In response to the high volume of requests from our credit unions, LEVERAGE has partnered with CRF Advisors to offer a CECL (Current Expected Credit Losses) solution. This offering will provide individualized consulting to assess how CECL Methodology will affect your credit union, what platform and data sets are needed to comply with new reporting requirements, as well as ongoing support for data collection and storage, forecasting, and reports.

 

Current Expected Credit Losses

CECL is used as shorthand for the new GAAP requirement to include expected life of loan (LOL) losses in the allowance for loan and lease losses (ALLL), versus the current incurred loss model. Generally, loss estimates will increase, be more volatile, and require subjective assumptions. Therefore, processes must be enhanced and well-documented to ensure future compliance as new CECL models and data requirements go into effect. 

 

Loan Loss Reserve

CECL Methodology will change loan loss, reserve calculations, and will have implications across many aspects of day-to-day operations for credit unions. CRF Advisors will review and analyze methodologies, provide assistance with documenting requirements, ensure proper systems inputs, and monitor roles and responsibilities to ensure compliance and transparency of the implementation process throughout the organization.

To learn more about how these products may benefit your credit union, please feel free to contact us at consult@myleverage.com and register for any of these free webinars:

 

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Credit Union benefits from CRF Advisors include:

  Consulting and guidance to your management team throughout the design,  implementation, and ongoing use of the CECL Program and Platform 

  Access to CRF Advisors dedicated experts for development, customization, implementation, and monitoring of the  CECL Platform and Program

  Established and approved timelines to track progress of the CECL Program with regular communication between CRF Advisors and credit union project team to ensure quality and accomplish objectives

  Customized dashboard to meet the needs of your credit union with a broad range of data fields 

  Automated reports and summaries generated to satisfy regulatory requirements