Consumer complaint received 2024-11-14 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: AMERICAN EXPRESS COMPANY
State: VA

Complaint narrative:
Ref : XXXX I am filing this complaint to request a formal reconsideration of my recent credit application denial by American Express , as I believe this decision may conflict with the company 's fiduciary obligations and public commitments under federal securities law. American Expresss reliance on securitization trusts and customer receivables, as disclosed in its SEC filings, implies that each account holders contributions are material to its financial operations. Given my qualifications as an applicant, I respectfully request that American Express reconsider its decision, based on the regulatory and fiduciary considerations outlined below. 
American Expresss XXXX and XXXX filings reveal that the company relies heavily on customer receivables as part of its securitization strategy, specifically through structures like the American Express Credit Account XXXX XXXX and XXXX XXXX XXXX. These securitization trusts are funded by receivables generated from active customer accounts, then offered on the secondary market to investors. Given that each new receivable supports these trust assets and contributes to American Expresss securitization strategy, a qualified applicants account can be viewed as directly supporting the companys financial obligations to investors. 
Under the Trust Indenture Act of 1939, companies like American Express are required to exercise a duty of care and maintain responsible asset management in regard to these securitization vehicles. I believe that denying my application, despite my qualifications, could be inconsistent with these fiduciary duties, as it reduces the receivables pool upon which trust investors depend. You can reference these parts XXXX. **Form XXXX ( Annual Report ) ** - **Item 1 : Business** - This section describes the company 's business model, including its revenue sources, products, and services. American Express may detail its credit products, customer receivables, and securitization activities. 
- **Item XXXX : Managements Discussion and Analysis of Financial Condition and Results of Operations XXXX XXXX XXXX XXXX ) ** - This section often includes information on the companys securitization strategy, use of trusts, and how customer receivables contribute to overall financial health. Managements analysis here can provide insight into how receivables are structured within its asset-backed securities. 
- **Item XXXX : Financial Statements and Supplementary Data** - The financial statements often include details on accounts receivable and securitized receivables, as well as footnotes explaining securitization trusts. This data can support your argument regarding the importance of customer receivables in American Expresss financial strategy. 
- **Item XXXX : Controls and Procedures** - This section reviews the companys internal controls and adherence to regulatory requirements. It may contain information about the procedures in place to manage assets responsibly, which is relevant to fiduciary obligations under the Trust Indenture Act. 
- **Risk Factors ( Often in Item XXXX ) ** - This section identifies potential risks to the company, including those related to its securitization practices. Any risks associated with trust receivables or credit quality could underscore the importance of maximizing receivables. 
XXXX. XXXX XXXX ( Current Report ) ** - **Item XXXX : Entry into a Material Definitive Agreement**- This may include agreements related to securitization, asset-backed financing, or trust creation. Specific details here can provide insight into the obligations American Express has toward investors in its receivables-backed securities. 
- **Item XXXX : Other Events** - This item is often used for additional disclosures that may include updates or changes in securitization strategies, asset management practices, or other pertinent fiduciary concerns. It may highlight recent changes or developments that support your case.

3. **Securitization Trust Filings ( e.g., Prospectuses and Registration Statements ) ** - American XXXX securitization trusts, such as the XXXX XXXX XXXX Account XXXX XXXX XXXX XXXX XXXX XXXX, may have individual filings related to their asset-backed securities offerings. These can include : - **Prospectuses** filed under Form XXXX or related forms, detailing the structure of the trusts, expected performance of receivables, and investor protections. 
- **Indenture Agreements and Pooling Agreements**, which outline fiduciary obligations for asset management within the trusts.

Company response to consumer: Closed with explanation