Moody’s Analytics, a leading provider of financial intelligence, announced today that Ent Credit Union has selected the Moody’s Analytics Current Expected Credit Loss (CECL) solution to implement the CECL accounting standard.
The centerpiece of the Moody’s Analytics CECL solution is the ImpairmentStudio™ platform, which lets financial institutions automate allowance calculation, analysis, reporting, and workflow. It also supports custom model development, validation, monitoring, and execution alongside a range of off-the-shelf loss-forecasting models.
Ent Credit Union will use the Moody’s Analytics CECL solution to determine the ideal approach for each loan segmentation, by switching between different methodologies. They will also use it to process qualitative and environmental scenarios to fine-tune allowance calculations through economic cycles. Based in Colorado Springs, Colorado, Ent Credit Union has more than $5.7 billion in assets and serves more than 355,000 members. It recently was named by Forbes magazine as the top credit union in Colorado for the second straight year.
“We evaluated many providers but ultimately we chose the Moody’s Analytics CECL solution based on their experience with both CECL and its international counterpart, IFRS 9,” said Jason Stretch, Manager of Finance at Ent Credit Union. “Their extensive access to industry data and the scalability of their solutions as Ent grows were also important to us.”
Last year, Moody’s Analytics won the CECL category in the Chartis RiskTech100®. Also in 2018, Moody’s Analytics earned the Category Leader distinction in a Chartis report evaluating leading vendors of CECL solutions.
“Although standard-setters have extended the CECL compliance deadlines for many banks and credit unions, implementation should not be delayed,” said Eric Ebel, Managing Director at Moody’s Analytics. “We are encouraged to see Ent Credit Union taking a proactive approach and look forward to supporting them now and in the future as they expand their business.”
Click here to learn more about the ImpairmentStudio solution.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical tools to help business leaders make better, faster decisions. Our deep risk expertise, expansive information resources, and innovative application of technology help our clients confidently navigate an evolving marketplace. We are known for our industry-leading and award-winning solutions, made up of research, data, software, and professional services, assembled to deliver a seamless customer experience. We create confidence in thousands of organizations worldwide, with our commitment to excellence, open mindset approach, and focus on meeting customer needs. For more information about Moody’s Analytics, visit our website or connect with us on Twitter and LinkedIn.
Moody’s Analytics is a subsidiary of Moody’s Corporation (NYSE:MCO). Moody’s Corporation reported revenue of $4.4 billion in 2018, employs approximately 13,200 people worldwide and maintains a presence in 44 countries.
Founded in 1957, Ent is ranked Colorado’s #1 credit union by Forbes. A different kind of financial institution, it is committed to improving members’ financial quality of life with better rates, lower fees and Ent Extras® cash rewards. With $5.7+ billion in assets, Ent serves more than 355,000 members at more than 30 convenient service centers all along the Front Range. Businesses and people (who live, work, worship or attend school) in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Elbert, Fremont, Jefferson, Larimer, Pueblo, Teller and Weld counties may join the not-for-profit, community-chartered credit union. Ent is an Equal Housing Opportunity and Equal Opportunity Lender, insured by the NCUA.