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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 12, 2000
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FIRST USA BANK, NATIONAL ASSOCIATION
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(Exact name of registrant as specified in its charter)
(As Servicer on behalf of CC MASTER CREDIT CARD TRUST (FORMERLY CHEVY CHASE
MASTER CREDIT CARD TRUST))
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<S> <C> <C>
Laws of the United States 33-81786 51-0269396
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(State or other jurisdiction (Commission File Number) (IRS Employer Identification
of incorporation or organization) Number)
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201 North Walnut Street, Wilmington, Delaware 19801
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(Address of principal executive offices) (Zip Code)
302/594-4117
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Registrant's telephone number, including area code
N/A
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(Former name, former address and former fiscal year, if changed since last
report)
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Item 5. Other Events
In the May reporting period, certain charge-off policies for the
Trust were changed in order to conform these policies to new
guidelines adopted by the Federal Financial Institution Examination
Council. The changes relate to the timing of recognition of losses on
accounts of which the cardholder has filed for bankruptcy or died. The
implementation of these changes has caused a one-time acceleration of
certain charge-offs. Accounts of bankrupt cardholders were previously
charged off 90 days after First USA Bank, National Association, the
Servicer of the Trust, was notified of bankruptcy. These accounts will
now be charged off 60 days after notification. Accounts of deceased
customers were previously charged off after 180 days but under the new
policy will be charged off after 60 days.
These policy changes will cause a one-time increase in net credit
losses for the May Trust results. Reported Trust net credit losses for
May were 10.89% after the one time increase in charge-offs due to
bankruptcy or death of 3.84%. Without the impact of the policy change,
net credit losses would have been 7.05%. The impact on one month
excess spread and three month average excess spread was approximately
3.84% and 1.28%, respectively.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following exhibits are filed as a part of this report:
(99.01) Series 1994-5 Monthly Certificateholders' Statement
(99.02) Series 1994-5 Monthly Statement To Certificateholders
(99.03) Series 1995-1 Monthly Certificateholders' Statement
(99.04) Series 1995-1 Monthly Statement To Certificateholders
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST USA BANK, NATIONAL ASSOCIATION
As Servicer of the CC Master Credit Card Trust
(formerly Chevy Chase Master Credit Card Trust)
By: /s/ Tracie H. Klein
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Name: Tracie H. Klein
Title: First Vice President
Date: June 12, 2000
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Exhibit Index
Exhibit No. Description Page
99.01 Series 1994-5 Monthly Certificateholders' Statement
99.02 Series 1994-5 Monthly Statement to Certificateholders
99.03 Series 1995-1 Monthly Certificateholders' Statement
99.04 Series 1995-1 Monthly Statement to Certificateholders
