The civil trial of three former Wells Fargo executives accused of culpability in the bank's long-running fake-accounts scandal began on Monday. Greg Coleman, senior deputy comptroller for large bank supervision at the Office of the Comptroller of the Currency, testified that the executives were the bank's primary "lines of defense" against such risks and that its "incentive sales program was implemented without risk-management controls, without proactive monitoring and it essentially incented the bank employees to open fraudulent accounts, to provide misleading information to customers, resulting in significant harm."

In a sign that inflation may be easing, consumer prices rose less than expected in August -- increasing by 5.3% year over year and 0.3% compared with July. Economists surveyed by Dow Jones had forecast the consumer price index would rise 5.4% annually and post a 0.4% monthly increase.

UBS's Global Wealth Management business has generated huge profits by persuading its richest clients to take on more debt, engage in more trading and invest in increasingly sophisticated financial products. Some are now asking whether the bank will be able to manage risk if the markets are hit with a volatility spike and market correction.

Activist investor Engine No. 1 has devised a strategy to assess environmental, social and governance investments using a combination of ESG data and traditional financial analysis. The group said it aims to encourage better use of ESG data among active managers to ensure their investments are meeting climate and human rights challenges.

VanEck has unveiled the actively managed HIP Sustainable Municipal exchange-traded fund, the first of its kind in the municipal bond market. The fund targets investment-grade state and local government debt used to finance sustainable development projects such as affordable housing, green spaces and hospitals.

A report from McKinsey predicts that women will control most of the estimated total of $30 trillion in assets held by the baby boomer generation in 2030, and also notes that women frequently switch advisors within a year of their spouse's passing. Despite this, a number of female financial advisors point out that women are still often excluded from discussions between advisors and their male spouses, which could lead to those advisors missing out on important opportunities.

Capital One will test a buy now, pay later option with current customers at certain merchants later this year. "We're watching this product closely and certainly not taking this growth lightly, especially as many of these buy now, pay later providers form new financial relationships with a large number of consumers and merchants," said Capital One CEO Richard Fairbank.

With National Small Business Week underway in the US, it is time to recognize the crucial role small and franchised businesses play in the economy, and the resilience these companies have shown through the many challenges and disruptions of the coronavirus pandemic, write CBA President and CEO Richard Hunt and the heads of three small business trade associations, noting that US banks have been there to provide key support along the way. "For well over a century, the nation's leading banks have financed the American Dream for small and franchised businesses in every community they serve. This commitment was reaffirmed over the course of the last 18 months and continues today," they write.

Fintechs are carving out niches in retail financial services by targeting certain segments and affinities, such as environmentally-conscious, LGBT+ and gig-focused consumers. Community banks and credit unions are repositioning to better compete, including rethinking product development and leveraging their commercial lending capabilities.

Small businesses across the US have shown incredible resilience through the coronavirus pandemic after having to repeatedly throw out the playbook amid changing conditions and restrictions, and banks are doing all they can to support these companies, says CBA President and CEO Richard Hunt. Proposed changes to tax policy currently being considered by lawmakers would ultimately hurt small businesses, Hunt says.