Many institutions are beginning to move from the preparation phase to the implementation phase, and as those preparations transform into reality, some common mistakes and helpful lessons are emerging.
This isn’t to say that financial institutions aren’t making positive headway. According to FMS research, executives at community banks and credit unions are feeling better about CECL than they were last year – more than half (56%) of the 400 leaders surveyed deemed their CECL preparations to be on track and on time. So it seemed like a good time to check in to find out about some of the common implementation issues they’re having – and to come up with some tips for how to fine-tune an institution’s CECL plans as they move into the next phase.
Download the article to learn the common mistakes and recommendations for avoiding these pitfalls.