The National Credit Union Administration has asked Congress for extraordinary new powers that would extend the statute of limitations on charging officers and directors of failed credit unions to as long as 10 years.

Deborah Matz, who chairs the NCUA, made the request at a hearing Thursday before the Senate Banking Committee.

The request came as some officers and directors of WesCorp Federal Credit Union challenged an NCUA civil lawsuit over their responsibilities for the failure of the large corporate, claiming the current statute of limitations excludes the NCUA charges.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.