The Financial Accounting Standards Board's (FASB) creation of the Current Expected Credit Loss (CECL) standard will substantially change the way credit unions model and account for loan losses. This paradigm shift demands new models for forecasting expected losses, requires better integration between accounting and risk management, as well as access to more historical data to calculate credit reserves.
Please join us to learn how to create your CECL readiness plan. During our hour-long program we will discuss:
• What CECL means for data retention and storage
• Timelines and implementation concerns
• How other risk and accounting functions are impacted
• Long-term impacts to lending decisions