The NCUA has issued the June 2024 update of its Simplified CECL Tool, which includes the latest life-of-loan factors. For credit unions that are currently using the Simplified CECL Tool, the June 2024 release is provided to determine the credit loss expense—or provision for credit losses—for the period that ends June 30, 2024.
As provided in the NCUA’s Simplified CECL Tool FAQs, the tool is intended for use by credit unions with under $100 million in assets, although could potentially be used by larger credit unions.
To get the latest version, credit unions can visit the Simplified CECL Tool page and click on “Download the Latest Simplified CECL Tool.” For more information on CECL, access the NCUA’s CECL Resources page.
