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…
