Credit unions (CUs) can't compete seriously with large banks when it comes to serving big businesses -- multinational corporations and the like. And when it comes to those businesses, more and more CUs are having an "aha" moment. But often, smaller credit unions aren't particularly well versed in serving business clients. It turns out corporate credit unions are an excellent resource for providing the products, services and information that natural-person credit unions need to serve the business community. Increasingly, corporates are noticing an upsurge of interest from their member institutions. CU Business Group LLC, is a credit union service organization founded by a group of corporate credit unions for the purpose of providing business products and capabilities to the corporates and their member CUs. The scope of business products and services is vast, and corporate credit unions expend great amounts of resources and energy in designing tangible products and services to help their member credit unions court the business market.
Credit unions can't compete seriously with large banks when it comes to serving big businesses-multinational corporations and the like. But small businesses are a completely different story. They're absolutely within reach. And when it comes to those businesses, more and more CUs are having an "aha" moment."They're realizing that they already have members who have businesses," says Bob Rehm, SVP/marketing and sales at $10 billion Southwest Corporate Federal Credit Union (www.swcorp.org), which serves 1,250 credit unions from Piano, Texas. "And they're realizing that a lot of these members go to banks to get these kinds of services, but they would probably just as soon get them from their cre...