The banks would provide information to the center, which would analyze the data and alert the banks when it detects suspicious activity, according to a report by the Wall Street Journal.
In addition, Bank of America is holding quarterly roundtables of financial security experts in which the experts discuss cooperative solutions to cyberattacks, according to the newspaper.
This unprecedented cooperation does not sit well with all bank officials. Many would prefer that the banks continue to analyze their own data and use their own security experts to thwart cybercriminals, the report said.
"The mentality of the banks has been, 'Let's do everything internally because we don't want to give anything away'", Peyman Mestchian, a managing partner with Chartis Research in London, told the newspaper.
At the same time, the level of cyber threats is forcing banks to overcome their traditional secrecy. "We realized that just as the fraudsters collaborate with each other, we as an industry must collaborate", Keith Gordon, a Bank of America senior vice president of security, told the newspaper.