An echo canceling system, method of attenuating echo, and a bit pump and transceiver employing the system and method. The echo canceling system is couplable between a transmit and receive path of the bit pump and receives and attenuates the echo in a receive signal propagating along the receive path. In one embodiment, the echo canceling system includes a slave echo canceling stage that employs a filter coefficient to attenuate the echo. The echo canceling system also includes a separation circuit, coupled to the slave echo canceling stage, that generates data representing a residual echo substantially exclusive of the receive signal. The echo canceling system still further includes a master echo canceling stage, coupled to the separation circuit, that receives the data and modifies the filter coefficient based thereon.