FL Securities Regulator

$20 Million Fine Against Bayview Asset Management for Cybersecurity Failures Impacting 5.8 Million Customers

The Florida Office of Financial Regulation and 52 state financial regulatory agencies announced a $20 million enforcement action against Bayview Asset Management LLC and affiliates Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings for deficient cybersecurity practices and failure to cooperate with state regulators following a data breach affecting 5.8 million customers. In addition to the monetary penalty, the Bayview companies must implement corrective actions, enhance cybersecurity programs, undergo independent assessments, and provide three years of additional reporting to state regulators.

Vanguard $106M Settlement for Tax Disclosure Failures

The Florida Office of Financial Regulation, as part of a multistate task force and the SEC, announced a $106 million settlement with Vanguard Marketing Corporation and The Vanguard Group for failing to disclose potential tax consequences to investors following a 2020 change in investment minimums for target date retirement funds. The investigation found that Vanguard lowered minimums for Institutional Target Retirement Funds, causing mass redemptions and asset sales that triggered capital gains taxes for hundreds of thousands of retail investors. Florida has an estimated 10,000 investors eligible for compensation through the SEC Fair Fund program.

OFR Reaches Agreement with BAM Trading Services Inc Doing Business as Binance.US

The Florida Office of Financial Regulation announced an agreement with BAM Trading Services, Inc., doing business as Binance.US, a cryptocurrency exchange licensed in Florida as a money transmitter. The agreement follows multi-state settlements stemming from Changpeng Zhao's 2023 felony conviction, though Zhao has since been pardoned by President Trump. Under the agreement, BAM Trading Services commits to following implemented procedures to protect Floridians and maintain marketplace integrity.

OFR License Renewal Deadline December 26th, 2025

The Florida Office of Financial Regulation issued an industry alert reminding licensed entities to renew their licenses before December 26, 2025 (CRD/IARD filers) or December 31, 2025 (NMLS and REAL portal filers). Affected parties include FINRA member dealers, investment advisers, mortgage brokers, loan originators, collection agencies, and money services businesses licensed under Florida statutes. Businesses with inactive or expired licenses are prohibited from conducting financial services activities under Florida law.

National Consumer Protection Week Consumer Rights Scam Awareness

The Florida Office of Financial Regulation issued a consumer alert recognizing National Consumer Protection Week (March 1-7) and reminding Floridians of resources available to make informed financial decisions and avoid fraud. The notice provides general guidance on budgeting, credit management, and identifying financial scams, along with contact information for verifying financial licenses and filing complaints. No new regulatory requirements or compliance obligations are established.