When CECL 
Met Covid-19

From an accounting perspective, 2020 was always going to be a significant, awkward and confusing year for banks. But no one could imagine just how monumental and complex the challenges would be when the biggest accounting change in decades encountered the most severe economic crisis since the Great Depression. The current expected credit loss standard, or CECL, was designed to change how banks set aside loss reserves with the hopes they would be better prepared for a financial crisis. But the timing, intensity and severity of the coronavirus pandemic and subsequent recession tested many banks’ CECL process, from models breaking…

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Kiah Lau Haslett

Banking & Fintech Editor

Kiah Lau Haslett is the Banking & Fintech Editor for Bank Director. Kiah is responsible for editing web content and works with other members of the editorial team to produce articles featured online and published in the magazine. Her areas of focus include bank accounting policy, operations, strategy, and trends in mergers and acquisitions.

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