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Catalyst Corporate | Sep 18, 2023
Catalyst Strategic Solutions’ Current Expected Credit Loss (CECL) model for estimating future expected loan losses, known as CECLution, has achieved certification from an independent third-party firm.
“This is an exciting and important step for credit unions relying on the CECLution platform,” said Mark DeBree, Managing Principal of Catalyst Strategic Solutions. “This
certification provides credit unions and auditors the assurance that underlying mathematics and processes supporting the CECLution model have been reviewed and are performing as expected.”
CECLution.org is a robust online platform developed by Catalyst Strategic Solutions that supports credit unions in achieving and maintaining compliance with ASC-320 (CECL).
“We believe a third-party certification is critical for credit unions that are relying on new vendors and platforms to comply with this significant accounting modification. They should have confidence that the mathematical approach supporting their calculations is sound,” DeBree said.
Although the model certification process is complete, Catalyst Strategic Solutions will continue to evaluate new features that could enhance CECLution platform capabilities and the user experience.
CECLution users can find a copy of the certification statement within the secure platform in the “Useful Documents” section.