According to the American Bankers Association, CECL represents“the biggest change to bank accounting, ever.” The realty of thesesweeping changes in the way we have done business for the lastthree to four decades, for some, is daunting. Don't make themistake of believing that the five years given beforeimplementation is plenty of time to prepare your credit union.There are some fundamental steps that have to be taken, just to beready for implementation.

Here are some recommended steps to successfully prepareyourself, and your credit union, for what is widely considered thebiggest change in the financial services industry in recentmemory.

Data Acquisition and Management (Six to 12Months)