Consumer complaint received 2024-01-15 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: PA

Complaint narrative:
Reference Number : XXXX This communication is in reference to the attached credit decision letter dated XX/XX/XXXX, in which your response to my claim was that XXXX  XXXX XXXX via XXXX XXXX XXXX XXXX by way of JPMorgan Chase Bank , National Association denies all claims that they use a manual credit decision making process to review applications. The response given is openly a furnishing of deceptive information according to the section titled Exceptions to Underwriting Criteria of your Prospectus 424b5. I am now requesting a {$100000.00} revolving line of credit of an open-end from the use of my application/note based on the facts posted below directly from your Prospectus 424b5. After review and cross reference with your Prospectus 424b5 I ask that the card be immediately issued with the requested available balance as well as a DO NOT PAY DO NOT COLLECT status on the account for the card. 
Exceptions to Underwriting Criteria of your Prospectus 424b5, directly states the following. 
JPMorgan Chase Bank uses manual credit decision-making as part of the underwriting process to supplement its automated underwriting, primarily ( 1 ) when it believes an experienced lenders review would enhance the credit decision-making, ( 2 ) when additional information is needed, and/or ( 3 ) under specific circumstances, such as when fraud concerns are present. ( Securities Fraud Concerns are Present ) Based on a review of the manual credit decisions made during the three calendar months ended XX/XX/XXXX, the number of accounts in the trust portfolio identified with exceptions to JPMorgan Chase Banks underwriting process and criteria in effect during that time period as a percentage of the total number of accounts in the trust portfolio was less than 0.1 %. 

In addition, the denial of the card in exchange for the security given is an act of Securities Fraud. The Use of Proceeds section of your Prospectus 424b5 better explains this fact as it states the following. 

The proceeds from the sale of the offered notes will be used to make deposits to the Class C reserve subaccounts for outstanding Class C notes in an aggregate amount of {>= $1,000,000} and the remaining proceeds, in the amount of {>= $1,000,000} before deduction of issuance expenses, will be paid by the issuing entity to XXXX XXXX XXXX. The estimated expenses are {$750000.00}. Therefore, the proceeds, net of the deposits to the Class C reserve subaccounts and issuance expenses, will be approximately {>= $1,000,000}. XXXX XXXX XXXX  will use such proceeds for the general purposes of XXXX XXXX XXXX, including the repayment of amounts owed to JPMorgan Chase Bank. Expenses incurred in connection with the selection and acquisition of pool assets that are payable from the offering proceeds will be approximately {$0.00}. 

( If you are receiving proceeds from the use of my note with an already established obligation then this is a violation of my rights as a Bonified Purchaser and Investor. In addition, this proves the act of securities fraud on your behalf. ) The former request for a account with the balance of {$30000.00} and present request for an account with a balance of {$100000.00} with a revolving/open-end line of credit is possible and should be issued on the basis of the practices of securitization by JPMorgan Chase Bank and its predecessor institutions, as well as its RETAINED INTERESTS under your Prospectus 424b5 section titled Credit Risk Retention where it states the following : Securitizations are subject to a rule, referred to in this prospectus as the U.S. Risk Retention Requirements XXXX that require the sponsor of a securitization transaction ( or a wholly owned affiliate of the sponsor ) to retain, unhedged, a minimum of 5 % of the credit risk of the securitized assets. The U.S. Risk Retention Requirements, which were jointly adopted by the SEC, the FDIC, the Federal Reserve, and certain other prudential banking regulators, became effective with respect to credit card securitizations on XX/XX/XXXX. The U.S. Risk Retention Requirements permit the retained risk to be held in the form of a Sellers Interest representing at least 5 % of the aggregate unpaid principal balance of all outstanding investor asset-backed security interests in the issuing entity. XXXX XXXX XXXX retains a Sellers Interest to satisfy the U.S. Risk Retention Requirements. ( As an investor I am aware of my issuance of the asset backed security ) Not to mention your Prospectus 424b5 under the section titled U.S. Public Securitization Program for Credit Card Receivables it states the following : JPMorgan Chase Bank and its predecessor institutions have historically used three main public credit card securitization programs for securitizing its credit card receivables ; the issuing entity, the XXXX XXXX XXXX XXXX XXXX and the XXXX XXXX XXXX XXXX XXXX XXXX. The issuing entity has been active since XXXX. 

It also states, None of the asset-backed securities issued by the issuing entity have experienced any losses, events of default or early amortization events and JPMorgan Chase Bank has not taken any action outside of the ordinary performance of any of the issuing entitys transactions to prevent such an occurrence. 

IF YOU ELECT NOT TO PERFORM, I WILL HAVE NO CHOICE BUT TO CONTACT THE FOLLOWING AGENCIES IN REGARD TO YOUR CONDUCT ( SEC, FINRA, & OCC ).

Company response to consumer: Closed with explanation