 A Discover Bank branch at c097 on June 22, 2025 |
On June 20, 2025, Vanguard and Co. and it's subsidiaries, notably Vanguard National Bank (VNB) failed after liquidity issues arose after an audit by the Department of Commerce. Before it's eventual closure, Vanguard was one of the largest banks
It was revealed thru an audit that the bank had liquidity issues with the primary reason attributed with security vulnerabilities of Vanguard's echo securities trading platform, Vanguard Market Access.