As you know, big changes are coming for credit unions on accounting for expected credit losses in the future, in the form of CECL – Current Expected Credit Loss – the Financial Accounting Standards Board’s (FASB) new accounting standard for estimating loan losses that is now scheduled to take effect January 1, 2023.
It’s time for you to find your CECL Solution with Millennium Corporate – CECLution!
CECLution is a credit union developed service that fits your CECL needs and budget. It’s online, on-demand, comprehensive yet simplified, and soon to market (available in 1Q2022).
There’s no daunting task of building historical databases, no long-term contracts locking you into a solution and partner unfamiliar with credit union regulations. CECLution addresses all these serious concerns and provides these additional benefits-
- The option to create and save customized assumption sets (balances, rates, maturity terms, pre-payments and more)
- Automatic monthly upload of economic data
- Saved and stored credit union forecasts
- Quick and easy model adjustments
- And, again, CECLution captures and maintains credit union historical data!
Before you sign with another provider, consider CECLution with Millennium Corporate! And, if you have already signed elsewhere, keep CECLution in mind as a secondary validation method.
Please email marketing@millenniumcorporate.org to learn more!
(Need not be a member to partner with Millennium Corporate for CECLution but non-capitalized membership options are available if you’re interested in becoming one.)
