Kaufman and Canoles



Employment Law Update - Winter 2017
Less than three weeks before the anticipated December 1, 2016, effective date of the Department of Labor (DOL) Rule doubling the exemption salary requirement to $47,476 per year, a U.S. District Judge in Texas entered an order temporarily blocking the increase.
By Labor & Employment

Manufacturing & Distribution Client Advisory - February 2017
One of the easiest ways for a criminal to obtain personal data is to have you send it directly to them, and criminals are obtaining thousands of Social Security numbers, names, addresses and wage information from well-meaning employees.
By Nicole J. Harrell

Employment Law Alert - Increase to Exemption Salary Requirement Delayed
On the evening of November 22, 2016, Texas U.S. District Judge Amos Mazzant sided with the 21 states and issued an order that blocks the DOL’s exemption salary increase for the time being.
By Burt H. Whitt and Labor & Employment

Credit Union Legal Update - Winter 2017
It is a well-known fact that federal credit unions are not permitted to directly compensate members of their boards of directors. As a result, a number of FCUs are converting to state charters primarily so they can pay their directors. An estimated 18 states allow directors of state-chartered credit unions to be compensated. Some of these state laws are very specific. For example, the Arizona statute provides, “A credit union may compensate an officer, director or committee member for the officer’s, director’s, committee member’s services to the credit union. Providing reasonable life, health, accident, and similar protection is not considered compensation.” Colorado has a similar law. Four states—Georgia, Kentucky, South Dakota and Wyoming—are silent on the degree or type of board compensation that may be paid. Details by state are included in the charts that follow.
By E. Andrew Keeney

How To Cross $10 Billion And Keep On Going
Growth is a major goal for most financial services providers, but there’s one milestone that can turn good growth into too much of a good thing. That milestone is hitting $10 billion in assets.
By E. Andrew Keeney

On Compliance: Discussions on Director Compensation Heat Up
It is well known that federal credit unions are not permitted to directly compensate members of their boards of directors. However, as we go to press with this article, a new administration is being sworn in and there are evolving discussions about whether directors of federal credit unions should be directly compensated.
By E. Andrew Keeney

Private Client Services Update - All is Not Lost When a Will is Lost - Redux
In February 2015, a Private Client Services Update discussed a case involving a will that had been lost by a corporate fiduciary.
By Winthrop A. Short Jr. and Private Client Services