How I imagine the discussion goes:
Bank IT person: we are thinking about letting customers pick a password of any length over 10 characters. Is that ok?
Bank regulator: hah! I saw a movie once where someone uploaded and played doom in a password field. Make it no more than 15 characters
IT: oh oh ok.
Regulator: and for heaven’s sake, don’t let them paste a password into the form. I heard that is also very insecure