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CUs & Other FIs Behind on CECL Prep, Study Says

According to the study, 6% of all respondents have not done anything to prepare for CECL yet. The deadline is only months away.

Current Expected Credit Loss Only months away from the CECL deadline. (Source: Shutterstock)

Many credit unions and other financial institutions are falling behind in preparing for the Q1 2020 CECL compliance deadline, and about one in 15 haven’t started preparing at all, according to a recent survey by risk-management technology firm Abrigo.

The Austin, Texas-based company’s survey found that only 14% of SEC registrant institutions were running parallel allowances four quarters before the deadline as recommended, and 6% of all respondents had not done anything to prepare for CECL yet. None of the respondents had adopted CECL early or begun incorporating the standard into financial statements, Abrigo said.

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Tina Orem

 

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