Bill > HR8873

This bill, the "Recover COVID Unemployment Fraud in Banks Act," aims to reclaim improperly paid federal pandemic unemployment compensation funds that were issued on prepaid debit cards and are now held by financial institutions or have been turned over to state unclaimed property administrators. To achieve this, the bill establishes a National Recovery Coordinator within the Department of Labor, who will lead a task force comprised of representatives from various federal agencies, including the Department of Justice, Treasury, the Federal Deposit Insurance Corporation (FDIC), and the Consumer Financial Protection Bureau (CFPB). This task force will coordinate with state agencies to identify these funds, develop cost-effective recovery processes, and issue guidance to financial institutions and state unclaimed property administrators on legal pathways for returning the money to the government. The bill also extends the statute of limitations for prosecuting fraud related to pandemic unemployment programs under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) to 10 years, allowing for more time to pursue criminal or civil actions against those who committed fraud. The term "improper payment" is defined as any amount of pandemic unemployment assistance that an individual was not entitled to.