Four legal pitfalls to avoid this holiday season
Maybe it’s because I’ve seen so many Christmas commercials already that I wouldn’t be surprised if Macy’s announces it is moving its parade from Thanksgiving Day to Halloween Day. Or maybe it’s because I felt the need to tell my wife that she shouldn’t expect a gift-wrapped Mercedes Benz waiting for her in the driveway Christmas morning but here is one man’s opinion as to how to handle some of the unique issues that arise each holiday season. Remember, these are simply my opinions and not a substitute for consulting with your attorney on these matters should they arise.
- Better off being Grinch when it comes to the Board. Many credit unions use this time of year to thank their Supervisory and Board of Directors for all the hard work they do. NCUA has consistently opined that only gifts of nominal value can be provided to board members without providing all that much guidance as to what nominal actually means. According to the trusty Meriam Webster Online Dictionary, nominal is defined as something “trifling or insignificant.” My rule of thumb is that when it comes to holiday gift giving, if the gift is something that would entice someone to be a member of your board, don’t do it.
continue reading »