Training & Events

“ARE YOU READY FOR CECL?” WEBINAR

Leading up to the economic crisis in 2009, institutions and financial statement users expressed concerns that the current accounting standard (probable threshold and incurred notion) restricted the ability to record credit losses that are expected of financial assets. The existing incurred loss methodology delays the recognition of credit losses on loans.

After the economic crisis, various stakeholders noticed that the existing approach delayed the recognition of credit losses on loans and resulted in loan loss allowances that were too small and too late. These stakeholders requested that the Financial Accounting Standards Board incorporate loan loss provisions to a forward looking approach.

On June 16, 2016, The Financial Accounting Standards Board’s (FASB) proposed a revised Current Expected Credit Losses (CECL) accounting standard to replace the current “incurred loss” impairment approach. On June 17, 2016, the four federal financial institution regulatory agencies issued a joint statement on the new accounting standards issued by the FASB. The new approach requires an estimate of expected credit losses over the life of the portfolio to be effectively recorded upon origination.

The new accounting standard applies to all banks, savings associations, credit unions, and financial institution holding companies.

SEC filers are required to adopt CECL for fiscal years ending after December 15, 2019, with other public business entities in fiscal years beginning after December 15, 2020.

ABOUT THE PRESENTERS

Michael Cavallaro, partner at Barnes & Thornburg, advises banking and financial services companies on national and regional regulatory and legal compliance issues related to consumer and commercial bankruptcy and restructuring, collections, vendor management, foreclosure, loss mitigation and default servicing. Mike previously served as a senior corporate counsel at U.S. Bank. Mike’s clients include financial institutions, mortgage companies, loan servicers, and collections agencies. He offers comprehensive experience in advising on consumer and commercial workouts and collections. He is also skilled in bankruptcy and general banking litigation related to consumer and commercial transactions for clients ranging from community banks and credit unions, to the largest national banks.

Rob Folland, partner at Barnes & Thornburg, focuses his practice on commercial litigation and the defense of financial institutions in both consumer and commercial disputes. Rob also has an active insolvency practice where he assists financial institutions’ debtors and creditors’ committees, trustees, receivers and creditors. Rob has represented national mortgage servicers against class action allegations in the context of forced-placed insurance claims, failure to honor oral modification of loan payment terms and in the context of the Fair Debt Collection Practices Act. He has also represented mortgage servicers and financial institutions in litigation concerning the Fair Credit Reporting Act, Ohio Consumer Sales Practices Act, Real Estate Settlement Procedures Act, Telephone Consumer Protection Act and Truth in Lending Act.

Join this extremely informative webinar
Tuesday, August 6, 2019 from 10:00 – 11:00am
FREE to both member & non-members!

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