Recover COVID Unemployment Fraud in Banks Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Recover COVID Unemployment Fraud in Banks Act, aims to recover unclaimed pandemic-era unemployment compensation funds that were improperly paid out during the COVID-19 pandemic. It establishes a task force comprised of federal and state officials to identify and recover these funds held by financial institutions and state unclaimed property agencies. The bill also extends the statute of limitations for criminal and civil fraud charges related to these unemployment programs for up to 10 years, with an exception for cases where the statute of limitations already expired.
Key provisions
- Establishes a task force to identify and recover fraudulent unemployment payments.
- Extends the statute of limitations for criminal and civil fraud charges related to pandemic unemployment programs to 10 years.
- Requires financial institutions to return improper payments to the appropriate state agency.
- Directs state unclaimed property agencies to review and return payments.
- Provides guidance to financial institutions and state agencies on recovery procedures.
- Creates a National Recovery Coordinator to oversee the task force.
- Authorizes reimbursement to states for administrative costs associated with the task force.
- Defines key terms related to the bill, including ‘Federal pandemic unemployment compensation’ and ‘improper payment.’
Who is affected
- Unemployed individuals who received fraudulent unemployment benefits.
Bill text
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Sponsors
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3 on record
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