MANAGEMENT'S REPORT ON THE EFFECTIVENESS OF THE INTERNAL CONTROL STRUCTURE
   RELATIVE TO THE SERVICING OF CONSUMER REVOLVING CREDIT CARD RECEIVABLES
                            
          
     The management of the Bank is responsible for establishing and
     maintaining the internal control structure.  In fulfilling this
     responsibility, estimates and judgments by management are
     required to assess the expected benefits and related costs of
     control procedures.  The objectives of an internal control
     structure are to provide management with reasonable, but not
     absolute, assurance that assets are safeguarded against loss from
     unauthorized use or disposition, and that transactions are
     executed in accordance with management's authorization and
     recorded properly to permit the preparation of financial
     statements in accordance with generally accepted accounting
     principles.
          
     We have performed an evaluation of the effectiveness of the
     Bank's internal control structure based on the criteria
     established in Internal Control - Integrated Framework issued
     by the Committee of Sponsoring Organizations of the Treadway
     Commission ("COSO") relative to the servicing of consumer
     revolving credit card receivables owned by Chevy Chase Master
     Credit Card Trust I Series 1994-1, 1994-2, 1994-3, 1994-4, 1994-5, 
     1994-6, 1994-7, 1995-1, and 1997-1 and Chevy Chase Master 
     Credit Card Trust II Series 1995-A, 1995-B, 1995-C, 1995-D,
     1996-A, 1996-B and 1996-C (collectively referred to as the
     "Trusts" herein) as of September 30, 1997, and we have
     determined that the Bank maintained an effective internal
     control structure over financial reporting relative to the
     servicing of consumer revolving credit card receivables owned
     by the Bank's Trusts as of September 30, 1997.
         
     However, there are inherent limitations in the effectiveness of
     any internal control structure, including the possibility of human
     error and the circumvention or overriding of controls. 
     Accordingly, even an effective internal control structure can
     provide only reasonable assurance with respect to reliability of
     financial statements and safeguarding and management of
     assets.  Furthermore, the effectiveness of any internal control
     structure can change with changes in circumstances.
          
          
          
                                                                              
     Robert M. Hurley                           Stephen R. Halpin, Jr.
     Senior Vice President                      Executive Vice President and
                                                Chief Financial Officer
          
          
                                                                      
     George P. Clancy                                  
     Executive Vice President                          
                                                       
          
          November 18, 1997                                      CCINTCON.LTR