Regulation does help protect users in many cases. For example, around 2009 the US government introduced an act which mandated that whenever a customer pays aga

Regulation does help protect users in many cases. For example, around 2009 the US government introduced an act which mandated that whenever a customer pays against credit card debt, the highest interest balance needs to be considered paid first if there are multiple balances at various interest rates. This reduced costs for consumers. Remember how competition is supposed to solve everything - it did not, all banks were doing the opposite as there was no regulation.