H.R. 8873 — Recover COVID Unemployment Fraud in Banks Act

This section designates a National Recovery Coordinator at the Department of Labor, in consultation with the Treasury Secretary, Labor Inspector General, and Attorney General, to oversee the Recover Pandemic Unemployment Funds in Banks Task Force. The Task Force, which must convene within 30 days and include the Attorney General, Labor Secretary, Labor Inspector General, Treasury Secretary, FDIC Chair, and CFPB Director, coordinates with states to identify improper federal pandemic unemployment compensation payments on prepaid debit cards held by financial institutions or unclaimed property agencies, develops model recovery processes and guidance including cost-effectiveness thresholds and fraud procedures, and directs the Labor Secretary to reimburse states for resulting administrative costs.

This section extends the statute of limitations to 10 years after the date of the violation for criminal prosecutions or civil enforcement actions alleging fraud or conspiracy under specified federal statutes in connection with claims for pandemic unemployment assistance, federal pandemic unemployment compensation, mixed earner unemployment compensation, or pandemic emergency unemployment compensation. The extension does not apply to actions whose prior statute of limitations had already expired before the date of enactment.