new compliance tools for credit unions Source: Shutterstock.

The NCUA on Wednesday released a tool designed to help small credit unions comply with the complexity of new accounting standards to estimate future credit losses that become mandatory for most credit unions on Jan. 1.

The Financial Accounting Standards Board changed its standard for current expected credit losses (CECL) in 2016 in response to shortcomings exposed in the 2007 financial crisis. Its adoption has been postponed a few times, most recently in March 2020 because of the financial chaos and uncertainty with the COVID-19 pandemic.

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Jim DuPlessis

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