Consumer complaint received 2024-03-06 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: JPMORGAN CHASE & CO.
State: LA

Complaint narrative:
On XX/XX/year>, I, XXXX XXXX, applied for a new CHASE SAPPHIRE RESERVE account that, instead of receiving notice of a conversion date, I was denied access. So, I referred to J. P. MORGAN CHASE PROSPECTUS, and other filings, to locate important information. Contrary to the findings below, as an investor I was denied access to the account when I applied for CHASE SAPPHIRE RESERVE account. Yet, my chattel paper instrument/AB Note is a CHAIT Permitted Investment. Also, the indenture allows for an amendment to the Regulation AB Item XXXX servicing criteria identified as applicable in the annual assessment of compliance by the indenture trustee without the consent of any noteholders or written confirmation from each Note Rating Agency that has rated any outstanding series, class or tranche of notes that the proposed amendment will not result in the withdrawal or downgrade of its then-current ratings on any outstanding series, class or tranche of notes. These findings give me a valid reason to suspect Securities Fraud, especially when one of the diagrams shows how my chattel paper was transferred and deposit as debt security to J. P. Morgan Chase as the transfer agency. Im requesting to have my chattel paper application manually re-evaluated for reconsideration before I am forced to take further actions within in the jurisdiction of Delaware using statements from the current J.P. Morgan Chase Prospectus, Indenture Agreement, XXXX, and XXXX filings as my defense because it is unfair to me, the consumer, to be denied when Chase has the ability to trade my security on the secondary market. 



The relationship of the cardholder and credit card issuer is extensively regulated by federal and state consumer protection laws. With respect to credit cards issued by JPMorgan Chase Bank, the most significant laws include the federal Truth in Lending Act, Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collections Practices Act, Electronic Funds Transfer Act, the Consumer Financial Protection Act prohibition against unfair, deceptive, and abusive acts and practices, the Federal Trade Commission Act prohibition against unfair and deceptive acts and practices, and similar state laws including each states statutes governing unfair and deceptive trade practices. These statutes impose disclosure requirements when a credit card account is advertised, when it is opened, at the end of monthly billing cycles, and at year end. In addition, these statutes limit customer liability for unauthorized use, prohibit discriminatory practices in connection with the extension and servicing of credit, and impose certain limitations on the type of credit card account-related charges that may be assessed. Cardholders are entitled under these laws to have payments and credits applied to the credit card accounts promptly, to receive prescribed notices and to require billing errors to be resolved promptly. Failure to comply with the laws or regulations described herein could lead to private causes of action, such as class action lawsuits, and lawsuits and other enforcement actions brought by state attorneys general or federal regulatory enforcement actions, including those brought by the CFPB. 
( Paragraph 4 of page 134 of Prospectus ) The issuing entity may be liable for certain violations of consumer protection laws that apply to the related credit card receivables. A cardholder may be entitled to assert those violations by way of set-off against his or her obligation to pay the amount of credit card receivables owing. JPMorgan Chase Bank represents and warrants in the transfer and servicing agreement that all of the credit card receivables have been and will be created in compliance with the requirements of those laws. The servicer also agrees in the transfer and servicing agreement to indemnify the issuing entity, among other things, for any liability arising from those violations caused by the servicer. For a discussion of the issuing entitys rights arising from the breach of these warranties, see Sources of Funds to Pay the NotesJPMorgan Chase Bank and Transferor Representations and Warranties. 

( Paragraph 5 of page 134 of Prospectus ) Failure to comply with the laws or regulations described above could lead to private causes of action, such as class action lawsuits, and lawsuits and other enforcement actions brought by state or federal agencies. 

( Paragraph 6 of page 138 of Prospectus ) The issuing entity and each holder, by acquiring notes, agree to treat the notes as debt for all U.S. federal, state, and local income and franchise tax purposes. Accordingly, the issuing entity will not attempt to satisfy the tax reporting requirements that would apply under alternative characterizations of the notes unless required by applicable law. Certain investors, such as Non-U.S. Holders and qualified plans, should consult their tax advisors in determining the U.S. federal, state, local, and other tax consequences to them of an investment in the notes. The following discussion assumes that the notes will be treated as debt for U.S. federal income tax purposes.

Company response to consumer: Closed with explanation