Federal Reserve Board Fines Bank for Processing PPP Loans That Had Signs of Fraud
In its first enforcement action related to COVID-19 government aid programs, the Federal Reserve Board recently announced that it has fined New York-based Popular Bank $2.3 million for processing Paycheck Protection Program loans that had significant indications of potential fraud and failing to report the potential fraud in a timely manner.
🔒 Members Only · Compliance & Enforcement BriefYou’ve reached the member portion of this brief.Members read the full analysis and the source documents in every Brief, six days a week.