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How your bank or credit union should get ready for CECL

Abrigo

The Financial Accounting Standards Board’s (FASB) long-awaited final guidance on its new standard for measuring expected credit losses is expected to be released in June, a step that will be a major milestone in the multi-year development of the current expected credit loss (CECL) model. 15, 2020, based on the FASB’s latest decisions.

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Improve loan decisioning: 5 ways to serve small businesses better

Abrigo

The average bank or credit union takes two to three weeks to process a small business loan, and fintechs take no more than 24 to 48 hours, he said. Understanding what small businesses need from a lending partner is the first step in improving loan decisioning. According to Kirby, speed is the top priority.

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Helping credit unions grow organically: Proper software implementation & integration

Abrigo

In a recent article from Credit Union Insights , Frank Koechlein discusses the need for credit unions to grow into their analytical solutions. Antidotal evidence indicates that only 20% of all credit union analytic solutions are still in place after 5 years.”

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GAO: Dodd-Frank beginning to impact community banks and credit unions

Abrigo

Government Accountability Office (GAO), community banks and credit unions are starting feel the impact of the Dodd-Frank Wall Street Reform Act. The GAO report, released on December 30th, examined nine Dodd-Frank rules that became effective as of October 2015 for impact on community banks and credit unions.

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What is elder financial exploitation? FinCEN guidance for financial institutions

Abrigo

Abrigos new fraud detection software for banks and credit unions finds more fraud faster. Hosting workshops or information sessions at senior centers can build trust and awareness. The statement provided examples of risk management and other practices that may be effective in combatting this often-underreported crime.

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Cybersecurity Awareness Month: How financial institutions can stay safe and secure online

Abrigo

Ideas for educating and promoting cybersecurity in October Cybersecurity Awareness Month is an opportunity for banks and credit unions to promote online safety and take steps to reduce cyber risks. And what does it mean for banks and credit unions? But how did Cybersecurity Awareness Month start?

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Fine-Tuning ALM Strategies for 2020

Abrigo

The root of a dynamic approach is that it weighs and analyzes the costs and benefits of different “what-if” scenarios that the bank or credit union might encounter or choose. Modeling includes many assumptions and can focus on unrealistic situations, such as a 400 basis point swing in rates. Leverage the right resources. Learn More.