X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The deadline for implementing the Financial Accounting Standards Board’s new current expected credit loss rules may seem far away, but experts are warning credit unions to start getting ready now.

The rules, which require credit unions and other financial institutions to record expected losses when they make new loans, don’t kick in for credit union Call Reports until the beginning of 2022. But CECL preparations can easily take years and procrastination can be a costly mistake, industry pros cautioned. Here are three things they said credit unions should start doing now if they want to be ready for CECL on time – and when it’s too late to start.

Tina Orem

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.