CECL becomes effective today; are you ready?
Published by: Christy Clark
December 15, 2022 | Compliance, Smaller Credit Unions
Whether working with an outside vendor or creating a process in-house, the deadline for getting your Current Expected Credit Loss (CECL) methodology in place has come. The significance of this accounting change warrants assessing the economic impact on your balance sheet as soon as possible. As part of your League membership, we have compiled a list of resources to keep you compliant and answer your questions.
InfoSight: This online compliance library recently released a new CECL topic that provides a general overview and aggregates additional resources available to credit unions.
CU PolicyPro: This online policy management system includes two policies plus supporting methodology. Please note, these policies would replace Policies 7600 and 7615.
- Policy 7700: Loan Review and Classification (CECL)
- Policy 7715: Allowance for Credit Losses
- Methodology 7715.10: Allowance for Credit Losses
Compliance Hotline: The compliance experts at ViClarity are here to answer your complex compliance questions whenever you need them.
Huddle: Utilize this online community to get advice and CECL recommendations from your peers across the state.
The League is here to support your credit union as it plans and implements CECL compliance strategies.
Contact Sean Brown or Christy Clark for questions or assistance.