Good afternoon, 

I am reaching out to you as a member-owner of North Star Credit Union, about an issue on Capitol Hill that could affect the financial services you depend on us to provide. The bill currently set to begin review May 12, 2025 by the Ways and Means Committee includes eliminating the exemption credit union’s currently have of federal income taxation on earnings. It’s imperative that we keep you informed about potential threats to your credit union and our ability to provide you with the best possible financial services.   

As not-for-profit financial cooperatives, credit unions like North Star do not pay the federal corporate income tax on profits. Our people-first, member-owned structure means we instead return those earnings to members like you in a variety of ways, including more affordable loans and better returns on savings.   

But there are Wall Street bank lobbyists and politicians in Congress who want to tax credit unions, which really means a new tax on you and the more than 140 million other Americans who choose a credit union as their financial partner.    

By putting a new tax on not-for-profit credit unions, the big Wall Street banks know they can eliminate competition and increase bank profits. But it doesn’t make sense to tax people like you just because you choose to keep your money in a credit union instead of a bank.   

This is an urgent matter, and we need your help. Please act today to contact your U.S. Representative and Senators and tell them Don’t Tax My Credit Union through our easy-to-use action center. We sincerely appreciate you being a member of North Star Credit Union.

Help us protect your credit union, and the millions of families across the country who rely on their credit unions, too. Your voice is important. Nothing is more powerful than when they hear from constituents like you. Learn more about credit unions. 

Sincerely,
Jennifer Stedt CEO, North Star Credit Union

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