BloomTech Faces Allegations from CFPB for Deceptive Practices
The US Consumer Financial Protection Bureau (CFPB) has launched an enforcement action against BloomTech, formerly known as Lambda School, and its CEO Austen Allred. They stand accused of engaging in deceptive business practices, casting a shadow over the tech education sector. Key allegations include failing to disclose the true costs associated with its income share agreements (ISAs) and presenting overoptimistic employment outcomes for its graduates.
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