A Florida credit union has come up with a novel way to differentiate itself from the competition while showcasing its compliance with guidelines set by the Consumer Financial Protection Bureau.
The guidelines in question concern discretionary loan pricing, more commonly known as loan rate markups.
Melbourne, Fla.-based Space Coast Credit Union has started an aggressive new advertising and marketing campaign called “Expose the Truth” to educate consumers about markups, which it calls an “unfair” auto lending practice.
The two-part campaign began June 9 in South Florida with an opening teaser campaign, featuring pictures of blind-folded SCCU members and the message, “Only 21% know the truth, do you?” The full campaign, which followed on June 23 and will run through the end of August, uses the same SCCU members, this time with no blindfolds, sharing their testimony of how the credit union protected them from rate markups.
