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

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

MARKET PULSE 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.