LAKEWOOD, Colo.—Aux is reporting it has partnered with Accolade to provide a free CECL webinar for credit unions interested in learning more about the requirements and timing of implementing CECL.
“With the Jan. 1, 2023 deadline looming for federally insured credit unions to adopt and implement CECL, we wanted to provide an opportunity to clarify and answer questions that CUs may have surrounding the CECL methodology. CECL reporting must begin no later than the March 31, 2023 Call Report,” Aux said.
The webinar will be held on Aug. 17 at 1:00 pm MT. The registration link is below.
‘Begin Preparing Now’
“Credit unions should begin preparing now to implement the standard. Boards of directors and senior management should familiarize themselves with CECL to assess how it differs from the credit union’s existing incurred loss model. Once familiar with the standard, they should evaluate different allowance estimation methods to determine which is appropriate, and plan for the potential impact on regulatory net worth. This webinar will address key issues and answer questions that credit unions may have regarding the new regulatory requirement,” Aux said.
To register for this free webinar, click here.