Catalyst launches new service to help credit unions cope with CECL

on "June 03, 2021 8:26 am"

Catalyst Corporate announces today the launch of a new product specifically designed to help credit unions prepare for the adoption of new accounting requirements.

CC CECLution Logo w CSS ACurrent Expected Credit Loss – also known as CECL – will have a significant impact on how credit unions account for expected credit losses in the future. “With CECL requirements set to take effect in January 2023, credit unions should be evaluating solutions and determining the most appropriate type of modeling now,” said Mark DeBree, Managing Principal of Catalyst Strategic Solutions. “Today’s rollout of CECLution will help credit unions get ready in a timely manner.”

CECLution is a robust, self-directed, online platform built upon the financial know-how of Catalyst Strategic Solutions, a wholly owned subsidiary of Catalyst Corporate.

“We’ve worked to provide a user-friendly platform that gives credit unions the flexibility to customize inputs that accommodate different assumptions,” DeBree said.

Based on the Weighted Average Remaining Maturity (WARM) method, CECLution offers several benefits:

  • Captures and maintains credit union historical data
  • Automatically integrates economic data
  • Displays credit union and peer data
  • Enables fully customizable Q-factors and carve-outs
  • Preserves core assumptions for easy updates
  • Saves and stores forecasts

While CECLution is available to any credit union, it was created for those seeking an independent, fast and flexible option, rather than an in-house solution, DeBree noted.

“CECLution is provided on a subscription basis that permits credit unions unlimited access to the platform,” DeBree said. 

Additional information on CECLution can be found at ceclution.org or by calling 800.301.6196.