LEVERAGE partners with CRF Advisors to offer CECL solution to credit unions
- Program provides access to CRF Advisors' dedicated experts for development, customization, implementation, and monitoring of the CECL Platform and Program - Web-based Software Platform produces automated reporting and summaries generated to satisfy regulatory requirements
BIRMINGHAM, AL (September 18, 2018) — Credit unions routinely face heavy regulatory burdens, in part stemming from mega bank-related Dodd-Frank regulations and in part due to the need to ensure transparency for financial institutions. In response to the high volume of requests from credit unions, LEVERAGE, a for-profit affiliate of the League of Southeastern Credit Unions, has partnered with CRF Advisors to offer a CECL (Current Expected Credit Losses) solution.
CECL is used as shorthand for the new GAAP requirement to include expected life of loan (LOL) losses in the allowance for loan and lease losses (ALLL), versus the current incurred loss model. This offering provides credit unions with individualized consulting to assess how CECL Methodology will affect their organizations and what platform and data sets are needed to comply with new reporting requirements. It also provides ongoing support for data collection and storage, forecasting, and reports.
“CECL Methodology will change loan loss reserve calculations and will have implications across many aspects of day-to-day operations for credit unions,” said Steve Willis, SVP/COO of LEVERAGE. “Credit unions face a tremendous burden in meeting strict regulations. This methodology generates automated reports and summaries to satisfy regulatory requirements. It’s a solution we can offer to streamline processes, so credit union professionals can dedicate even more time to the members they serve.”
In addition, CRF Advisors will review and analyze methodologies, provide assistance with documenting requirements, ensure proper systems inputs, and monitor roles and responsibilities to ensure compliance and transparency of the implementation process throughout the organization.
“With our accounting, credit risk, and modeling expertise, our goal is to provide credit unions a CECL solution that is effective, efficient, and easily understood,” said Ted Ahn, CEO of CRF Advisors.
LEVERAGE equips credit unions with products and services to fulfill day-to-day needs. With best-in-class products and services through preferred business partner relationships, LEVERAGE helps credit unions with matters such as reducing expenses, increasing non-interest income, improving regulatory compliance, and increasing loan growth.
LEVERAGE, the Service Corporation for the League of Southeastern Credit Unions & Affiliates, is the business services provider that leverages credit union system resources, relationships, and industry knowledge for optimal performance and sustained growth of its clients and business partners. We work to offer credit unions best-in-class products and services that result in reducing costs, maximizing results, and making the most difference. For more information, visit myleverage.com or follow LEVERAGE on Facebook and LinkedIn.