Trying to stave off tough federal privacy restrictions, members of the five major banking trade groups plan to meet next month to discuss the proper handling of customer data.

"The purpose would be to develop an industrywide approach to the privacy issue," said Edward L. Yingling, chief lobbyist for the American Bankers Association. No date has been set.

Meanwhile, U.S. Bancorp was hit on Friday with a class action claiming the Minneapolis-based bank violated federal and state laws when it sold customer information to third parties.

The suit, filed in U.S. District Court for the District of Minnesota, represents everyone "affected by U.S. Bancorp's practices, including residents of each of the 17 states U.S. Bancorp operates in and defendants' customers who are resident in other states as well," said a statement by the law firm bringing the case, Wolf Popper LLP.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.