Local Government Federal Credit Union and Civic Federal Credit Union boards of directors adopt diversity, equity and inclusion as guiding principles, encourage NC communities to follow suit
RALEIGH, NC (January 28, 2021) — 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.
About Local Government Federal Credit Union (LGFCU)
Local Government Federal Credit Union (LGFCU) is a not-for-profit, full service financial cooperative which follows the cooperative principles adopted by credit unions worldwide. We are member-owned and democratically controlled. This means each member has one vote in how LGFCU is run, regardless of his or her personal investment in the Credit Union. Local Government Federal Credit Union (LGFCU) was founded in 1983. Our assets currently exceed $3 billion and more than 380,000 members are served by LGFCU, representing all of North Carolina's 100 counties and 540 towns, cities and villages. LGFCU is dedicated to providing services exclusively to local government employees, elected/appointed officials, volunteers and their families.
About Civic Federal Credit Union
Civic Federal Credit Union was created in response to changes in banking needs and advancements in financial services. With technology that makes it easier to access money, Civic reaches members beyond the branch. Civic has a decidedly local focus, serving the employees and volunteers of local governments in North Carolina as well as its small business community.