The student pilot was receiving instruction in a tailwheel equipped biplane from a certified flight instructor (CFI). During the second landing, the student pilot landed the airplane on the runway fast and bounced; the airplane started to veer left. The student pilot corrected with right rudder application. The CFI applied full left rudder when the airplane veered to the right again, which had no effect on the airplane’s direction of travel; the student pilot then applied right brake during the CFI’s correction. The airplane continued right until it ground-looped. The biplane incurred substantial damage to both upper wings and left lower wing. The flight crew reported no mechanical deficiencies prior to the accident.