Recover COVID Unemployment Fraud in Banks Act

This bill establishes a federal task force led by the Secretary of Labor to coordinate with state agencies and financial institutions for identifying and recovering pandemic unemployment payments that were improperly issued or are currently held in banks and unclaimed property accounts. The task force is responsible for developing model processes, legal guidance, and standardized procedures to help states determine if payments were fraudulent and to return those funds to the federal government efficiently. Additionally, the legislation extends the statute of limitations for criminal prosecutions and civil enforcement actions related to fraud in these specific unemployment programs to ten years from the date of the violation. The Secretary of Labor is also required to reimburse states for administrative costs incurred while coordinating with the task force to recover these funds.