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May/June 2018 Issue: Front Page > VolCorp Feature

VolCorp Feature
CECL Update
VolCorp would like to thank our members who took time to respond to our CECL survey. As a strategic partner VolCorp’s purpose is to provide superior products, services and support for our member credit unions. In order to do this we must first understand your needs in order to provide the best resources to serve you. Are you curious to see how your peers responded to the CECL survey?

CECL Survey Responses

  • 7% of respondents feel very prepared for CECL, while the other 93% are split roughly half and half between somewhat prepared and not prepared
    Graph 1
  • Average charge off/loss rate approach/experience method is the current ALLL approach used by 93% of respondents
    Graph 2
  • 30% of respondents plan to use a third party to assist with CECL compliance, 60% are undecided, and 10% plan to approach CECL independently
    Graph 3
  • 80% of respondents are interested in learning more about a potential VolCorp-CECL Vendor collaboration
    Graph 4
  • 83% of respondents are interested in more CECL educational webinars from VolCorp
    Graph 5
VolCorp’s takeaway from the survey responses is that most members are still preparing for CECL and that VolCorp could play a role in your preparation, through education and/or a potential vendor partnership.

The next educational webinar is currently being developed, based on your responses. We are also actively conducting research on CECL vendors, so please be on the lookout for more information and announcements in the near future.

Our next step is the launch of a CECL resource area on VolCorp’s website. This contains links to resources and documents from third parties that could prove useful in your CECL preparation and understanding. Go to www.volcorp.org/CECL to view these resources.

If you have any questions or other feedback for us, please contact any of the below members of VolCorp’s CECL preparation team.

Chris Hartung, VP Risk Management
  615-232-7907 or (800) 470-3444 Ext 7907

Justin Holt, Financial Reporting Manager
  615-232-7955 or (800) 470-3444 Ext 7955

Susan Stack, SVP/CFO
  615-232-7942 or (800) 470-3444 Ext 7942

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