Economy

Cloud-based patient billing provider VisitPay is partnering with the Geisinger Health System to simplify the billing and payments process for both patients and providers.

ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.

Devon Bryan, who held similar jobs at KPMG and the Federal Reserve System, succeeds Brian DiPietro, who had been information security chief since 2016.

As health care payments increasingly look like traditional retail payments with various provider-consumer touchpoints, those acquiring hospital and medical clients are also turning to a payment facilitator model to secure contracts.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

The new “adverse market fee” for refinanced mortgages resembles steps the companies took to combat the 2008 mortgage crisis. But critics charge it isn’t necessary and will hurt borrowers’ ability to tap into low rates.

Covered Care is promising to offer affordable loans to borrowers with credit scores below 700.

Paralysis between Republicans and Democrats hurts the people who would benefit the most from digital delivery of government stimulus funds, argues Polyient Labs' Jeff Hinkle.

Criticized assets are on the rise, especially in commercial portfolios, and may be the forerunner of a wave of loan losses later this year or next year unless economic conditions strengthen.

A public-private partnership that has fewer rules and restrictions than the Paycheck Protection Program would save more small businesses.

Anemic loan demand and contracting net interest margins hurt overall profitability for banks with more than $50 billion of assets last year. With the pandemic still going strong, an even more dramatic decline in revenue and profitability is likely this year.

More than a third fear the fallout from the coronavirus pandemic could drag into 2022 or later, and they are most worried about commercial real estate loans, according to a Promontory Interfinancial Network survey.

Year to date through Mar. 31, 2020. Dollars in thousands.

Year to date through Mar. 31, 2020. Dollars in thousands.

Full-time equivalent, as of Mar. 31, 2020. Dollars in thousands.

Why banks want in on Google checking accounts; readying new tech tools to tackle anticipated rise in delinquencies; more institutions opt to sell PPP loans as heavy lifting nears; and more from this week’s most-read stories.

Cypress Trust Co. has requested deposit insurance from the Federal Deposit Insurance Corp.

A survey of companies that received funding from the Paycheck Protection Program also showed that respondents on average have cut their payroll costs by more than half.

The account would complement the existing Community Development Financial Institutions Fund and could be replenished annually if banks and credit unions use the funds to help when natural disasters and other crises occur.