The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Fed fines Popular $2.3M for PPP deficiencies

The Federal Reserve has fined Popular Bank $2.3 million for deficiencies processing six Paycheck Protection Program loans.

The Fed said in a press release that the New York unit of the $70.7 billion-asset Popular processed the PPP loans, totaling $1.1 million, “despite having detected that the loan applications contained significant indications of potential fraud.”

Popular was also cited for failing to report the potential fraud in a timely manner.

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