“Everything negative - pressure, challenges - is all an opportunity … to rise.” – Kobe Bryant
Getting ahead of the new CECL requirements is a strategic initiative for all credit union executives in 2016. Being compliant will be no easy task, however. The new CECL requirements require life-of-loan loss forecasting capabilities. In most cases, this means the credit union will need to collect data, A LOT OF DATA. Unfortunately for most credit unions, collecting, storing, and analyzing data has not been a priority and most do not have the proper infrastructure in place to do so.