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Michigan Credit Union League

IRS 990 Resolution: It's Official!

The Michigan Credit Union League (MCUL) is pleased to announce that, after weeks of coordination with the Department of Insurance and Financial Services (DIFS) and quick work by Senator Debbie Stabenow’s office, DIFS has received official notification from the Internal Revenue Service (IRS) regarding the revocation of the 990-group exemption.  

The letter addressed to John Kolhoff, DIFS Director of the Office of Credit Unions, indicates that notices credit unions have continued to receive were sent erroneously and that the revocation of the group exempt status was an error on by the IRS.

The IRS has started the process needed to correct the records and reinstate the correct exempt status. This may take up to 60 days to complete within IRS systems. Based on the letter from the IRS, MCUL and DIFS consider the matter resolved.

MCUL asks you maintain a copy of the notification from the IRS for your records.

Please contact Sarah Stevenson, MCUL Director of Regulatory Affairs, or call 800.262.6285 ext. 494 with any questions.

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2018-10-03 00:00:00