This is a quick take on the NCUA's recent release of a simplified CECL Tool for Small Credit Unions. NCUA issued a press release on September 14th. Which put this tool out there for credit unions under a hundred million to utilize.In the press release that the tool is intended for use by credit unions with under a hundred million in assets, although it could be used by larger credit unions based on the discretion of their management and auditors. NCUA followed this up with about an hour long webinar, which is out there on YouTube: https://www.youtube.com/watch?v=mOCBF0d7SK4I'm going to highlight about six minutes of thatWebinar:Comments from NCUA Chairman Todd HarperComments from staff on what NCUA Examiners Will Look at in the exam regarding CECL.When a credit union over $100million may want to use this method - and what they might need to do if they opt to use it, such as reach out to their CPAs and possibly have their methodology validate, andmuch more.NCUA's press release on the CECL Tool: https://www.ncua.gov/newsroom/press-release/2022/ncua-releases-simplified-cecl-tool-small-credit-unionsNCUA's Link to the tool:https://www.ncua.gov/regulation-supervision/regulatory-compliance-resources/cecl-resources/simplified-cecl-tool
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This is a quick take on the NCUA's recent release of a simplified CECL Tool for Small Credit Unions. NCUA issued a press release on September 14th. Which put this tool out there for credit unions under a hundred million to utilize.
In the press release that the tool is intended for use by credit unions with under a hundred million in assets, although it could be used by larger credit unions based on the discretion of their management and auditors.
NCUA followed this up with about an hour long webinar, which is out there on YouTube:
https://www.youtube.com/watch?v=mOCBF0d7SK4
I'm going to highlight about six minutes of thatWebinar:
Comments from NCUA Chairman Todd Harper
Comments from staff on what NCUA Examiners Will Look at in the exam regarding CECL.
When a credit union over $100million may want to use this method - and what they might need to do if they opt to use it, such as reach out to their CPAs and possibly have their methodology validate, and
much more.
NCUA's press release on the CECL Tool:
https://www.ncua.gov/newsroom/press-release/2022/ncua-releases-simplified-cecl-tool-small-credit-unions
NCUA's Link to the tool:
https://www.ncua.gov/regulation-supervision/regulatory-compliance-resources/cecl-resources/simplified-cecl-tool
