NCUA is calling on Congress to extend the statute of limitations for bringing charges against officers and directors of failed credit unions. What's troubling is the proposal calls for applying the new rule retroactively. This is a dangerous precedent and arguably an affront to the Constitution.
A statute of limitation law specifies the maximum time that may pass before legal action regarding the conduct is allowed. The public policy justification for having statutes of limitation is so citizens will know when a threat of legal action will expire.
We are a nation of laws. In order for laws to work, the citizenship must understand what is to be expected from them. When laws change, citizens should have an opportunity to change their behavior. This concept applies to laws for statutes of limitation.
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