So, after I picked New Monarchy as my faction I got a quest line. Anyone else get a Quest line for your faction after you picked one? Everyone I know did not. The reward seems to be an exotic armor upgrade.
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If you are wearing our class item, emblem, and shader, as well as having reach Faction Rank 25, you will be given the chance to obtain an Exotic Class Item to truly display your loyalty. You can even wear it alongside other Exotic Armor.