CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

This is the boot camp school formerly known as Lambda School, that came under a lot of fire in the past for these types of practices, and other issues.

Previous trouble they've been in:

https://dfpi.ca.gov/2021/04/26/lambda-school-reaches-settlem...

https://techcrunch.com/2021/05/13/lambda-school-lawsuits/

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#6

Post by [deleted] » Wed, Apr 17, 2024, 9:57 PM UTC

[deleted]

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#7

Post by willcipriano » Wed, Apr 17, 2024, 10:04 PM UTC

[flagged]

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#8

Post by saadatq » Wed, Apr 17, 2024, 10:11 PM UTC

Unreal:

> Allred tweeted that the school achieved a 100 percent job-placement rate in one of its cohorts, and later acknowledged in a private message that the sample size was just one student.

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#9

Post by taytus » Wed, Apr 17, 2024, 10:11 PM UTC

mistrial9 wrote: post #3

a quick search shows this post dated 2020 (a long time ago) https://www.applieddivinitystudies.com/lambda-lies/

April, 17th, 2024

https://www.consumerfinance.gov/about-us/newsroom/cfpb-takes...

Re: CFPB Takes Action Against Coding Boot Camp BloomTech and CEO Austen Allred

#10

Post by solardev » Wed, Apr 17, 2024, 10:15 PM UTC

Are there any legit income-sharing schools of this type, tech or otherwise? Done fairly, it sounds like an interesting alternative to upfront tuition.

On the surface it doesn't seem like a bad model, but of course it could be twisted to evil ends. From the article:

> The loans carry substantial risk, as a single missed payment triggers a default and the remainder of the $30,000 “cap” becomes due immediately.

> Students were therefore deprived of rights they should have had when their “income share” loan was sold to an investor [without the required Holder Rule provisions transferring legal responsibilities to the new owners].