McWatters "Clarifies" CECL Implementation
NAFCU reports that NCUA Board Member J. Mark McWatters, in October, stated he would support – and hopes the NCUA soon acts on – a rule that would phase in CECL's impact on credit unions' net-worth ratios over three years.
McWatter’s comments may or may not be of comfort to credit unions. Never-the-less credit unions need to be prepared and on schedule (the deadline may or may not be extended) for CECL. There is presently much confusion over CECL, its implementation and the effects it will have on operations and equity.
TCT’s Credit Migration tool meets the credit risk management and ALLL placement requirements of CECL.