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The FASB recently announced that it will release the current expected credit loss model in the first quarter of 2016. With the release around the corner, it is important to understand what is expected to change from the existing, incurred loss model. From what we know today, the CECL proposal includes several changes including forward-looking requirements, which will involve looking at all expected, future credit losses.

One of the first steps you can take for your credit union is to understand the timeline for the expected guidance. Barring additional changes, it is expected that as of Dec. 15, 2018, the guidance will become effective for public businesses that meet the definition of a SEC filer. A year later, on Dec. 15, 2019, the guidance will become effective for non-SEC filers, not-for-profits and all other entities. Here are a few recommendations to help ready your institution and board.

Here’s what credit unions should not do now:

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