In a move that has left many scratching their heads, the Federal Deposit Insurance Corporation (FDIC) has appointed Paul P. Worthing as the new Regional Director of the San Francisco Region.
Worthing, a 33-year veteran of the FDIC, will be responsible for directing both Risk Management and Consumer Protection supervision programs for financial institutions headquartered in the Region.
But what does this mean for the people of San Francisco? Sources close to the matter say that Worthing’s appointment is a slap in the face to those who have been fighting for greater transparency and accountability within the FDIC.
Worthing’s background check reveals a lengthy career with the FDIC, with stints as Deputy Regional Director in the San Francisco Region and Assistant Regional Director in the San Francisco Region. But critics say that his experience is precisely the problem – he’s been part of the system for too long and has failed to bring about meaningful change.
Worthing holds a Bachelor of Science in Accounting and Finance from the University of Nebraska at Kearney and is also a graduate of the Graduate School of Banking at the University of Wisconsin. But his academic credentials are overshadowed by his lack of real-world experience outside of the FDIC.
As Regional Director, Worthing will be responsible for overseeing the FDIC’s operations in the San Francisco Region, including the supervision of financial institutions and the enforcement of consumer protection laws. But critics say that he’s the wrong person for the job, and that his appointment is a clear indication of the FDIC’s continued prioritization of insiders over outsiders.
The FDIC has come under fire in recent years for its handling of high-profile cases, including the collapse of several major banks. And with Worthing at the helm, critics say that the agency is more likely to continue its pattern of negligence and incompetence.
Contact: Carroll Kim, FDIC, 202-898-7389
Related Federal Cases
- FDIC’s Banker Bonanza: 8 New Members Named to Advisory Committee · West Virginia
- Paul P. Worthing, No Crime Description, San Francisco CA, 2023 · Texas
- Election Day Sabotage Foiled · Arizona
- FDIC Assembles New Banking Watchdogs, Washington D.C., 2023 · West Virginia
- Live Nation, Antitrust Lawsuit, New York NY, 2024 · Arizona
Key Facts
- Agency: FDIC
- Category: Public Corruption
- Source: Official Source â†â€â€ÂÂ
ðŸâ€ÂÂÂ’ Get the grimiest stories delivered weekly. Subscribe free →
Browse More
All Federal Districts →All Districts →
MORE FEDERAL CRIME NEWS
Public CorruptionPublic CorruptionPublic CorruptionPublic Corruption