessary, it is unclear whether Chase or any successor trust would have standing to enforce the obligation. 

Supporting Case Law : XXXX Bank XXXX XXXX XXXX XXXX, XXXX XXXX XXXX ( Mass. XXXX ) : The court held that securitized assets must have proper, clear documentation to maintain enforceability. Failure to properly disclose or document assignment harms borrowers legal defenses. 

XXXX. Evidence Submitted : Chase Cardmember Agreement ( showing lack of securitization disclosure ), Chase Issuance Trust Prospectus ( confirming receivable securitization ), Signed Declaration under 28 U.S.C. 1746 affirming the truth of my statements.

7. Relief Requested : Full investigation into JPMorgan Chase Banks origination, disclosure, and assignment practices, Enforcement actions to ensure future compliance with disclosure laws, Monetary and/or equitable relief based on harm caused by deceptive omissions, Corrective actions mandating disclosure of securitization practices to consumers at account origination.

Company response to consumer: Closed with explanation