The National Credit Union Administration released the March 2024 update of its Simplified CECL Tool today. The update includes the average loan loss rates for 2021-2023 and the latest life-of-loan—or Weighted Average Remaining Maturity—factors.

In 2023, the CECL accounting standard went into effect for credit unions with assets of $10 million or more. For credit unions that are currently using the Simplified CECL Tool, the March 2024 release is provided to determine the credit loss expense—or provision for credit losses—for the quarter that ends March 31, 2024.

Credit unions with assets of less than $10 million may consider using the Simplified CECL Tool as it could provide a more accurate measure of credit losses and enable stronger feedback for loan portfolio management.

To obtain the latest version, please visit The Simplified CECL Tool page and click on “Download the Latest Simplified CECL Tool.” To facilitate your evaluation of the Simplified CECL Tool, please review Frequently Asked Questions, the User Guide, and the Model Development Document located on the Simplified CECL Tool page.

The Simplified CECL Tool is provided to credit unions as an option for estimating the allowance for credit losses on loans and leases. The NCUA implements quarterly updates to enable a credit union to use the Tool before its books are closed and it makes its quarterly NCUA Call Report submission.

For more information on CECL, please visit our CECL Resources page.

For any questions unanswered on the CECL Resources page, please contact EIMail@ncua.gov.