The Credit Union Advisory Council was created by an act of the New Jersey State Legislature. The purpose, definition, and powers of the Credit Union Advisory Council are detailed in the statute which created the council (17:13-124).
The Council was created to consult with, advise, and make recommendations to the commissioner of the Department of Banking & Insurance on matters pertaining to the chartering, operations, and supervision of credit unions. The Council establishes its own procedures and practices with regular meetings held at times and places determined by the chairman, the commissioner, or a majority of the council members. Council expenses are borne by the credit unions.
The Credit Union Advisory Council is comprised of seven persons, appointed by the governor, with the advice and consent of the New Jersey Senate. Appointees must be a member of a credit union. Three of the five members must have a minimum of three years' experience as a credit union officer, director, or other management level position, and two members must be from federally chartered credit unions.
Appointments are for a term of five years. Members serve without compensation and Council expenses are borne by the credit unions.
Council members are Chairman John C. Gibardi (state chartered credit union member), Andrew Jaeger (CUNJ), and Bonnie C. Karczewski (NJ Law & Public Safety CU).
The New Jersey Credit Union Advisory Council meets quarterly. Meetings are usually held in March, June, September and December at the New Jersey Department of Banking & Insurance located at 20 West State Street, Trenton, New Jersey. While meetings are not subject to the Open Public Meetings Act, the public is invited to attend and may address the Council at its discretion. The official meeting schedule is available on the New Jersey Department of Banking & Insurance Web site.