SAN FRANCISCO — The $2 billion Addison Avenue Federal Credit Union, Palo Alto, has formally "shut down" its link to the ill-fated Zopa peer-to-peer network.
"Again we're disappointed and surprised at the outcome, but we did not want any transactions to occur with Zopa actually stopping all the servicing," declared Stuart Fisher, senior vice president of retail and business development.
It is his understanding, based on the Zopa Web site, that leftover business is being directed to USA FCU of San Diego, which like Addison was one of the six U.S. CUs that piloted the social lending vehicle a year ago aimed at a youthful online audience
Officials of Zopa, with its U.S. operations headquartered here, blamed the abrupt end of the so-called U.S. investor model on the "unprecedented conditions" in the U.S. economy directing loan and CD applications be routed online "directly to our credit union partners."
Like other CU participants, Fisher of Addison lamented the demise of the CU connection with Zopa since "the concept is so much a part of the people-helping people mission" and yet the U.S. unsecured market is apparently quite different from that of the U.K. where Zopa is popular.
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