S. 5272 — Recover COVID Unemployment Fraud in Banks Act

This section establishes a National Recovery Coordinator at the Department of Labor and, within 30 days of enactment, convenes the Recover Pandemic Unemployment Funds in Banks Task Force with members from the Departments of Justice, Labor, and Treasury, the FDIC, and the CFPB. The Task Force must identify improper federal pandemic unemployment compensation payments (under CARES Act sections 2102, 2104, and 2107) held by financial institutions or state unclaimed property agencies, issue guidance on cost-effective recovery and fraud determinations, and reimburse states for resulting administrative costs.

This section extends the statute of limitations to 10 years after the date of the violation or conspiracy for criminal prosecutions and civil enforcement actions alleging fraud in claims funded by 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.