CFPB v. BloomTech

BloomTech and Allred allegedly made false representations about the income share agreements and the benefits students would receive if they entered them, including that the agreements were not loans and carried no finance charge, that the school’s interests were aligned with its students’ interests, and that the school had high job-placement rates and a top-notch curriculum and instructors. BloomTech and Allred allegedly violated the Consumer Financial Protection Act of 2010’s prohibition of deceptive and abusive acts or practices. BloomTech allegedly violated the Truth in Lending Act and its implementing regulation, Regulation Z, and the Holder Rule.

Summary generated from official Consumer Financial Protection Bureau press release