Listen On:
Key Takeaways:
- [02:25] A TDR (loans that have been modified) is automatically an impaired loan.
- [05:42] Most people are going to take their current TDRs and they are going to determine they are modified and start doing some disclosure requirements on them. The easiest thing is going to be to treat them all as modified loans.
- [10:24] Credit unions will often help borrowers by extending the payment term or lowering the interest rate and sometimes they do a combination. There are different ways you can modify a loan for a borrower that is having difficulties.
Presented By
Mike Umscheid
President & CEO | ARCSys
Mike has been providing accounting, consulting and auditing services to financial institutions for more than 30 years. Considered the “CECL Guru,” Mike was selected by the AICPA to create and deliver their 8-hour CPE course on CECL. He is a past member of the Auditing Standards Board and a published author on Accounting and Auditing for Financial Institutions. Mike has spoken at numerous AICPA conferences as well as other national and local financial institution associations.