Federal financial regulatory agencies issued final guidance on risks posed by residential mortgage products that allow borrowers to defer principal and sometimes interest payments. Often referred to as “nontraditional” or “alternative” mortgages, these loans typically allow a borrower to trade lower payments early in the mortgage for higher payments later. Borrowers may not fully understand the risks of the products, which have long been available but in recent years have been offered by more institutions.

The document, Interagency Guidance on Nontraditional Mortgage Product Risks ( ), was issued jointly by five agencies: the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the National Credit Union Administration. In response to feedback last year, the agencies also issued model loan disclosures for public comment in a related document, Proposed Illustrations of Consumer Information for Nontraditional Mortgage Products ( ).


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.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


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.