This sounds like an overly complicated way for someone to avoid taking responsibility for their own actions and decisions.

Sometimes all of those meetings and paperwork serve a useful purpose when an application is critical. If a one-day build of instagram doesn't work, then the only consequence is that there are fewer grainy photographs of someone's cat. If a one-day build of a power distribution system doesn't work, then an entire city loses electricity.

Hmmm... this line of thought sounds familiar for some reason.

If the government regulates [mortgages], policies for [mortgages] are set by one entity: the [FTC]. However, if the government stays out, each company will set its own policies. If you don't like the [FTC]'s policies, you are stuck with them unless you leave the United States. If you don't like your [mortgage banker]'s policies, you can simply switch to another one. So which model sounds better to you?