Credit unions have been anticipating big changes from the Financial Accounting Standards Board's new Current Expected Credit Loss rules, and they have plenty of work to do to prepare. Here are four things experts in the trenches recommended credit unions do now.
1. Start gathering data.
“The idea behind CECL is being able to predict or forecast what the life cycle of that loan will look like from the very inception,” said Shawn Kisana, SVP/CFO of the West Jordan, Utah-based Member Business Lending, a CUSO that provides loan support services.
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