NAFCU Leadership Study

March 13, 2018

We invite you to participate in this inaugural Credit Union Leadership Study, commissioned by NAFCU, BFB Gallagher, and DDJ Myers. The purpose of this groundbreaking research is to identify trends, insights, and opportunities affecting leadership in today’s credit unions.

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Executive Benefits: Impact of Tax Reform

January 19, 2018

This webinar addresses how the Tax Cuts and Jobs Act affects executive compensation. In particular, new Section 4960 of the tax code imposes a 21% excise tax on credit unions and other tax-exempt employers for providing compensation in excess of $1 million to any individual and for paying "parachute payments."  Our experts will discuss how to determine if your credit union is affected and adjustments you can make to minimize or eliminate the taxes.

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Structuring the Loan in Loan Regime Split Dollar

February 10, 2016

by TJ Telford, Area Vice President for BFB Gallagher and Kirk Sherman, Partner at law firm of Sherman & Patterson, Ltd

Loan regime split dollar (LRSD) is becoming a staple in credit union executive compensation packages. Over the last 15 months, the number of credit unions using LRSD has grown by 40%.1 Twenty new credit unions added LRSD each quarter. Boards like LRSD because of its favored tax treatment for the executive and cost recovery for the credit union.

LRSD designs vary widely. They—
•  Use different insurance products.
•  Vary the timing of the credit union’s deposits into the policy.
•  Impose a wide spectrum of vesting and forfeiture requirements.
•  Allow access to the funds in the policy at different times.
•  Divide the death proceeds in different ways.

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Oregon Joins the Ranks of States Permitting Credit Union Board Compensation

July 23, 2015

By Christine Burns-Fazzi and James S. Patterson*

On June 16, Oregon governor Kate Brown signed into law a bill that will permit reasonable1 compensation for members of state-chartered credit union boards of directors. The new law makes Oregon the 16th state2 to permit board compensation, and the third to permit the practice in the last three years. The bill, introduced in February, met little opposition and took only four months to be passed into law.

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Executive Compensation: Making Sense of Fair and Reasonable

July 21, 2015

By Liz Santos, SVP BFB

My little brother recently celebrated his 40th birthday. We marked the occasion by thumbing through old pictures and making fun of each other’s unfortunate haircuts. That’s Herbie on the left, in one of our rare moments of peace, prompted only by the promise of a sugary reward.

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