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The Fed chair said actively selling securities will become necessary as it looks to reduce its balance sheet, but not anytime soon.
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Jennifer Borowy, Michigan First Credit Union's chief operations officer, will take over as chief executive when Michael Poulos, the longtime CEO, retires in October.
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The bank leaders were grilled on their long- and short-term expectations for the U.S. economy, the potential impact of capital reform under the Biden administration, banks' investments in Chinese markets, and the future of oil and gas lending.
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The company hopes its new technology infrastructure will help it scale and quickly roll out new products.
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The changes, which follow similar moves by other large banks, occur as Bank of the West seeks to close a $16.3 billion merger with BMO Harris Bank.
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The former head of the agency said a decision last year to suspend caps on investor loans has further induced demand in an already hot market. Other experts say a supply-demand imbalance is the true driving force.
