Banking


Federal banking regulators issued supplemental guidance to financial institutions on how they should account for and report on commitments to originate and sell mortgage loans ( www.occ.treas.gov/ftp/bulletin/ ). The institutions are required to determine which of these commitments are derivatives under FASB rules and then calculate and report their fair value. But inadequate compliance with the FASB rules has prompted the regulators—the Federal Reserve Board, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision—to provide this additional guidance on applying FASB Statement on Standards no. 133, Accounting for Derivative Instruments and Hedging Activities, as amended by FASB Statement no. 149.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

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News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

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Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.