The banks are sick of this, but just like the grass that doesn't want to be eaten by the cows, they also depend on this complicated regulation to keep our competitors.
I'm not sure complicated reporting is how banks are maintaining margins. They're diverting billions into complying with these requirements, for very little gain.
And anyone entering their business would have to as well. The large banks are happy to have these regulations in some ways as it makes it hard for midsized banks to grow and compete with them.