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Federal Reserve Board announces it has fined Popular Bank $2.3 million for processing six Paycheck Protection Program (PPP) loans ....
FRB Board of Governors
The Federal Reserve Board on Tuesday announced that it has fined Popular Bank, of New York, New York, $2.3 million for processing six Paycheck Protection Program (PPP) loans despite having detected that the loan applications contained significant indications of potential fraud and for failing to report the potential fraud in a timely manner. The six loans totaled approximately $1.1 million.