National Credit Union Administration Board v. Nomura Home Equity Loan, Inc.
764 F.3d 1199
10th Cir.2014Background
- NCUA placed two federally chartered credit unions into conservatorship; NCUA sued RMBS issuers for securities violations on behalf of the credit unions.
- District court held FIRREA Extender Statute applies, delaying timeliness analysis; appellate review granted for the Extender Statute scope.
- The panel originally held Extender Statute displaced all preexisting time limits, including Section 13’s three‑year statute of repose.
- CTS Corp. v. Waldburger 2014 prompted remand to reconsider in light of CTS; panel reinstate original opinion with remand discussion.
- CSRS/CERCLA framework difference cited to distinguish Extender Statute from CERCLA §9658; CTS does not alter the Extender Statute’s reach.
- The cases involve federal securities claims under the Securities Act of 1933, with NCUA acting as conservator or liquidating agent under FIRREA.
Issues
| Issue | Plaintiff's Argument | Defendant's Argument | Held |
|---|---|---|---|
| Whether Extender Statute applies to Section 13’s three-year repose | NCUA Extender Statute governs all claims, including repose | Extender Statute does not cover statutes of repose | CTS does not limit Extender Statute’s broad reach; Extender Statute covers repose period |
| Whether Extender Statute applies to statutory Claims | Extender Statute covers statutory as well as common-law claims | Extender Statute applies only to common-law claims | Extender Statute applies to statutory claims as well as common-law claims |
| CTS impact on Extender Statute interpretation | CTS precludes broad Extender Statute reading | CTS narrows preemption to state statutes of limitations only | CTS does not change the panel’s conclusion that Extender Statute provides exclusive, universal time frame |
Key Cases Cited
- CTS Corp. v. Waldburger, 134 S. Ct. 2175 (2014) (preemption limits: only state statutes of limitations, not repose)
- NCUA v. Nomura Home Equity Loan, Inc., 727 F.3d 1246 (10th Cir. 2013) (extender statute applies broadly to NCUA actions)
- UBS Am. v. Countrywide Fin. Corp., 712 F.3d 136 (2d Cir. 2013) (extender statute encompasses repose periods)
- McDonald v. Sun Oil Co., 548 F.3d 774 (9th Cir. 2008) (statutes of limitation and repose treated in broader sense)
- Ernst & Ernst v. Hochfelder, 425 U.S. 185 (1976) (discussion of limitations/repose concepts in securities actions)