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New Hampshire joins $20 million multistate data breach settlement with nation’s largest nonbank mortgage servicing company
The New Hampshire Banking Department and 52 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 failing to comply with their examination authority following a data breach that impacted 5.8 million customers.
The $20 million settlement and corrective plan is the first collective multistate enforcement action by state regulators for a mortgage company data breach. The enforcement action underscores the importance of meeting state requirements to protect consumer data and complying with state supervisory demands.
“Financial service providers must be proactive in working with regulators after a data breach to maximize consumer protection,” said New Hampshire Bank Commissioner Emelia Galdieri. “Being cooperative with regulators improves compliance with important rules and laws that ensure strong consumer protection.”