Jan. 30, 2023 – The NCUA has released updates to its frequently asked questions on the current expected credit losses (CECL) accounting standard and its Simplified CECL Tool.
The CECL GAAP FAQs address common credit union topics, including:
- CECL implementation date for supervisory committee audits and agreed-upon procedures engagements;
- Precedents for establishing a fiscal year to be other than a calendar year;
- Day-one adjustment to undivided earnings; and
- Allowance for loan and lease losses for credit unions with assets of less than $10 million.
The Simplified CECL Tool FAQs address such topics as:
- Monthly use of the CECL Tool;
- Negative loss rates;
- Loans to be individually evaluated;
- Qualitative adjustments for current year loss trends;
- Participations and indirect loan programs; and
- Larger credit unions using the CECL Tool.
To download the latest version of the CECL Tool, please visit The Simplified CECL Tool page.” To better understand how the tool can work for your credit union, please review the Frequently Asked Questions, User Guide, and Model Development Document located on the same webpage.
For additional information on CECL, please visit the NCUA CECL Resources page
Impact through inclusion: the credit union difference in action at the Foundation Dinner
March 1, 2022 — Former NASCUS President and CEO Lucy Ito, CEO of Black Hills Federal Credit Union Roger Heacock, African-American Credit Union Coalition, and Faith Based Credit Union Alliance were honored with awards during emotional return to in-person celebrations.
The mood was high as over 950 leaders from the credit union movement attended the National Credit Union Foundation’s annual fundraising gala on February 28. The event, held in conjunction with CUNA’s Governmental Affairs Conference, included the 33rd annual Herb Wegner Memorial Awards.
Financial well-being for all was a recurring theme during the evening, with each award recipient pointing to inclusions as a gamechanger for the credit union movement.
“The Foundation Dinner is an opportunity to celebrate the change-makers of the credit union movement, but also a platform to inspire others,” said Gigi Hyland, executive director of the Foundation.
“Our system has a collective superpower: purpose. Our mission to improve people’s financial lives was evidenced in our exceptional award winners, who have done so much to serve so many.”
The evening started with the African-American Credit Union Coalition (AACUC) being presented with the Foundation’s Anchor Award. This rare accolade was in recognition of the organization’s leadership in the wake of George Floyd’s murder.
As part of the AACUC presentation, President and CEO Renée Sattiewhite stated credit unions are “uniquely positioned to lead the United States in eradicating racism” due to the movement’s people-centered philosophy and cooperative model. “There’s no opportunity better than now, to show the world what we can do – and how we can do it,” she added.
Receiving an Outstanding Individual Achievement award, Lucy Ito, recently retired president and CEO of NASCUS, called on credit unions and regulators to look at who is not at the table, when working to solve problems.
“If you’re going to be biased, be biased towards including and connecting people to each other,” Ito said. “When I think of my career, there’s a common denominator among the leaders I’ve worked with. It’s collaboration and connecting people with each other.”
Courtesy of the National Credit Union Foundation. Read the entire article and view event videos here