A regulator urged the banking industry Monday to deflect congressional action by voluntarily adopting best-practices guidelines for customer privacy.

"You don't want regulation, and we don't want regulation," said Ronald F. Bieker, acting director of the division of compliance and consumer affairs at the Federal Deposit Insurance Corp. "But if something is not done quickly, Capitol Hill will dictate what we do."

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.