The Banks Administration Inside the Adams Administration HEAD TOPICS
The Banks Administration Inside the Adams Administration
10/21/2022 8:45:00 PM David Banks is serious about turning around New York s schools And it s just one part of his family s political project
Source New York Magazine
David Banks is New York’s schools chancellor. His fiancée will soon to be overseeing day-to-day operations at City Hall. His brother is quarterbacking the city's anti-crime efforts. errollouis reports on Banks's big goals and powerful family connections David Banks is serious about turning around New York s schools And it s just one part of his family s political project Deputy Mayor Sheena Wright, second from right, is newly engaged to David Banks.Entrance to the most competitive high schools is, by state law, determined by a strict ranking of scores on the SHSAT, a standardized multiple-choice test. The use of the test — which does not include a writing sample or other measures of ability — has long been controversial. Beyond that, other well-regarded middle and high schools don’t require the SHSAT but use screening methods like face-to-face interviews and assessments of a student’s academic records. That screening process, some critics charge (backed by a fair amount of Read more:
New York Magazine » Banks, regulators start the dance to thwart new real estate deals - Silicon Valley Business Journal Banks, regulators start the dance to thwart new real estate deals - Dallas Business Journal Banks, regulators start the dance to thwart new real estate deals - Dallas Business Journal Hilary Duff’s Pre-Halloween Party Featured Pumpkin Painting & a 3-Eyed Picture of Daughter Banks Wildfires Erupt in the Pacific Northwest
A series of recent wildfires ignited or spread this past week as warm, dry, and windy conditions—a rarity for the rainy Pacific Northwest. Read more >> Banks, regulators start the dance to thwart new real estate deals - Silicon Valley Business JournalSometimes, the process seems templated. Banks profit billions making real estate loans during one of the longest economic expansions this country has ever seen, but the same developers who made millions for the lenders now say that loan spigot is runneth dry. Banks blame regulators, and regulators point to irrational exuberance. Banks, regulators start the dance to thwart new real estate deals - Dallas Business JournalSometimes, the process seems templated. Banks profit billions making real estate loans during one of the longest economic expansions this country has ever seen, but the same developers who made millions for the lenders now say that loan spigot is runneth dry. Banks blame regulators, and regulators point to irrational exuberance. Banks, regulators start the dance to thwart new real estate deals - Dallas Business JournalSometimes, the process seems templated. Banks profit billions making real estate loans during one of the longest economic expansions this country has ever seen, but the same developers who made millions for the lenders now say that loan spigot is runneth dry. Banks blame regulators, and regulators point to irrational exuberance. Hilary Duff’s Pre-Halloween Party Featured Pumpkin Painting & a 3-Eyed Picture of Daughter Banks.HilaryDuff's “pre-Halloween” party included pumpkin painting, treats, and more fun activities for the attendees. 19 states investigate major US banks for pushing ESG policies 'killing' American companies19 states are serving top banks in the U.S. for information regarding their involvement in the United Nations' net-zero ESG policies, saying it is harmful to American businesses. Bank of America gives mortgages based on race. Nuts. Stop the madness. FDIC chief warns crypto could undermine community banksThe head of the Federal Deposit Insurance Corporation is the latest Biden administration regulator to warn of the potentially destructive impact of cryptocurrencies on the U.S. economy. Yes, he’s worried that money will stop flowing in, uncovering exact how big of a ponzi scheme the banks are. Isn’t that kind of the point of crypto I'm sure they would actually love the centralized control of having only a few large banks of 100 Black Men).loans topped $2.loans topped $2.loans topped $2. Is it the Banks administration? “I’ve heard that term being used,” David Banks told me. “But listen, we all work very closely together, and we’re all doing the best that we can on behalf of New York. In 2008, it was at $1. We love New York, just like you do.9 trillion.” Deputy Mayor Sheena Wright, second from right, is newly engaged to David Banks. At the end of 2021, FDIC-regulated banks held $1. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images But city government doesn’t run on love.1 trillion in CRE loans. Banks, like his predecessors, has to simultaneously impose order on a sprawling bureaucracy and tangle with formidable entrenched interest groups — including the teachers union, the State Legislature, the City Council, and ever-shifting coalitions of parents and advocates — who all want to shape, share, snatch, or neutralize his power. “At year-end 2021, 25 percent of banks had a funded CRE loan concentration in excess of 300 percent of tier 1 capital and reserves for loan losses,” FDIC examiners wrote. “At year-end 2021, 25 percent of banks had a funded CRE loan concentration in excess of 300 percent of tier 1 capital and reserves for loan losses,” FDIC examiners wrote. Nowhere is that more true than on the hot-button issue of how admissions to the city’s most coveted and competitive schools will be handled. Unlike many school districts, New York’s sprawling array of middle and high schools are not simply open to whichever kids happen to live nearby.” But things are shifting. Entrance to the most competitive high schools is, by state law, determined by a strict ranking of scores on the SHSAT, a standardized multiple-choice test. As noted above, the third quarter numbers won’t be released for another couple of weeks, but second quarter-end numbers started painting a picture that most real estate developers, specifically in certain sectors, would rather not see. The use of the test — which does not include a writing sample or other measures of ability — has long been controversial. Typically, regulators have stamped CRE-heavy banks in two ways — when construction and land development loans exceed 100 percent of the risk-based capital (RBC), and when the overall CRE (that includes construction, land, industrial, retail, office and others) to RBC ratio exceeds 300 percent and the three-year CRE growth is above 50 percent. Typically, regulators have stamped CRE-heavy banks in two ways — when construction and land development loans exceed 100 percent of the risk-based capital (RBC), and when the overall CRE (that includes construction, land, industrial, retail, office and others) to RBC ratio exceeds 300 percent and the three-year CRE growth is above 50 percent. Beyond that, other well-regarded middle and high schools don’t require the SHSAT but use screening methods like face-to-face interviews and assessments of a student’s academic records. That screening process, some critics charge (backed by a fair amount of research ), creates schools that are exclusive and racially segregated. While Janney researchers will not estimate the percentage at the end of the third quarter, some believe 12 percent of the banks could have broken the threshold by the third quarter. While Janney researchers will not estimate the percentage at the end of the third quarter, some believe 12 percent of the banks could have broken the threshold by the third quarter. The controversy bedeviled the de Blasio administration, which vowed to reduce racial segregation and dropped screening procedures when the COVID pandemic forced schools to close. But in a break with that policy , Banks recently announced that competitive admissions to some middle schools will resume. It is unlikely one will find a banker these days who will say the financial institution simply has stopped making loans but they will be quick to point out that they have become far more prudent because regulators are watching. For high schools that use screening criteria, admissions will favor students who score in the top 15 percent of their class and maintain a minimum 90 average in core subjects. Office, hotel and retail sectors likely will face the most severe headwinds in the next couple of quarters, but deals will get done – especially if real estate developers can show they have most of the new building leased out. Office, hotel and retail sectors likely will face the most severe headwinds in the next couple of quarters, but deals will get done – especially if real estate developers can show they have most of the new building leased out. “I heard across the city from a wide range of folks who have different thoughts and ideas and opinions about this thing,” Banks told me. FDIC officials admit CRE loan delinquencies are at historically low levels and aggregate loan losses have been nominal. “These folks have been really upset; they said, ‘My daughter gets a 99, but you mean to tell me somebody with an 82 can get in just as easily as she can? What’s the incentive for her to work hard if everybody’s going to be thrown into just this large lottery pool?’ So I put in an incentive and said I believe in merit. I absolutely do. In addition, banks worked extensively with borrowers experiencing stress during the pandemic, which likely suppressed delinquencies and may have ultimately limited losses by giving borrowers time and flexibility to address issues, FDIC officials add. In addition, banks worked extensively with borrowers experiencing stress during the pandemic, which likely suppressed delinquencies and may have ultimately limited losses by giving borrowers time and flexibility to address issues, FDIC officials add.” To opponents of screening, Banks has an answer based on his experience launching and running the Eagle Academy schools for inner-city boys. “I’m not coddling kids. And the ever-prevalent dance between banks and regulators has begun. And the ever-prevalent dance between banks and regulators has begun. I don’t believe in that; I never have,” he says.. “Even at Eagle Academy — where we had the group that everybody was shying away from, Black and brown boys — we leaned in and told them the mantra at Eagle is ‘Everything is earned, nothing is given.’ And these kids will rise.” Banks ruffled feathers recently when he carried that message to an audience of corporate power brokers at a breakfast address to the Association for a Better New York. His exact words: “If you’ve got a child who works really hard on weekends and putting in their time and energy, and they get a 98 average — they should have a better opportunity to get into a high-choice school than, you know, the child you have to throw water on their face to get them to go to school every day. ” The chancellor’s words, complained one advocate, “lacked empathy.” With or without verbal empathy, Banks has no choice but to placate parents and organizations pushing for screened admissions in the middle and upper grades. City schools have lost 70,000 students over the last two years and 120,000 over the last five, he says — an enrollment decline that will inevitably trigger budget cuts under the crucial per-pupil formulas that determine funding levels. “The elephant in the room is that New York City public schools are hemorrhaging students,” Mona Davids, co-founder of the New York City Parents Union, told me in August. “Parents are fleeing and taking their children with them to charter, parochial, private schools, and some are even homeschooling their children. So this is what we have to address.” A number of other challenges have landed on Banks’s desk. More than 17,000 migrants seeking political asylum have arrived unexpectedly in New York in recent months, suddenly adding about 5,000 new students into a system with a perennial shortage of bilingual teachers and counselors. The chancellor hastily struck a deal to recruit 25 Spanish-speaking instructors from the Dominican Republic immediately, with another 25 to come in the fall. Next month, during the annual Somos el Futuro political conference held in San Juan, Banks says he plans to meet with local officials to help recruit Puerto Rican bilingual teachers to come work in New York. Violence is also haunting the schools. In September, a .