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== Background == | == Background == | ||
=== Vanguard | === Vanguard Tax-Exemempt Revocation === | ||
On March 22, 2025 the [[Department of Commerce]] removed the tax exemption of both Discover Bank and Vanguard Private Bank after the bank failed to submit their required regulatory reports.<ref>[https://discord.com/channels/673612908868927498/686158870435201035/1352590018564194326 Discord Server Message on #government-announcents]. March 21, 2025. Retrieved June 23, 2025</ref> | On March 22, 2025 the [[Department of Commerce]] removed the tax exemption of both Discover Bank and Vanguard Private Bank after the bank failed to submit their required regulatory reports.<ref>[https://discord.com/channels/673612908868927498/686158870435201035/1352590018564194326 Discord Server Message on #government-announcents]. March 21, 2025. Retrieved June 23, 2025</ref> | ||
Latest revision as of 02:40, 14 July 2025
Background
Vanguard Tax-Exemempt Revocation
On March 22, 2025 the Department of Commerce removed the tax exemption of both Discover Bank and Vanguard Private Bank after the bank failed to submit their required regulatory reports.[1]
Nexalin, the CEO of Vanguard National Bank then disputed the removal, stating that they have filed the reports on time. However, then Secretary xSyncx responded saying that Vanguard's reports were blank and contained no information.[2]
The bank's exemption status was then returned after further prompting Nexalin on the condition that Discover Bank and Vanguard Private Bank be audited by the Department of Commerce, that the financial records between entities and subsidiaries owned by Vanguard be separated, and provide proof that they meet regulatory compliance.
- ↑ Discord Server Message on #government-announcents. March 21, 2025. Retrieved June 23, 2025
- ↑ Department of Commerce Report on Vanguard's Seizure. May 28, 2025. Archived from the original. Retrieved June 23, 2025