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Violation Tracker Individual Record

Company: Popular Bank
Penalty: $2,300,000
Year: 2023
Date: January 24, 2023
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: The Federal Reserve Board 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.
Level of Government: federal
Action Type: agency action
Agency: Federal Reserve
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.