Recover COVID Unemployment Fraud in Banks Act
A bill to recover unclaimed pandemic-era unemployment compensation funds held by financial institutions or escheated to State unclaimed property administrators, and for other purposes.
This bill, SB5272, aims to retrieve funds that were part of unemployment compensation during the pandemic but were never claimed by their rightful owners. These funds are either being held by financial institutions or have been transferred to state unclaimed property administrators. The goal is to ensure these funds are returned to those who are owed them.
The bill will impact individuals who received unemployment benefits during the pandemic but failed to claim their funds. It also involves financial institutions that currently hold these funds and state unclaimed property administrators who have taken over these funds. The bill seeks to streamline the process of returning these funds to their rightful owners, which could be beneficial for many people who may have been unaware of the unclaimed funds.
As of August 5, 2026, the bill has been introduced and referred to the Committee on Finance for further consideration. This is the most recent step in its legislative journey, and the committee will likely review the bill's details, hold hearings, and possibly make recommendations before it moves forward in the legislative process.
