An entity may be able to challenge a federal regulation years after it is issued, the U.S. Supreme Court ruled July 1 in Corner Post, Inc. v. Board of Governors of the Federal Reserve System. The Court ruled 6 to 3 that the six-year statute of limitations for challenging a federal agency action begins to run from the date when the action injures the plaintiff. Accordingly, plaintiffs can challenge rules within six years of their alleged date of injury, regardless of how long ago the rule was published. In this instance, the Court allowed a North Dakota truck stop to dispute debit card transaction fees established by a 13-year-old Federal Reserve Board rule.
This decision could have a wide-ranging impact on agency rules. The dissenting Justices contended that it will destabilize the regulatory system and lead to numerous challenges of longstanding regulations.
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