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It was revealed thru an audit that the bank had [[wikipedia:Liquidity_crisis|liquidity issues]] with the primary reason attributed with security vulnerabilities of Vanguard's [[echo securities]] trading platform, [[Vanguard Market Access]]. | It was revealed thru an audit that the bank had [[wikipedia:Liquidity_crisis|liquidity issues]] with the primary reason attributed with security vulnerabilities of Vanguard's [[echo securities]] trading platform, [[Vanguard Market Access]]. | ||
== Seizure == | |||
On May 16, 2025 the [[Department of Commerce]] declared a bank holiday preventing banks to perform any deposits, transfers or withdrawal transactions for the next thirty-six hours, the Department initially did not state their reasons for the bank holiday. | |||
Six hours after the initial holiday announcement, the Department announced that they have lifted the bank holiday ahead of schedule and that they have seized Vanguard National Bank | |||
Revision as of 19:29, 25 June 2025
 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.
Seizure
On May 16, 2025 the Department of Commerce declared a bank holiday preventing banks to perform any deposits, transfers or withdrawal transactions for the next thirty-six hours, the Department initially did not state their reasons for the bank holiday.
Six hours after the initial holiday announcement, the Department announced that they have lifted the bank holiday ahead of schedule and that they have seized Vanguard National Bank