The Consumer Financial Protection Bureau (CFPB) successfully shut down Prehired, a bootcamp accused of trapping students with unmanageable loans, but now that the CFPB is being dismantled, Prehired has re-emerged as FastTrack. Despite promising job placement and income guarantees, the original program's misleading marketing tactics have resurfaced under a new brand, raising concerns about student protection. A court previously mandated the return of millions to affected students, but FastTrack's similarities suggest a continuation of harmful practices without accountability from regulatory agencies, particularly as consumer oversight diminishes.
A year and a half ago, the Consumer Financial Protection Bureau (CFPB) worked with state attorneys general to shut down Prehired, a shady tech sales bootcamp program that a court said deceptively saddled students with millions of dollars in loans.
In November 2023, a court approved an order shutting down Prehired and permanently banning it from offering similar loans in the future.
Prehired, however, has allegedly done little to honor those terms. Last year, former Prehired students came across a new company called FastTrack, which looked suspiciously similar.
It offered the same 'member success guarantee' of landing a job with a salary of at least $60,000 within 12 months of completing the program.
#consumer-protection #tech-education #financial-fraud #corporate-accountability #regulatory-oversight
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