There's a lot on, given the financial regulator frenzy around banks and finance last week, a waypoint in a Canberra campaign to prioritise consumer redress and redirect the sector. With a muted benefit for the industry from the ABA's reform program, it is the rival agenda of financial regulators and the cohesion of the public-sector championed reform that leaves citadels of Australian banking in a deep fix. Then there's the suborning of banking's credentials by the not-for-profit industry funds - an assault centred, as so often, on the profits diverted to banks' owners at the expense of building returns."The banks and their super funds are failing to meet their social license obligations as managers of workers' compulsory retirement savings," David Whiteley, chief executive of Industry Super Australia, said on Friday.Pointing to a difference in returns of "close to three per cent," Whitely revved up the criticism."That's something the banks can fix …. after 20 years, it's time to ask, will banks last as part of the landscape?" he asked.It's the clear at the Canberra end that the questions of social license are being reconsidered with a different calibre, and that palling up with the Liberals and Nationals to deflect Labor's royal commission confers little benefit on the industry.As a speech on Friday by Michele Bullock from the Reserve Bank of Australia amplifies, so what if there are four pillars in the Australian banking? Try another number.Banking Day today riffs its reinterpretation on the climate facing banks, beginning with the ACCC chief Rod Sims' speech on Friday, as well as Bullock's the same day. Sims' warning to the sector leads this edition, above.Bullock's speech wanders through well worn facts of a concentrated industry, reaching an unfamiliar ending. Her tale dovetails with a second Sims speech from Thursday, which is just as relevant as Friday's. (A detailed report on that pair of speeches follows this article.)Of course, there was APRA on Wednesday on capital and the RBA, on Tuesday, including the latter's musings on the normal rate of interest. Don't look to the zodiac, this is forward planning, even if the separate Guy Debelle epic on the haphazard rates market on Friday rowed the Reserve Bank of Australia to safer waters. Let's face it. Banking mismanagement begins in the public sector. The RBA and APRA pair are co-producers of the near hopeless state of macroprudential policy in Australia. Nary a punch on confidence; auction clearance rates and property prices trotting along. They have only the Veda credit demand index to cling to in hope that the clamp on interest-only loans may eventually work. Monetary policy settings are first and foremost among the headwinds of cyclonic scale that have Australia's celebrated banking cohort on the ropes.Consider a 25 basis points shift in the cash rate (or even better, 50 bps, to hit two per cent) by Phillip Lowe and his crew at the RBA, and picture the follow through on that over three months in comparison with what has been the interest-only fizzer.