Ethics and law are two entirely different concepts, and regulation is a third concept. Too often laws that merely express wishes are enacted, and the unelected bureaucracy writes the rules to make the wishes come true. Ethical conduct is self-imposed; lawful conduct is externally imposed. Ethical conduct is the foundation of the banking system. Wilcox believes that additional banking laws are not needed, and that current banking regulation endangers the public interest. What is necessary is modernization, not reform. The question is whether the present bank regulation structure is adequate to protect the public interest and depositors' funds in the rapidly changing technological and marketing environment.