Does anyone do anything but comply with the letter of the law? I think most companies do their best to continue doing business the way they have been. Most entities will take the path that benefits them the most.
The law can't (and shouldn't) dictate ethics or morality. The spirit of the law is undefined, it's abstract and ambiguous. If an entity isn't judged for obeying the letter of the law, how can we have faith that we'll all be treated fairly? It's easy to call foul when its someone you don't like doing something you don't like.
If a compliance law doesn't result in the compliance we desire, the law was poorly written.