NJ DNA Group Gets an Update on Duties and Responsibilities of the Board and Ethics and Conflicts of Interest

EWING, N.J. – The League’s NJ Director and Volunteer Networking Alliance (NJ DNA) Group held a meeting Wednesday hosted by Credit Union of New Jersey (CUNJ). 

Andy Jaeger, CUNJ CEO and NJCUL Chairman, and Gary Chizmadia, CUNJ Board Chair, welcomed attendees. Michael DuPont from the law firm McKenna, DuPont, Higgins & Stone, discussed Duties and Responsibilities of the Board as well as Ethics and Conflicts of Interest.

DuPont shared that boards tend to be either micromanagers or completely hands-off. His opinion (which is shared by many) is that a boards role should be visionary not operational. The board should hire a CEO with the character, confidence, and integrity to carry out the operations of the credit union and focus on their fiduciary responsibilities. DuPont encouraged board members to do research to be able to ask the right questions of the CEO. 

He also reminded attendees of the value of education and use of experts (such as deciphering the regulatory environment). There was some discussion around loans to board and management and why there needs to be policies in place to protect against undue influence as well as processes that protect confidentiality. 

NJCUL President/CEO David Frankil was also in attendance and addressed the group as part of the wrap-up, thanking them for their membership and discussing the direction of the League. 

Save the date for the next meeting which will be on August 10th at 1st Bergen FCU AND at a central location to be determined.