The merger site references the statement credit for 1K's:

$60 statement credit for MileagePlus® or OnePass® Chase Credit Card Cardmembers.

I made Presidential Platinum when it first came out, and one of the benefits was that we would get our whole $395 fee refunded. That got withdrawn (and we got a $400 deposit into our Travel Bank account). The reason given was some new regulation that wouldn't allow statement credits for the annual fee.

Anyone have any idea why now it's okay (although less generous)?