In 1970, economist Milton Friedman published a landmark article in The New York Times Magazine titled “The Social Responsibility of Business is to Increase its Profits.” In his article, Friedman claimed that a business’s foremost obligation is to its shareholders: to maximize profits while staying within the boundaries of law and ethical standards. This philosophy has shaped corporate governance and economic practices in America and worldwide, leaving a legacy that still carries weight in business thinking today. He essentially asserted that business leaders are stewards for shareholders – not architects of societal progress – and that investing company resources in community or employee “social” initiatives is tantamount to spending someone else’s money.
But imagine a world where business is more than just profit. It’s hard to believe Friedman’s viewpoint has held such influence over our economic practices for so long, shaping decades of business decisions. That’s why I am passionate about Freedom, and why credit unions in the United States have thrived. Since 1970, credit unions have soared, growing assets from about $16 billion in the late 1960s to an astonishing $2.38 trillion by the second quarter of 2025, and membership has expanded from roughly 22 million in 1970 to over 143 million by mid-2025. This growth is proof that when organizations put people first, amazing things happen. By choosing a credit union, you become part of something bigger – a movement that champions financial well-being and community impact.
Let me say it again: growth and revenue are important, but engaged members are at the heart of our progress. What truly sets us apart is how we use our income to create lasting change and support the people we serve. Our mission isn’t simply to provide a car loan, it’s to empower someone with the freedom to pursue their dreams, commute to work or school, and build a brighter future. We strive to ensure that every dollar earned through those relationships goes right back into our membership, providing favorable loan and savings rates, minimizing fees, enhancing services, and most importantly, uplifting our communities. For Freedom, income isn’t the destination, it’s a tool to help us transform lives. When you join us, you’re not just banking. You’re building a legacy of hope, opportunity, and unity.
Friedman believed we are not agents of social change. At Freedom, we know we are, and that makes all the difference. This belief fuels our passion, our daily work, and our commitment to every member. We don’t answer to distant shareholders or funnel profits away for the benefit of a few. Every member matters. Every employee is a champion for positive change. When we open a checking account and a member swipes their debit card, we help feed a child in need. When we approve a loan, we fund medical equipment for expectant mothers. When you use your Visa card, you support local programs that change lives. Every action creates a ripple effect. Together, we’re more than bankers – we’re builders of a better tomorrow.
We are a financial institution, yes, but that’s just what we do – not who we are. We are catalysts for change, defenders of dreams, and stewards of hope. We are big enough to make a difference and small enough to care deeply about every member. We are Freedom. If you know someone who is considering joining a credit union, they should know that they are not just financial services, but a family that’s dedicated to their well-being and the greater good. As a Freedom team member, you should take pride in knowing that your work matters. Every day, you help shape lives, support communities, and inspire progress. Together, we make the world brighter. One member, one action, one dream at a time.
