The Current Expected Credit Loss (CECL) methodology for estimating the allowance for credit losses becomes effective after Dec. 15, 2022, and new resources are available to assist credit unions with compliance.
CU PolicyPro includes two policies, plus supporting methodology. These policies would replace Policies 7600 and 7615.
- Policy 7700: Loan Review and Classification (CECL);
- Policy 7715: Allowance for Credit Losses; and
- Methodology 7715.10: Allowance for Credit Losses.
CU PolicyPro is a valuable, time-saving compliance tool available as a benefit of New York Credit Union Association membership.
Also a benefit of membership, InfoSight, an online an online compliance manual, has released a new CECL topic that provides a general overview and aggregates many resources available to credit unions.
Additionally, a complimentary on-demand webinar for members, “Roadmap to CECL for 2023 Filers,” presented earlier this year by the Association and its strategic partner, Abrigo, can be accessed on the Association’s website. Log-in is required.