Critics say the Fed has been an overly friendly regulator, which is why big banks favor it.
The process was simpler under the Bush Administration, as it no doubt would be under Romney's: Just appoint bank-friendly regulators (preferably bank lobbyists) who won't implement any regulations at all.
In other words, if a rule might cause banks to be less profitable, say, by curbing tricky and excessive fees, it could be vetoed by bank-friendly regulators.
In the European Union, privacy-friendly regulators have been trying to put more distance between users and the data-gathering companies.
As HuffPost reported just before last week's tragedy, the industry-funded compliance programs that retailers currently rely on are well-intentioned but mostly toothless, leaving the responsibility for safety with Bangladeshi subcontractors and the country's business-friendly regulators.
But the Obama team's weak record on Wall Street fraud -- and the presence of two big-bank-friendly regulators on the panel with Schneiderman -- cast doubt on whether the new enterprise will be able to take serious action against the big banks instrumental in the 2008 meltdown.
U.K. fintechs have had the privilege of being regulated in the U.K. by the Financial Conduct Authority — a progressive, innovative, business-friendly regulator.
