PORTLAND, Ore. (4/12/13)--CU Business Group, a business-services credit union services organization, has partnered with Paychex to offer credit unions human resources and payroll products and services.
The two organizations teamed up in an effort to help credit unions become a one-stop shop for business members.
"Credit unions need to better position themselves as the primary financial institution for their business members," said Larry Middleman, CUBG President/CEO. "The more services the credit union can offer, the stronger the relationship they can build to become the trusted financial advisor for that business and others in the community."
Credit unions can sign up for Paychex services through CUBG to take advantage of their exclusive referral program. For each successful business referral sent to Paychex, the credit union will receive a referral fee.
The Credit Union National Association and credit unions are working to be able to do more for the nation's credit-strapped small businesses. They are urging Congress to pass legislation to raise credit unions' member business lending cap (MBL) to 27.5% of total assets, up from 12.25%. Doing so would generate $14.5 billion available for MBLs--and increase jobs by 158,000 in the first year without costing the taxpayer, according to statistics from CUNA.