Is There a Big Alphabet Soup of Regulators?

The bank lobby has been fighting the CFPB since it was created because they don't want to be strictly regulated. Banks in general prefer less regulation to more regulation, but fintechs have a big comparative advantage with their massive compliance departments. The banks like that kind of oligopolistic status and you can't break into this big boys club if you're not one of them. There is no good reason why the SEC and the CFTC should be due to different organizations. It makes no sense at all.