The Globe and Mail reports in its Monday edition that U.S. President Donald Trump may know little about banking in Canada, but changes he makes in America may spark needed change here at home. Guest columnist John Turley-Ewart writes take regulation as a case in point. Our banking system has been stuck in a regulatory rut since the financial crisis of 2007-08. Despite emerging from that global banking wreck as an example to the world, Canada became an advocate for new global bank regulations (Basel III) designed for systems that failed the test of the 2007-08 crisis, particularly those in the United States, the European Union and the United Kingdom. Canada's primary bank regulator, the Office of the Superintendent of Financial Institutions, has been behind this push. The last time confidence in the Canadian banking system was arguably in doubt was during the Great Depression. The mismatch between reality and OSFI's plan has led to a costly overshoot on regulations addressing a future global financial crisis. This makes Canadian banks less competitive on international and U.S. stages and has distracted OSFI from effectively supervising less globally glamourous matters such as compliance with anti-money-laundering rules.