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

Dow Jones

2023/01/25

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

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 by the COVID-19 pandemic, but they were required to follow anti-money laundering policies. "Popular Bank's processing of potentially fraudulent PPP loans and failure to report the potential fraud in a timely manner violated these policies and constituted unsafe or unsound banking practices," the Fed said. A spokesperson from Popular Bank of New York did not reply to an email from MarketWatch. Shares of Popular Bank are down 0.9% on Tuesday. The stock has gained 3.1% in 2023, compared to an 8.5% rise by the Nasdaq .

-Steve Gelsi

(END) Dow Jones Newswires

January 24, 2023 11:13 ET (16:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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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 by the COVID-19 pandemic, but they were required to follow anti-money laundering policies. \"Popular Bank's processing of potentially fraudulent PPP loans and failure to report the potential fraud in a timely manner violated these policies and constituted unsafe or unsound banking practices,\" the Fed said.  A spokesperson from Popular Bank of New York did not reply to an email from MarketWatch.  Shares of Popular Bank are down 0.9% on Tuesday. The stock has gained 3.1% in 2023, compared to an 8.5% rise by the Nasdaq . \n</p>\n<p>\n  -Steve Gelsi \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 24, 2023 11:13 ET (16:13 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Popular Bank of New York draws fine for PPP loan administration problem</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPopular Bank of New York draws fine for PPP loan administration problem\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2023-01-25 00:13</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW <a href=\"https://laohu8.com/S/BPOPN\">Popular</a> Bank of New York draws fine for PPP loan administration problem\n</p>\n<p>\n  The Federal Reserve Board on Tuesday said it fined <a href=\"https://laohu8.com/S/BPOPM\">Popular</a> Bank of New York <a href=\"https://laohu8.com/S/BPOP\">$(BPOP)$</a> $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 by the COVID-19 pandemic, but they were required to follow anti-money laundering policies. \"Popular Bank's processing of potentially fraudulent PPP loans and failure to report the potential fraud in a timely manner violated these policies and constituted unsafe or unsound banking practices,\" the Fed said.  A spokesperson from Popular Bank of New York did not reply to an email from MarketWatch.  Shares of Popular Bank are down 0.9% on Tuesday. The stock has gained 3.1% in 2023, compared to an 8.5% rise by the Nasdaq . \n</p>\n<p>\n  -Steve Gelsi \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 24, 2023 11:13 ET (16:13 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BPOP","symbol_name":"大眾銀行","start_time":0,"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2306411038","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2306411038","pubTimestamp":1674576780,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"MW Popular Bank of New York draws fine for PPP loan administration problem\n\n\n  The Federal Reserve B","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BPOP":"大众银行","BK4211":"区域性银行"},"translate_title":"纽约大众银行因PPP贷款管理问题被罚款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PPP":1,"BPOP":1},"content_text":"MW Popular Bank of New York draws fine for PPP loan administration problem\n\n\n  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 by the COVID-19 pandemic, but they were required to follow anti-money laundering policies. \"Popular Bank's processing of potentially fraudulent PPP loans and failure to report the potential fraud in a timely manner violated these policies and constituted unsafe or unsound banking practices,\" the Fed said.  A spokesperson from Popular Bank of New York did not reply to an email from MarketWatch.  Shares of Popular Bank are down 0.9% on Tuesday. 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