Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
The Consumer Financial Protection Bureau (CFPB) has issued a series of penalties against BloomTech, formerly known as Lambda School, and its CEO Austen Allred. The CFPB fined Allred $100,000 and the school $164,000, and permanently banned both from engaging in any consumer-lending activities. Additionally, Allred is prohibited from participating in student-lending activities for ten years. The enforcement action was taken due to deceptive practices related to loan costs and misleading claims about graduate employment rates. BloomTech is also required to pay tens of thousands of dollars in restitution to students and must allow current students the option to withdraw from their contracts and cancel any associated income share agreements.
With so much negative press out over BloomTech, I just wanted to say thanks @Austen for starting a company that provides so much opportunity. My experience start to finish was fantastic. Thanks to BloomTech, I now have a job I love and it provides an incredible life for my family https://t.co/5G1Ey5D4nq
Bloom Institute of Technology, formerly called Lambda School, will be forced to pay tens of thousands of dollars in restitution to students of the San Francisco coding bootcamp after feds say it duped with deceptive loans and fees. https://t.co/wXnSEcNhPm
A San Francisco based coding school, BloomTech, is being fined $160K for 'deceptive acts' against its students: https://t.co/mMS6HFEeDH
