Looks like they settled and the op deleted account @mods

@strutheo could you link to a source for this?

@Ziddletwix https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-coding-boot-camp-bloomtech-and-ceo-austen-allred-for-deceiving-students-and-hiding-loan-costs/

this was all done without admitting guilt afaik

> Enforcement Action

Under the Consumer Financial Protection Act (CFPA), the CFPB has the authority to take action against institutions violating consumer financial laws, including engaging in unfair, deceptive, or abusive acts or practices. The CFPB found that BloomTech and Allred used deceptive statements and took unreasonable advantage of consumers’ reasonable reliance on BloomTech to act in their interests.

Under the CFPB’s order, BloomTech and Allred must:

• Cease collecting payments on certain graduates: BloomTech must not collect any additional payments on “income share” loans for graduates who did not have a qualifying job in the past year.

• Amends “income share” loan contracts: The order reforms “income share” loan terms to eliminate the finance charge for consumers who graduated the program more than 18 months ago and obtained a qualifying job making $70,000 or less.

• Allow students to withdraw without penalty: Current students will have the option to withdraw from the program and cancel their “income share” loans or continue in the program with a third-party loan.

• Pay over $164,000 in penalties: BloomTech will pay over $64,000 and Allred will pay $100,000 in penalties to the CFPB’s victims relief fund.

@strutheo By my reading that means this stays open until market close date, in case there are other lawsuits?

Will BloomTech (formerly Lambda School) be found guilty of misrepresenting student outcomes before 2033?, 8k, beautiful, illustration, trending on art station, picture of the day, epic composition