In accordance with an embodiment, a delta-sigma modulator includes: an analog loop filter comprising an outer portion and an inner portion having an input coupled to the outer portion; a quantizer coupled to an output of the inner portion of the analog loop filter; an outer feedback path coupled between an output of the quantizer and an input to the outer portion of the analog loop filter; and a compensation filter coupled between an output of the quantizer and an input of the inner portion of the analog loop filter. The compensation filter has a transfer function configured to correct for an effect of excess loop delay (ELD) on the delta-sigma modulator.