As a benefit of membership in the New York Credit Union Association, credit union professionals can participate in a complimentary webinar focusing on the NCUA’s new Simplified CECL Tool.
The 60-minute webinar, set for 1 p.m. on Wednesday, Jan. 25, will be led by Chris McGrath, acting chief accountant at the NCUA’s Office of Examination and Insurance, and will feature a Q&A about the Simplified CECL Tool.
Interested participants can register for the complimentary webinar, “NCUA’s New Simplified CECL Tool Review,” on the Association’s website.
Simplified CECL Tool
In September, 2022, the NCUA announced the new Simplified CECL Tool aimed at helping smaller-asset credit unions comply with the Financial Accounting Standards Board’s accounting standard on current expected credit loss, or CECL, which, for most credit unions was effective at the start of 2023. In December, 2022, the NCUA released an update of the Simplified CECL Tool, which includes the latest life-of-loan, or weighted average remaining maturity factors, and other minor enhancements.
The Simplified CECL Tool is intended for use by credit unions with under $100 million in assets, although it could be used by larger credit unions based on the discretion of their management and auditors, according to the NCUA.
The Simplified CECL Tool and its supporting documentation are available on the NCUA’s CECL Resources page.