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The 7th annual Lending & Risk Management Summit presented by Abrigo will be held September 24-26 in Chicago, Illinois. Approximately 200 bank and credit union executives have already registered to join their peers, industry experts, and Abrigo. Why should you join the group?

A recent poll by Abrigo finds that many financial institutions have work to do when it comes to gathering data to assess credit risk in their consumer loan portfolios under FASB’s new standard for measuring current expected credit losses, known as CECL.

Under FAS 114, a loan is impaired when it is probable that the bank will be unable to collect all amounts due (including both interest and principal) according to the contractual terms of the loan agreement. FAS 114 applies to all loans except:

Financial institutions assessing data and planning changes to ALLL methodology for CECL should ensure existing loan-level data is consistent and complete.

Here are 10 ways banks and credit unions can get ready, according to the regulators, along with available resources for learning more about CECL preparation.

Consistency in loan-level data and institutional definitions of PD are crucial to performing PD/LGD calculations that accurately reflect loss.

Abrigo has outlined a comprehensive guide of suggested and highly recommended data fields for institutions preparing for CECL implementation.

See our top ALLL resources of 2016, featuring tips for calculating the allowance under current standards and with CECL changes on the horizon.

With FASB's issuance of CECL this summer, there has been much to discuss about the allowance for loan and lease losses this year. See a roundup of the most popular webinars of 2016.

Abrigo is launching a webinar series that delves into the specifics of performing allowance calculations under FASB’s current expected credit loss (CECL) model with in depth discussions of CECL methodologies for specific loan pools.

While community banks may not typically offer exotic financial products with complex risks that larger financial institutions do, the absence of an enterprise-wide effort to measure and match risks to strategy can result in missed opportunities that are visible only from above the cluttered day-to-day view from the trenches.

FASB’s June issuance of the new current expected credit loss (CECL) model has sparked questions from institutions seeking to understand what type of and how much historical data is needed. But before digging through the annals of the core, it is key to take stock of what is available and what is not – and what that could mean for CECL calculations.