Whether contractual obligations trump legal obligations is likely a significant issue. As I understand it, before the advent of Dodd/Frank, financial institutions, despite being chartered by governmental entities, had no obligations to respond or be accountable to those agencies. Efforts to impose some accountability were first manifest in the Community Redevelopment Act, which sought to enable citizens to inspect local lending practices when a financial institutions sought to expand, merge or set up branches in new communities. ACORN tried to take advantage of the legislation and sued banks to get a look at their books. However, rather than being inspected, the financiers “settled” the complaints with payoffs so large that they eventually financed all ACORN operations. So, when Capitol Hill cut off grants, their funding was no longer an issue.
The next effort to regulate banks qnd other financial firms came under the umbrella of interdicting drug money and involved a requirement that cash deposits in excess of ten thousand dollars needed to be reported to a supervisory agency (Comptroller of Currency, FDIC, etc). This requirement was easily circumvented by taking in slightly lower dollar amounts.
Then, via the need to track the dollars flowing as a result of the ACA, came Dodd/Frank, which imposed regulations on both financial institutions and the insurance companies that funnel funds to them. And, just to make it work, Congress set up the Consumer Financial Protection Bureau with legislation that, it seems, Republicans, secure in the belief that it would soon be repealed, failed to even read. Then, once the Bureau was up and running, Wall Street fell into a tizzy. Claiming that client confidentiality prevents them from releasing information that we know, by law, they now have to collect, is their last chance to maintain secrecy.
Why is secrecy important when finances are involved? Well, since the money itself is worthless, secrecy about how it is being handled is the only basis of value. Providing the shield of confidentiality (trustworthiness) is the only think banksters have to sell. If there is no confidentiality, the currency might as well be handled by the Postal Service.