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According to the American Bankers Association, CECL represents “the biggest change to bank accounting, ever.” The realty of these sweeping changes in the way we have done business for the last three to four decades, for some, is daunting. Don’t make the mistake of believing that the five years given before implementation is plenty of time to prepare your credit union. There are some fundamental steps that have to be taken, just to be ready for implementation.

Here are some recommended steps to successfully prepare yourself, and your credit union, for what is widely considered the biggest change in the financial services industry in recent memory.

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