The Wisconsin Department of Financial Institutions (DFI) today announced that Wisconsin and 52 other state financial regulatory agencies have taken coordinated action against mortgage company Bayview Asset Management LLC and three of its affiliates — Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively the Bayview Companies) — for deficient cybersecurity practices and not fully cooperating with state regulators following a data breach that impacted 5.8 million customers.
The $20 million fine and corrective plan underscore the importance of meeting state requirements to protect consumer data and complying with state supervisory demands. The Bayview Companies have agreed to take specified corrective actions, improve cybersecurity programs, undergo independent assessments, and provide three years of additional reporting to the states.
