WASHINGTON — When the financial services industry sought someone to squelch new state or federal privacy legislation — a political Terminator, so to speak — it turned to James L. Pitts.

His task is unenviable: Make the rounds on Capitol Hill and the 50 state capitals, acting as a one-man deflector of bills that consumer activists say would better protect customer financial records but that industry officials say would curb the cross-marketing opportunities created by integrated financial services.

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