Why does a member of another organization have to become a member of Freedom21, Inc., before joining the Freedom21 Federal Credit Union?
The law requires a defined and verifiable “Field of Membership” to be served by the credit union. The field of membership must share a “common bond” evidenced by membership in the sponsoring organization. Organization members that wish to become “Participating Organizations” eligible to establish endowment accounts, must have a mission statement that is consistent with Freedom21, Inc.’s mission statement, and must participate in Freedom 21 activities. This is a requirement imposed by the credit union law, and it is carefully monitored by federal regulators.
