SAN FRANCISCO — The U.S. Zopa model, heralded a year ago as an innovative membership tool to attract a youthful audience from YouTube and Facebook, is headed for the scrap heap.
However, some of the six pioneering CUs are still hoping to save the social lending vehicle. Peer-to-peer lending "still has a place for the industry," even if loan volume turned out "miniscule," declared Forum CU of Indianapolis in explaining the end of the Zopa experiment on its Web site (www.forumcu.com).
Holding out hope of resurrection, Forum said a CUSO "or a centric type of organization" might be formed in the U.S. to serve the online segment despite the economic crisis, which was seen by some participants as killing the venture.
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