I don't understand why they trust regulators.
They same asshole who would ruin your life at a bank can get a job as a regulator and ruin your life from there.
And while you can switch bank, you can't switch regulator.
You get the chance to vote for your government every year or two.
If I decide today to switch banks, I'll have everything handled in a week at the most. I'll probably have to visit a few bank offices in person, show ID etc, but it's at most a few hours of work.
To personally enact a different set of bank regulations through the ballot box, I have to do... things that are so superhuman and unrealistic that I don't know that anyone has ever done it.