On Thursday, First Republic Bank CEO Mike Roffler hashed out a $30 billion rescue plan for his bank with the biggest institutions on Wall Street at the urging of the federal government.
But less than two months ago, he was pleading with the Federal Reserve and the Federal Deposit Insurance Corp. to exclude his San Francisco-based lender from proposed new banking rules designed to help protect the financial system in the event of a bank collapse.
According to a letter he sent to the regulators on Jan. 23, Roffler said the proposal—which examined whether second- and third-tier lenders should be subject to the stringent capital requirements borne by systemically important banks—shouldn’t apply to First Republic.
