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Arkansas now joins multistate data breach settlement against mortgage company [Video]

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Community Building and Management

The state of Arkansas now joins a $20 million multistate data breach settlement against the nation’s largest nonbank mortgage company.

LITTLE ROCK, Ark. — The Arkansas Securities Department has now joined a $20 million multistate settlement against mortgage company Bayview Asset Management LLC plus three of its affiliates Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively known as the Bayview Companies).

They have decided to take action against Bayview for its alleged deficient cybersecurity practices and for failing to comply with their examination authority after a data breach that impacted 5.8 million customers.

“This settlement demonstrates that appropriate cybersecurity measures designed to protect consumers’ confidential information are a paramount requirement for regulated financial institutions in Arkansas,” said Securities Commissioner Susannah T. Marshall. “This Order sets a precedent for all licensees and ensures that the Bayview Companies will adopt new corporate policies and data security processes to deter data …

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