By Kendall Reischl
We’ve seen and heard a lot of industry talk lately about CECL (Current Expected Credit Loss). Over the past few months, a number of industry professionals have given their opinions and recommendations on what banks need to do to prepare for the CECL transition. However, most of this commentary hasn’t been from those people who will be most affected by CECL – individuals working at banking institutions.
To get a better idea of the direct impact of these looming changes to the reserving process, we decided to ask those who will be most affected by CECL.
At the recent 2016 AICPA National Conference on Banks & Savings Institutions, we conducted a survey, asking attendees to provide us with their thoughts on how CECL is affecting them now and will affect them in the future. The individuals surveyed work for banking institutions ranging in size from managing less than $3 billion in assets to managing over $250 billion in assets.
We distributed a press release last week touching on the highlights, but this post will go into more depth, showing you deeper, additional data.
When does your company plan to start preparing for CECL implementation?
How would you describe the anticipated impact of CECL on your company?
What is the biggest obstacle you anticipate you’ll face on the road to CECL implementation?
How confident are you in your existing reserving process to address the CECL transition?