Zopa Appeals to Credit Unions

WASHINGTON – Credit unions are plotting a nationwide lending brokerage service modeled after the successful Zopa. Several credit unions are planning a CUSO that will act as an online referral service for credit unions and potential members, according to Guy Messick, general counsel for the National Association of CUSOs, who is involved in the project. Much like the British model, the service would match individuals seeking loans with a credit union they are eligible to join. But unlike the original Zopa, which matches individual lenders with individual borrowers, this model would match lenders with credit unions. The service would be limited to unsecured loans, in the beginning, said Messick, who was attending CUNA’s Governmental Affairs Conference. Several credit unions are currently working with representatives of Zopa and with Members Gateways, a CUSO that serves as an incubator for credit union innovations.