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NCUA Releases Updated FAQs and CECL Tool

The National Credit Union Administration (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.” For additional information on CECL, please visit the CECL Resources page.

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