: Popular Bank of New York draws fine for PPP loan administration problem

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The Federal Reserve Board on Tuesday said it fined Popular Bank of New York BPOP $2.3 million for processing six potentially fraudulent Paycheck Protection Program loans. The central bank said Popular Bank failed to report potential fraud in a timely manner despite having detected that the loan applications contained “significant indications of potential fraud,” according to a statement. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Small Business Administration-approved lenders including Popular Bank were granted the ability to issue PPP loans to qualified small businesses negatively impacted…

This article was originally published by Marketwatch.com. Read the original article here.

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