What are the pros and cons of working with U.S. financial regulators?

I think one would be hard-pressed to find a single Pro regarding working with US Financial Regulators. You'd have to make something up to come up with one.

On the Cons, there are many. I love the way Jim George summed it up.

Here are my personal observations:

• Dealing with them, nothing will work as per your schedule. Expect inordinate amount of delays.
• If your contact has a personality clash with you, it can be rough.
• They don't have the brightest of vision when it comes to innovative product &/or services development.
• They will drown you in paperwork, sometimes needless paperwork, just so they can buy time.
• Every now and then they will step out of bounds, and you need to be brave to tell them so.
• Rumors - they practically live on rumors.
  
• The entire bunch is a very incestuous bunch. There is a lot of gossiping amongst them, the term they use is "in consultation with other regulators"
• They are very preferential as to how they treat their licensees. Some will get a slap on the wrist for a major violation, some will get huge fines for minor violations and some will just look the other way when they ought to be doing their job.
• The 3 big influencers are New York, California and Texas. Most States will mimmic what NY, CA and TX are doing.
• There are 50 of them. Those are your problems x50
• Add Federal Regulators and you get bonus problems.
• Sometimes keeping up with their not-so-important emails can be stressing.
• Get in their bad books, and it can have detrimental effects on your business and you.