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Gramm-Leach-Bliley Act [GLB]: Interplay With FCRA

Posted: Fri Oct 28, 2005 5:39 am
by David A. Szwak
American Bankers Ass'n. v. Gould,
412 F.3d 1081, 05 Cal. Daily Op. Serv. 5319, 2005 Daily Journal D.A.R. 7293, 9th Cir.(Cal.), Jun 20, 2005

B. Applicability of the Gramm-Leach-Bliley Act

The Gramm-Leach-Bliley Act ("GLBA") was adopted in 1999 to eliminate barriers to affiliation among banks and other depository institutions, securities firms, and insurance companies. See Gramm-Leach-Bliley Act, Pub.L. No. 106-102, 113 Stat. 1338 (1999) (codified as amended in scattered sections of 12, 15, 16 and 18 U.S.C.). The GLBA explicitly states that none of its provisions--except for one explicit amendment not relevant here, see Pub.L. No. 106-102, § 506(a)-(b)--"shall be construed to modify, limit, or supersede the operation of the Fair Credit Reporting Act." 15 U.S.C. § 6806. Thus, the preemptive scope of the FCRA is unaffected by the GLBA, and insofar as SB1 is preempted by the FCRA, we do not find the GLBA to be relevant. See Bank of Am. v. City & County of San Francisco, 309 F.3d 551, 565 (9th Cir.2002) (refusing to apply savings clause of one statute to limit the preemption clause of another).