LETITIA Act

Summary

Amends federal criminal statutes to change sentencing and fines for people who commit bank fraud, falsify loan or credit applications, or make false tax statements when acting as public officials. It defines "public official" broadly, increases mandatory minimums and maximum penalties for bank fraud and loan falsification by public officials, creates a separate penalty rule for tax-fraud false statements by public officials, and requires DOJ and Treasury to issue investigative directives within 90 days. The amendments apply only to convictions entered after the law takes effect.

• Creates a broad legal definition of "public official" covering federal, state, and local actors and people acting on behalf of government.
• Increases fines, maximum imprisonment, and introduces mandatory minimums for public officials convicted of bank fraud (18 U.S.C. § 1344).
• Imposes similar increased penalties for public officials who falsify loan or credit applications (18 U.S.C. § 1014).
• Adds a separate penalty provision for public officials under the false tax-statement statute (26 U.S.C. § 7206), which the summary indicates changes (in some described lines, reduces) penalty amounts for public officials relative to current text.
• Requires DOJ and Treasury to issue enforcement directives within 90 days to guide investigations of public-official fraud and coordination between agencies.
• Amendments apply only to convictions entered after the law is enacted; past convictions are unaffected.
• Targets misconduct by public officials with the intent to increase deterrence and accountability for fraud involving banks, loans, and tax filings.
• Alters sentencing exposure for defendants and will affect prosecution, defense strategy, plea bargaining, and sentencing practices in public-official fraud cases.