November 27, 2018
On November 27, 2018, BSB Bancorp, Inc., Belmont, Massachusetts, the holding company for Belmont Savings Bank, and People’s United Financial, Inc., Bridgeport, Connecticut, the holding company for People’s United Bank, announced a definitive merger agreement pursuant to which BSB Bancorp will merge with and into People’s United, with People’s United as the resulting company.
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October 26, 2018
On August 21, 2018, the Internal Revenue Service released Notice 2018-68 which provides guidance regarding the changes made to Section 162(m) of the Internal Revenue Code by the Tax Cuts and Jobs Act of 2017, which is effective for tax years after January 1, 2018.
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October 15, 2018
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September 20, 2018
On September 10, 2018, the Office of the Comptroller of the Currency (the “OCC”) issued a proposed rule implementing Section 206 of the Economic Growth, Relief and Consumer Protection Act, which permits federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017 to elect to operate with national bank powers without converting to a national bank charter. This election would allow an eligible federal savings association to exceed its statutory commercial and consumer lending limits and avoid compliance with the qualified thrift lender test.
For more information, including a summary of the OCC’s proposed rule, please see the attached News Alert.
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August 22, 2018
The Tax Cuts and Jobs Act, which became law on December 22, 2017, imposes a substantial new penalty tax on tax-exempt organizations, including federal and state-chartered credit unions, regarding certain types of “excessive” compensation paid to their covered employees. This new penalty tax is effective for the taxable years of the credit union beginning after December 31, 2017 and will likely have a significant impact on the design and administration of the executive compensation programs of many credit unions.
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