01 Jul FRB – Announces planned release of new tool to help community banks implement Current Expected Credit Losses (CECL) accounting standard
July 1, 2021 – FRB will release a new spreadsheet-based tool that will help community banks implement current expected credit losses (CECL) accounting standards. The tool draws on publicly available regulatory and industry data to aid community banks with assets of less than $1 billion in calculating their CECL allowances. Follows recent changes to CECL accounting requirements. The tool will be launched during the Ask the Fed webinar on July 15, 2021.
For more information, visit www.federalreserve.gov.