ARLINGTON, Va.--(BUSINESS WIRE)--NAFCU Services has selected ARCSys as the Preferred Partner for CECL software. ARCSys created the SaaS ACL Calculator that enables credit unions to efficiently determine and address CECL requirements. Three panels of leading credit union CEOs carefully examined and approved ARCSys for the NAFCU Services Preferred Partnership.
“With mounting pressures of the CECL standard, credit unions need a trusted partner to help comply with these regulations,” said NAFCU Services President, Randy Salser. “We’ve gotten to know the ARCSys team and their technology very well, and we are thrilled to welcome them as our newest Preferred Partner.”
The partnership will feature an educational series with experts in accounting, audit, regulatory, and security standards—helping credit unions understand, plan for, and implement compliant CECL solutions.
President and CEO of ARCSys, Michael Umscheid, commented, “Access to education on the latest CECL information is more vital than ever for financial institutions. Credit unions have been core to our mission since our founding, and ARCSys is committed to providing the NAFCU membership with constantly updated facts, guidelines, and tools to stay ahead of the standards.”
About NAFCU Services Corporation
NAFCU Services is a wholly-owned subsidiary of the National Association of Federally-Insured Credit Unions (NAFCU). They connect forward-thinking credit unions to the best business partners. NAFCU Services’ Preferred Partners have supported credit union success in technology, security, risk management, and many other areas of business for more than 40 years. Companies go through a rigorous vetting process before becoming a Preferred Partner, so credit union leaders know the solutions are trustworthy. For more information, visit nafcu.org/nafcuservices and connect on Twitter @NAFCUServices.
ARCSys™ emerged from the joining of advanced systems for accounting, reporting, and calculation technologies. ARCSys™ has created a unique and powerful suite of tools and solutions to help credit unions navigate the complexities of FASB, Credit Quality, and Allowances for Credit Losses. The company provides a wide range of accounting preparation and IT management expertise.