Dorothy Conroy Rule’s entrepreneurial spirit, readiness to tackle challenges and commitment to lifelong learning have fueled her successful career in the asset-based lending industry. As a managing director at MUFG, Rule has pioneered solutions that set new industry standards, contributing to its evolution.
Rule’s strong work ethic is rooted in her upbringing in a working-class neighborhood. As the youngest of 13 children, she developed skills that shaped her leadership — being a good listener, understanding others’ needs and effective communication. “I became an observer and a good listener,” she says. “I learned how to communicate, stand up for myself and tell stories.”
Her entrepreneurial drive showed up early. “In middle school, while others made posters, I printed business cards and handed them out to everyone. I convinced my brother to teach me the business for his ice cream truck,” Rule says. Later, she financed her Cornell education through scholarships and work-study, a testament to her resourcefulness.
CAREER BEGINNINGS AND INDUSTRY INTRODUCTION
After graduating, Rule entered a bank training program and secured a role in the mortgage business, where she was first introduced to ABL. She gained expertise in payments, including launching Citi’s first corporate internet application. During the derivatives crisis in the mid-2000s, she returned to operations, creating the Operational Customer Relationship Management (OCRM) role, which became an industry standard. At Royal Bank of Scotland, she led product groups in transaction banking, process changes for Compliance/Anti-Money Laundering and regulatory advisement, including taking part
in the spin-off of Citizens Bank.
BUILDING MUFG’S SUPPLY CHAIN FINANCE BUSINESS
In 2016, Rule embraced a new challenge at MUFG when the bank committed to Supply Chain Finance (SCF). Tasked with commercializing SCF, she positioned MUFG for product superiority and asset distribution while driving revenue growth. The early deals and infrastructure Rule helped establish paved the way for MUFG’s acquisition of the Trade Payables Platform from GE Capital, solidifying its market position.
Reflecting on her career, Rule is most proud of her role in building the SCF business. “It’s easier to add another $1 million to an existing multimillion-dollar business, but much harder to make your first million with a new product. We are now the third-largest SCF business in the U.S., and having built it from scratch has been the most rewarding experience of my career.”
Rule values working closely with clients to understand their needs and craft tailored solutions. She enjoys the win-win-win aspect of SCF: corporate clients help their suppliers, suppliers benefit from lower-cost financing, and the bank earns revenue. However, she also sees opportunities for innovation, particularly in creating standards for information sharing among banks. Standardizing asset distribution could improve efficiency and reduce risk.
LEADERSHIP: LISTENING, EMPATHY AND EMPOWERMENT
As a leader, Rule believes in the importance of individualized development. Her team has referred to her as having an “iron fist in a velvet glove,” a reflection of her ability to balance strength with empathy. “I honed that skill growing up with 12 siblings. You had to be tough — not in brawn but in fortitude and conviction,” she says. “A leader leads and does not dictate. You need to listen first, talk less and create an open dialogue built on mutual respect.”
Rule makes it a priority to ensure her team maintains a healthy work-life integration, recognizing the challenges of balancing personal and professional commitments in today’s technology-driven world. “I genuinely care about what’s happening in people’s lives,” she says. “It’s important to understand what motivates each individual, and to empower them to live their life while working.”
One of the greatest lessons Rule has learned throughout her career is the impact culture has on success. “Cultural fit enables the ability to thrive, not just survive, in an organization,” she says. Over the years, she has received accolades such as MUFG’s Culture of Excellence and Culture of Collaboration awards, as well as Royal Bank of Scotland’s GTS Leadership Award.
Rule advises those entering the industry to embrace new experiences and challenges. “Seek stretch assignments and volunteer to help colleagues. These opportunities will strengthen your skills and broaden your network.”
FUTURE ASPIRATIONS AND INDUSTRY CHALLENGES
Looking ahead, Rule hopes to lead the industry in creating standards to address inefficiencies across banks. Long-term, she envisions the industry overcoming barriers from country-level laws that hinder global consistency and efficiency. Outside of work, she’s passionate about education. Inspired by her mother’s emphasis on learning, Rule focuses on early childhood education through her volunteer work with the Port Washington Children’s Center and Girl Scouts. She also helps college students from diverse backgrounds access career guidance through her work with Macaulay Honors College at City University of New York (CUNY).
As Rule continues to champion innovation and mentorship, her legacy as a pioneer in the asset-based lending industry is already being felt — and will undoubtedly continue to shape the future of the industry for years to come. •
