Retail bankers on Thursday unveiled a nine-point plan to safeguard financial information about their customers.
The Consumer Bankers Association is providing the privacy blueprint to its members, 900 financial institutions with more than $2.5 trillion in assets.
"We are confident that these guidelines will enable our members to continue delivering top-quality service and choice while maintaining the trust of consumers," said Pam Flaherty, Citibank senior vice president and a member of trade group's board.
The guidelines, in the works for two years, are designed to help banks maintain customer confidentiality standards even as new technologies speed information processing.
For example, under the plan, banks "will limit the use and collection of information about our customers to what is necessary to administer our business, provide superior service, and offer opportunities that we think will be of interest to them."
The blueprint also notes that banks will provide data about their customers only to "reputable information reporting agencies."
The Consumer Bankers issued the privacy guidelines to show the federal government that the banking industry is policing itself and no new regulations are needed.