Got a house built in 1978 in central Maryland…climate zone 4A.  The basement has a half cinder block wall.  The upper half is stick framing.  On the back of the stick framing is fiberboard (Celotex?) sheathing, an air-gap, and then a brick veneer.  The brick does not have any sort of weep-hole/drainage system.  The band/end joists abut the last course of brick.  The joist cavities had some batt insulation stuffed in them.  On the front side of things.  The previous owners put furring strips on the cinder block, covered the whole wall with panel board, then later sheet rock (directly over the panel board).  There is batt insulation in the framing cavities, but nothing over the cinder-block half-wall.

Now the questions.  How should I seal and insulate such a wall and the joists?  And do I need to introduce some sort of weep-hole/drainage/ventilation system into the brick? 

I’m supposing, though I know nothing of such things, that the wall has been venting inside and outside at the joists.  If I simply cover the air gap with insulation board or something of the like, and seal it off (the standard procedure), I’m concerned that there would be no place for the vapor in the air gap to go.  I’m already concerned about the integrity of that fiberboard.  I don’t want to make things worse with half-baked attempts at improving the home.

A clear(er) path on how to proceed and why would be most welcome.

Thanks