CECL Symposium Informs with Expert Insights and Solutions

HIGHTSTOWN, N.J. – The CECL Symposium, held live at the League office on September 20, provided attendees and sponsors with a very comprehensive presentation on this major accounting change; the biggest change to occur in over thirty years. The main speaker, Michael Umscheid, President and CEO of ARCSys, set the stage as he shared a FASB update and then provided a thorough explanation of all the components that a credit union needs to consider before committing to a CECL Model. After this presentation, the audience heard from various solutions providers who gave overviews and demos of their products.

 

Umscheid told attendees that they need to go back to at least 2005 in order to have the historical data to properly forecast for this new standard. He talked about different methods and models, but one thing he repeated often was the need to have data.

After this extensive presentation, Umscheid provided a demonstration of the ARCSys Solution. Next up was PJ Farrell, Account Executive, and Jared Mills, Advisory Services with Sageworks. Next up coming to the group virtually via Zoom was Michael Stinson, CEO of Spotlight Financial. He was followed by Adam Smith, Product Owner, and Sean Duffy, Senior Lending Solutions Sales Executive, with CU Direct/Lending Insights. Last up was Matthew Jacobson, Vice President, Mark H Smith Incorporated.

In addition to CECL Solutions Providers, we had two Meeting Sponsors who provided on overview of their services. First was Robert Fouratt from The Curchin Group followed by Al Fontanella with Fontanella Associates.

A combination of education and an introduction to a select group of solutions providers proved to be a day well spent.

If you missed this session, a recorded version will be available for purchase soon. If interested, email Barbara Agin, Vice President of Member Experience and Education, at bagin@njcul.org for the registration link to be sent to you when available.

Additional photos are available on the League’s Facebook page.