Where are credit unions at in their preparation for implementing the Current Expected Credit Loss (CECL) standard? What are the biggest challenges they’re facing? What insights and best practices can they glean and apply from the work their peers have done so far?
On Aug. 21, these questions will be answered in a webinar produced by MountainView Financial Solutions, a Situs company. The webinar will provide in-depth analysis of the results of MountainView’s CECL Implementation Progress Survey for credit unions. The survey was conducted May 9 to June 22 and received responses from CECL committee and project team members at 142 credit unions nationwide.
“In phone and conference conversations with credit union employees over the past 12 months, ‘what are you hearing about what other credit unions are doing for CECL?’ has been a question frequently asked of MountainView’s representatives,” said Atul Nepal, a quantitative analyst at MountainView. “We decided we needed to start providing some data points and factual analyses instead of just answers based on other conversations, and we realized our survey should be specifically focused on credit unions to provide the most insightful and actionable information.”
Based on this consideration, MountainView developed two versions of its CECL Implementation Progress Survey: one for credit unions, and one for banks. The company is reporting the credit union survey results in a white paper that will be published on July 23.
In the Aug. 21 webinar, Nepal will provide context and commentary that translate the survey answers into practical uses such as timetables and benchmarks, next steps in addressing common challenges, and additional resources credit unions can consider for their unique challenges.
The Financial Accounting Standards Board approved the CECL standard on June 16, 2016. The standard goes into effect for credit unions on Dec. 31, 2021.
Click here to register for MountainView’s webinar.