Effective data governance key for credit unions

first_img 20SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Calculating potential credit loss may have just gotten easier for community financial institutions (FIs). Recently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) finalized a new credit loss model for financial assets. This model will allow for more timely recognition of expected credit losses.Although it’s been finalized, the new Current Expected Credit Loss (CECL) model won’t take effect until 2019. The new model addresses the need for a more precise measurement of life of loan loss based on loan-level data. In order to achieve this, FIs will need to mine quality, secure, easily accessible data, as well as make the most of any currently stored data. continue reading »last_img read more