Consumer complaint received 2024-01-23 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: NY

Complaint narrative:
I applied for a credit card that is an asset backed security. On your own SEC filing prospectus dated XXXX XXXX Certain Legal Aspects of the Receivables Certain Regulatory Matters The operations and financial condition of AENB are subject to extensive regulation and supervision under federal and state law. The appropriate banking regulatory authorities, including the FDIC, the OCC and the CFPB have broad enforcement powers over AENB. These enforcement powers may adversely affect the operation and financial condition of the trust and your rights under the pooling and servicing agreement prior to the appointment of a receiver or conservator.

If United States federal bank regulatory authorities supervising the bank were to find that any obligation of the bank or an affiliate under a securitization or other agreement, or any activity of the bank or such affiliate, constituted an unsafe or unsound practice or violated any law, rule, regulation or written condition or agreement applicable to the bank or such affiliate, such federal bank regulatory authorities have the power to order the bank or such affiliate, among other things, to rescind such agreement or contract, refuse to perform that obligation, terminate the activity, amend the terns of such obligation or take such other action as such regulatory authorities deterinine to be appropriate. In such an event, the bank or such affiliate mahonity, liable to you for contractual damages for complying with such an order and no recourse may be available against the relevant regulatory In one case of which the bank is aware, after the OCC found that a national bank was, contrary to safe and sound banking practices, receiving inadequate servicing compensation under its securitization agreements, that bank agreed to a consent order with the OCC. Such consent order required that bank, among other things, to immediately resign as servicer and to cease performing its duties as servicer within approximately 120 days, to immediately withhold and segregate funds from collections for payment of its servicing fee ( notwithstanding the priority of payments in the securitization agreements and the perfected security interest of the relevant trust in those funds ) and to increase its servicing fee percentage above that which was originally agreed upon in its securitization agreements.

While AENB and its affiliates have no reason to believe that any obligation of AENB or an affiliate under the securitization agreements is unsafe or unsound or violative of any law, rule or regulation applicable to them, there can be no assurance that any such regulatory authority would not conclude otherwise in the future. If such a bank regulatory authority did reach such a conclusion, and ordered AENB or an affiliate to rescind or amend the securitization agreements, payments to you could be delayed or reduced.

See " Risk Factors Regulatory action could result in losses '' and " Regulatory oversight and supervision could adversely impact the trust or your certificates, including by impeding origination or collection efforts, changing account holder use patterns, or reducing collections '' in this prospects.

This a violation, I will have to report if not handled in a timely matter.

Company response to consumer: Closed with explanation