Nov. 12, 2020 - For Immediate Release
ALBANY, NY – The New York Credit Union Association (NYCUA) has endorsed Abrigo’s Portfolio Risk and CECL software solutions to help New York credit unions meet the upcoming deadline for Current Expected Credit Loss (CECL) implementation as well as streamline their portfolio risk management. The Abrigo suite of portfolio risk and CECL solutions offers credit unions powerful choices for the automation of data-heavy tasks like stress testing, portfolio analysis, and CECL calculations.
CECL represents the biggest accounting change in banking history. The new standard requires financial institutions to record credit losses at loan origination based on a “life of loan loss” expectation. Under CECL, financial institutions will need new processes for collecting and storing loan level data, forecasting future economic conditions, and incorporating those forecasts into the CECL estimate.
The combined suite of products not only offer efficiency and valuable time-saving automation, but data and calculations can also be shared between solutions easily, creating a streamlined and consistent flow in reporting.
"We've heard it repeatedly from credit unions across New York: CECL is one of the most significant operational challenges they will face in the coming years," said NYCUA President/CEO William J. Mellin. "There's no question that calculating allowance for credit losses will be more complex under CECL. But Abrigo’s Portfolio Risk and CECL software is a vetted, innovative and intuitive solution that will help credit unions transition to this new accounting standard."
“It is meaningful to us as a software company to gain the acknowledgement and trust of industry leaders like the NYCUA. Ultimately, our goal is to serve community financial institutions by providing the best tools we can to help them succeed. A goal I know we share with the NYCUA,” said Jay Blandford, President of Abrigo.
Abrigo has been helping community financial institutions prepare for the transition to CECL by providing extensive reporting and leveraging allowance data for portfolio management. Over 1,000 financial institutions currently trust Abrigo to help make better decisions about their portfolio management by utilizing their suite of portfolio risk software.
Abrigo is a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions that community financial institutions use to manage risk and drive growth. Our software automates key processes – from anti-money laundering to asset/liability management to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs. Visit abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $90 billion in assets and serve 6 million members. NYCUA advances the credit union movement by advocating, educating, uniting and supporting the interests of all New York credit unions. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.yourmoneyfurther.com.
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