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Violation Tracker Individual Record

Company: Popular Bank
Current Parent Company: Popular Inc.
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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
HQ Country of Current Parent: USA
HQ State of Current Parent: Puerto Rico
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.