"Every firm has a breaking point. Yours and mine have. Northern Trust has reached hers. And very obviously, she has gone insane."
U.S. Bancorp and Northern Trust Corp. will return funds from the Treasury's Troubled Asset Relief Program, according to Representative Barney Frank.
The banks didn't immediately confirm whether they'd repaid any of the federal money.
Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said during a news conference that Northern Trust returned $1.6 billion. He didn't say whether U.S. Bancorp, the biggest lender based in Minnesota, had formally applied to return its TARP money.