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Proposals to fine banks if they refuse to lend fairly are a "beginning", he says.
In theory, recent state legislation already allows cities to fine banks for such action; in practice, LA and other cities haven't gone after banks aggressively for such behaviour.
Chief among their proposals was a plan to fine banks that own foreclosed homes and fail to pay for the homes' upkeep, thus tipping neighborhoods into blight.
The standards body will not have powers to fine banks, but will derive clout from the publicity generated by annual updates on banks' behaviour.
And the European Central Bank would have the power not only to fine banks for breaching its orders, but also to carry out inspections and supervise any stress tests to gauge the vulnerability of institutions.
If this requires teams of supervisors to camp inside banks, as is the case today in Spain, so be it.Finally, national regulators need to be creative and use capital surcharges over and above the global minimum standard to "fine" banks that pose a bigger threat to taxpayers.
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The grade one exterior and the fine banking hall were designed in the early 1920s by the eminent architect of empire Sir Edwin Lutyens, who went on to create much of New Delhi.
While noting that Security Pacific is a "fine" bank, Stein said his bank has succeeded because it is locally controlled and has a better chance at being "all things to all people" in Avalon than a large company does.
The city has fined banks for not maintaining the homes that they've foreclosed on.
California has even passed a bill fining banks and mortgage companies that seize properties and then allow pools to fester.
British and American authorities have fined banks more than $3bn as part of their ongoing investigations into rigging of the benchmark Libor rate.
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