The Banking industry is one of the heavily regulated industries in the United St

The Banking industry is one of the heavily regulated industries in the United States of America, Reasons for this excessive regulation in the banking system are to safeguard the nation’s money supply, safeguard the deposits and to maintain public faith in the banking system. If the public loses faith in the system, our whole economy will collapse around it. Modern Banking system consists of two types of financial institutions: Federal Reserve Bank, Commercial and savings banks and thrift institutions. As our society changes, the banking industry must also change. Olden days we used precious metal as money now we use dollar bills and electronic money. As new ways of doing business comes to fruition, we must also introduce the necessary legal and institutional framework to support and sustain it.
How would you characterize the modern banking system in the United States and the future of the banking system?
(Minimum of 75 words)