NCUA released the first update of the Simplified CECL Tool to enable credit unions to test and calibrate the tool to estimate the allowance for credit losses on loans and leases as of September 30, 2022. The update includes the latest life-of-loan, or Weighted Average Remaining Maturity factors, as well as minor enhancements.
NCUA's Office of Examination and Insurance is hosting a webinar on the recently announced Simplified Current Expected Credit Loss (CECL) Tool. The one-hour live webinar will take place on Wednesday, October 12, beginning at 2 p.m. ET.
NCUA released a new tool Wednesday to help small credit unions comply with the CECL standard, which goes into effect for most credit unions Jan. 1, 2023. CUNA has called on NCUA to provide guidance to credit unions on CECL implementation.
The Financial Accounting Standards Board Wednesday agreed to a CUNA-supported update to the current expected credit loss (CECL) standard, eliminating Troubled Debt Restructuring (TDR) accounting requirements for entities upon adoption of CECL.
NCUA should finalize pending rulemakings on the Capitalization of Interest in Connection with Loan Workouts and Modifications proposal, and the Transition to the CECL Methodology, CUNA wrote members of the NCUA board Thursday.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.