RANCHO CUCAMONGA, Calif. and HARRISBURG, Pa. — The California Credit Union League will appeal the California Department of Financial Institution's decision to stop filing consolidated IRS 990 forms for state chartered credit unions.
"The agency is looking to relieve themselves of a service they've been providing to credit unions in California. We're unhappy," CCUL Senior Vice President of Government Affairs Bob Arnould stated. He added, "We have not conceded the department's right to walk away from the process." According to league Regulatory Analyst Chris Collver, all 204 of California's state chartered credit unions opted in to the group 990 filing for the 2006 tax year.
California DFI announced in its September bulletin that it would no longer be filing a group IRS 990 form for state chartered credit unions. "Due to significant changes by the IRS, the DFI will no longer file the Group Return for Credit Unions," it read. The department said the consolidated filing had been done primarily as an accommodation for credit unions, particularly smaller ones.
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