Local Government Federal Credit Union and Civic Federal Credit Union Boards of Directors have voted in favor of a resolution to establish diversity, equity and inclusion as a business imperative for the Credit Unions they govern, and to encourage all North Carolina communities to follow suit.
Adopting these principles establishes a straightforward affirmation that diversity, equity and inclusion are ideals that should be pursued as a business practice, and that a proactive effort is being made to engage every person in governance, management and representation. These principles encourage changes in public policy and private practice and provide an opportunity to improve the ways we assess and serve the needs of our customers, members and communities.
"DEI can be used as a strategy for how businesses, communities and organizations can enhance the way their customers, constituents and members are served," according to Maurice Smith, Chief Executive Officer of Local Government and Civic Federal Credit Unions. "In formally committing to these principles, we're continuing our work to embrace diversity, equity and inclusion efforts within our organization, with our members and with our volunteers. We strongly encourage our North Carolina community leaders to make a conspicuous commitment to do the same."
LGFCU and Civic Boards of Directors believe there is a business case for implementing DEI into operating practices:
The first business case is based on our fiduciary responsibility to ensure our businesses, organizations, and communities' success through the Duty of Care and the Duty of Loyalty.
The second business case is based on diversity for risk mitigation.
And the third business case is diversity for public relations.
According to Mark Caverly, President of Local Government Federal Credit Union, "We have to be very deliberate in following these guiding principles so that we can better meet the needs of the people we serve. This also means we need to have a variety of voices at the table, helping us make the best, most thoughtful decisions."
Civic President Dwayne Naylor reiterated the important role DEI can play in the success of businesses.
“As a values-based financial institution, our staff must leverage the variety of voices and perspectives within our membership and volunteer community. This commitment to diversity and inclusion is central to building the most innovative credit union serving North Carolina's local governments," stated Naylor.
The Credit Unions believe that organizations, communities and businesses are stronger when a proactive effort is put forth to engage everyone in governance, management and representation. The call to action is to simply engage communities, businesses and organizations in a conversation on making our public and private systems work for everyone. LGFCU encourages North Carolina communities to issue a proclamation that pledges a similar commitment to Diversity, Equity and Inclusion.