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

Dow Jones

Jan 25, 2023

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)

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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\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\">2023-01-25 00:13</p>\n</div>\n\n</div>\n\n\n</h4>\n\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. 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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\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BPOP","symbol_name":"大众银行","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":{"BPOP":1,"PPP":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. The stock has gained 3.1% in 2023, compared to an 8.5% rise by the Nasdaq . \n\n\n  -Steve Gelsi \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 24, 2023 11:13 ET (16:13 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}