NCUA released the March 2023 update of its Simplified CECL Tool. For credit unions that started using the Simplified CECL Tool in the first part of 2023, this release is to determine the credit loss expense from the date of adopting CECL until March 31, 2023.
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.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.