Recover COVID Unemployment Fraud in Banks Act

This bill aims to recover improperly paid or fraudulently obtained federal pandemic unemployment compensation funds. It establishes a National Recovery Coordinator within the Department of Labor and a multi-agency Recover Pandemic Unemployment Funds in Banks Task Force to lead these efforts. The Task Force includes representatives from the Departments of Justice, Labor, and Treasury, along with the FDIC and CFPB, and is mandated to convene within 30 days of the bill's enactment. The Task Force's primary responsibilities include coordinating with state agencies to identify federal pandemic unemployment payments held by financial institutions or escheated to state unclaimed property administrators. It will develop model processes and issue guidance to state agencies and financial institutions for the cost-effective recovery of these improper payments. This guidance will cover reviewing payments, determining impropriety, establishing recovery thresholds, and outlining legal pathways for returning funds to the federal government, while also ensuring states are reimbursed for administrative costs. Furthermore, the bill significantly extends the statute of limitations for criminal prosecution and civil enforcement actions related to fraud concerning various pandemic unemployment programs, including Pandemic Unemployment Assistance (PUA) and Federal Pandemic Unemployment Compensation (FPUC). The new statute of limitations will be 10 years from the date of the violation or conspiracy, provided the original statute had not already expired before the bill's enactment. This measure aims to provide more time for authorities to pursue cases of fraud in these programs.