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The National Credit Union Administration has released a new tool to help small credit unions comply with the Financial Accounting Standards Board’s accounting standard on current expected credit loss, or CECL, which goes into effect for most credit unions at the start of 2023.

Financial performance data released by the National Credit Union Administration shows total loans outstanding in federally insured credit unions increased by $194 billion, or 16.2%, over the year ending in the second quarter of 2022, to $1.39 trillion.

A multicultural business strategy is essential if credit unions are to remain relevant to an increasingly diverse marketplace. Over the last five years, multicultural consumers accounted for 61% of credit union growth.

Resource One Credit Union and A New Direction Credit Union have received regulatory approval to merge in late 2022.