Today, the Office of Financial Regulation (OFR) and 52 state financial regulatory agencies announced a coordinated enforcement action against Bayview Asset Management LLC and its affiliates. The companies involved are Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings. They face penalties for inadequate cybersecurity practices and lack of cooperation with state regulators following a data breach affecting 5.8 million customers.
The Bayview companies have been fined $20 million and have agreed to implement corrective actions. These include improving cybersecurity programs, undergoing independent assessments, and providing three years of additional reporting to state regulators.
"Today's action highlights the need for financial services companies to take seriously their customer data safety responsibilities," said Commissioner Russell C. Weigel, III. "The Office of Financial Regulation will continue to work tirelessly with our partners to protect Floridians and ensure the integrity of Florida's financial services market."
Investigations revealed that Bayview's information technology and cybersecurity practices did not meet state or federal standards. Additionally, the company delayed compliance with state requests during the early stages of examination.
Florida residents seeking more information about the settlement can contact the OFR at (850) 487-9687 or visit www.flofr.gov to verify if a financial services company is licensed in Florida and view past enforcement actions.