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Difficult to comply with (aka expensive) regulations create a barrier of entry that helps these entrenched megabanks. Also, in finance, whenever regulations impede business, after some time bankers learn how to circumvent the regulations with new products or business process changes.

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The answer to this is new laws and rules

D.C. needs to refactor legacy

See Goodharts Law, Buffets institutional imperative, and numerous other similar arguments in other contexts: we must keep evolving

Government is no different. But the banks and reps get in the way of this on purpose

They have good reasons to do that. IMO the public has good reasons to reject this and require them to evolve as well

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