PARAMUS, N.J. (6/3/14)--Two New Jersey credit union CEOs shared the dividends that good board communication pays during COMMERCE magazine's annual bank/credit union CEO roundtable.
COMMERCE, the flagship publication of the Commerce and Industry Association of New Jersey, interviewed two credit union leaders and four bankers for its May 30 best practices article.
The board of $212 million-asset North Jersey FCU, Totowa, provides direction and responds to changes in the financial services industry, said President/CEO Lourdes Cortez.
"One of the key aspects of their high-performance would be the oversight they provide to the quality of management at North Jersey Federal," she said. "They maintain a governance structure that adds value to the business, and they ensure our values and reputation remain intact as each board member brings fresh perspectives and thoughtfulness to the communities we serve."
Cortez said she keeps the lines of communication open with the board and relies on it for its expertise in solving critical issues.
The volunteer aspect of credit union board service was strongly emphasized by Linda McFadden, president/CEO of XCEL FCU, Bloomfield, with $151 million in assets.
"Since they are volunteers, their only goal is to do what is best for the members," McFadden told COMMERCE, adding, "They serve as member advocates."
The board members donate hundreds of hours, making sure that the credit union is moving in the "best direction" for its members, even during a lagging economy.