Most non-public business entities aren't required to implement the current expected credit loss (CECL) model until fiscal years starting after Dec. 15, 2020. However, many credit unions are heeding the advice of the NCUA and advancing steps to ensure effective implementation of this major change in estimating losses. The model will require more inputs, assumptions, analysis and documentation, making the option to automate and modernize the process significantly more attractive than under existing standards. Credit unions considering software to comply with the regulations may choose to build their own software solution or work with a third-party vendor. In either case, credit unions have several considerations to help narrow the playing field.