Steve's barking Does Neil Cavuto know what free market means?

I was surfing the boob tube last week when I came across a fellow named Neil Cavuto.
Now Mister Cavuto whom I understand beside being an anchor on Fox business news is also managing editor for Fox business.
Anyway to get on with the story, Mr. Cavuto read the story that Bank of America was raising it fees and creating news, as he was reading he claimed that Bank of America was raising its fees because of new government regulation, hinting all the while that this is what all bank were going to do.
Let me inform Mr Cavuto competition dictates what a business does or doesn't do in a free market not government regulations.
Let me also inform Mr. Cavuto that in all likely hood Bank of America would raise it's fee if there was no regulation if they felt that they could get away with it. The purpose of business is to Maximze profits and if they felt that charging fees that other banks aren't and have a greater profit despite losing some clients then that's exactly what they should be doing.
Government's job is to protect the citizens and that's what it regulations do.
This is high school economics. It's about time business news persons learn it  .