Published March 1, 2006 | March 2006 issue
Dorothy Bridges, president and chief executive officer of Franklin Bank in Minneapolis, recently became one of ten new members appointed to the Federal Reserve's Consumer Advisory Council (CAC). The CAC, which was established in 1976, meets three times a year to advise the Board of Governors of the Federal Reserve System (Board) on matters related to consumers, communities and the financial services industry. Members are appointed by the Board and serve staggered, three-year terms.
Bridges began her career in banking with First Bank System in Missoula, Mont., in 1979. After leaving First Bank in 1993, she was a bank regulatory compliance consultant in Ohio from 1993 to 1995 and served as vice president and chief credit officer for the Minneapolis-based Community Reinvestment Fund from 1995 to 1999. She joined Franklin Bank in April 1999, becoming the only African American woman to head a Minnesota bank. Franklin Bank focuses on serving the financial needs of small businesses, nonprofit entities and socially conscious individuals through two offices with a combined staff of 35. Under Bridges' leadership, the institution has grown in total asset size from $48 million to $127 million. Bridges volunteers in the Twin Cities community in several capacities and serves on the boards of prominent local foundations and organizations, including the Minneapolis Foundation and Twin Cities LISC.
Bridges joins Lori Swanson as one of two CAC members from the Ninth District. Swanson, who was appointed to the council in 2003, is the current solicitor general for the State of Minnesota. The Board also designated Swanson to serve as CAC chair through December 2006, when her term on the council will end.
As solicitor general, Swanson is responsible for various civil actions undertaken by the Attorney General's Office on behalf of the public. During her tenure, she has supervised cases against "mortgage foreclosure rescue specialists" who defrauded homeowners, financial institutions that sold private account information to telemarketers, and numerous other companies or organizations perpetrating fraud or other unlawful practices against Minnesota residents. In addition to enforcing the state's consumer protection laws, Swanson is responsible for the attorney general's efforts to educate consumers about their legal rights in the marketplace. Prior to her appointment as solicitor general, Swanson served as Minnesota's deputy attorney general from 1999 to 2002.