NCUA Releases Simplified CECL Tool for Small Credit Unions
Published by: Sean Brown
October 5, 2022 | Regulatory
The National Credit Union Administration (NCUA) released a new tool to help smaller market credit unions comply with the Financial Accounting Standards Board’s accounting standard on current expected credit loss (CECL), which goes into effect for most credit unions beginning in 2023. The CECL Tool is intended for credit unions under $100 million in assets, saving time and money so credit unions can focus more on serving members. Additionally, the tool can also help larger asset credit unions based on management and auditor discretion.
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