But none of that has anything to do with securing Americans' data. Also, even if that 40% figure is true, which I doubt, it's not like banks are going to care until they run out of people they'd like to loan money to.

Meanwhile, regular non-bank Americans get screwed in ways that could have been mitigated by regulation. In economic terms, that's called an externality, a concept which is covered in any reasonable Econ 101 book. The foolish solution to a market failure is more market.