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What is the CECL Compliance Date for Banks and Credit Unions?

CECL was finalized in 2016 by the Financial Accounting Standards Board (FASB). Many banks and some credit unions have already implemented CECL, as the CECL compliance deadline for banks and nonprofit companies was originally 2022, but the FASB has changed it to 2023.  The CECL compliance deadline for credit unions and most smaller reporting companies has also been pushed out to January 2023.

About the Author

Rob Daley Rob co-founded IBS in 1989, after spending six years as a lead developer for a core banking system, and three years as the SVP, MIS at St Mary’s Bank. Rob’s focus remains growing IBS staff, so we provide world class collection and recovery solutions to banks and credit unions, while expanding our partner channels beyond all main core system providers and primary ancillary product relationship partners.