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Infographic: Busting the Top 5 CECL Myths

Time is quickly ticking down for financial institutions adopting the current expected credit loss, or CECL, accounting standard in 2023. As these banks and credit unions work to identify and gather relevant loan-level data and select a methodology for calculating the allowance for credit losses, or ACL, they must also deal with coronavirus-related operational challenges, such as increased loan modifications and credit losses, a surge in fraud attempts, and myriad staffing issues related to the pandemic. Understanding some of the myths and misconceptions about implementing CECL will help these financial institutions avoid some of the hazards to navigating the change.

Looking for Banker’s Toolbox? You are in the Right Place!

Banker’s Toolbox is now Abrigo, giving you a single source for all your enterprise risk management needs. Use the login button here, or the link in the top navigation, to log in to Banker’s Toolbox Community Online.

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Abrigo acquires construction loan management solutions

Coupled with our lending suite, Construct and +Pay from BankLabs enable end-to-end automated residential/commercial construction loans.

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