3-pin regulator

Hello.

I've pulled the guts out of a 2-8-0 ps2 5v I'm installing in a Williams masterpiece Hudson.

I was wondering if this 3-pin regulator with the red, black, and yellow wires needs to be attached to power. It was connected to the a pickup on the 2-8-0 and now is in the Hudson tender with nowhere to attach it to. I ran my continuity tester on the black wire to ground and got nothing, I got continuity on the power to my other power lead, so is this redundant?

Can I just wrap this in electrical tape and move on?

Thanks for your help.

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