H.R.8873

Recover COVID Unemployment Fraud in Banks Act aims to recover pandemic unemployment funds held by banks and escheated to state unclaimed property.

The Recover COVID Unemployment Fraud in Banks Act establishes a task force to identify and recover pandemic unemployment funds held by financial institutions or escheated to state unclaimed property. The task force will develop model processes for cost-effective recovery, issue guidance to financial institutions and state agencies, and consult with state agencies and the Consumer Financial Protection Bureau. The act also extends the statute of limitations for criminal prosecution or civil enforcement actions related to pandemic unemployment fraud by 10 years.