In the season finale, Gwen and Marc turn to Corner Post v. Board of Governors, a decision that reshapes when federal regulations can be challenged—and potentially destabilizes decades of settled law. They open with a property-law analogy, explaining the doctrine of “coming to the nuisance” and why legal systems protect settled expectations and reliance.

They then explain how statutes of limitations have traditionally functioned in administrative law: challenges to regulations had to be brought within six years of issuance. Corner Post upends that understanding by tying accrual to standing, allowing newly formed entities to challenge long-standing regulations as if they were brand new.

Walking through the facts of the case—a challenge to Federal Reserve interchange-fee rules by a company formed years after the regulat ...