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In 2016, the Financial Accounting Standards Board (FASB) issued the current expected credit loss (CECL) standard, requiring banks and credit unions to change the way they calculate potential future loss on certain financial instruments. Adopting the new guidelines may not be easy.
There is no denying that CECL involves unique challenges. If you need additional guidance on navigating CECL and want to learn more about best practices for successfully reaching compliance, read our ebook, "Preparing for CECL: How Community Banks and Credit Unions Can Prepare for Implementation."