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According to Walt Disney, “Times and conditions change so rapidly that we must keep our aim constantly focused on the future.”

As many credit union executives have likely heard, the current expected credit loss model is a new Financial Accounting Standards Board accounting rule. According to NCUA Letter No. 16-CU-13, CECL is not effective until Dec. 31, 2021, but the NCUA writes, “…your credit union needs to take steps in advance to ensure effective implementation of the standard. The board of directors and senior management of your credit union should become familiar with the new accounting standard to assess how the new standard differs from the existing incurred loss model.” The standard changes how credit unions account for credit losses on their loans and on debt securities in their investment portfolios.

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