Financial institutions like yours have their hands full between managing record-low net interest margins, pandemic uncertainties, and strategic initiatives. Throughout all of this, it is essential to remain focused on the transition to the current expected credit loss (CECL) standard by the approaching effective date.
Many banks and credit unions that implemented CECL in 2020 said that they would have started the implementation process sooner if they knew then what they know now.
If your bank or credit union has not yet started CECL implementation, the time is now. We have a series of blogs linked below that can help you decide where to begin and how to chose the right solution for your institution.