Jennifer Coleman reports in the San Francisco Chronicle on plans by banking industry groups to appeal yesterday's dismissal
of a lawsuit attempting to block California's new financial privacy law from taking effect today.
The bankers contend the Fair and Accurate Credit Transactions Act, passed by Congress in 2003, pre-empts California's restrictions on how affiliated companies can share customer data.
"The court has ignored Congress, has ignored the FACT Act, and has used outdated cases to justify a poor decision," said Joe Belew, president of the Consumer Bankers Association. "We are confident that this flawed district court decision will be overturned on appeal."