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Financial institutions news from around the web: May 30 – June 1, 2022

Written on Jun 3, 2022

Authorized push payment fraud challenges CFPB’s open banking stance 
Open banking has increased the number of electronic transactions and also fraudulent activities. While banks may be in favor of sharing customers’ data with third parties, they may be held responsible for the losses, even when they are not a party in the transaction.  

China faces a nearly $1 trillion funding gap. It will need more debt to fill it 
The Chinese government faces a growing shortfall of cash, analysts say, as they predict an increase of debt to fill the gap. 

India's banking sector recorded highest profit in last 26 quarters 
Profit momentum for India's banking sector continued from the financial year 2021 to 2022 as the sector reported its highest profit in the last 26 quarters and private banks have been the better performers. 

Top financiers and millionaires just met up in the Swiss Alps. And the mood was terrible 
Recent data indicates that price increases have begun to spill into the underlying economy, posing further risks to global growth and causing headaches for central bank policymakers, who face the unenviable task of tightening monetary policy to rein in inflation without pushing economies into recession.