KEY TAKEAWAYS

• Two proposals, one framework. The Federal Reserve Board released two proposals at 2:30 p.m. EDT on Thursday to build a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act (Federal Reserve Board — Sep 24, 2026).
• Full reserve backing. Issuers would have to fully back stablecoins with permissible reserve assets such as short-term Treasury bills, plus meet standardized capital and risk-management requirements (Federal Reserve Board — Sep 24, 2026).
• £500 million for British farms. The British Business Bank agreed an ENABLE Guarantee transaction of up to £500m with Oxbury Bank — its largest single-facility exposure to date (British Business Bank — Sep 24, 2026).
• $2 billion clean-cooking pledge. The African Development Bank Group says it has channelled about $135 million of a $2 billion, ten-year clean-cooking commitment — a ten-fold rise on its pre-2024 total (AfDB — Sep 25, 2026).
• $100 million for Ecuador SMEs. IDB Invest arranged up to $100 million for Banco Internacional to expand small-business lending, including $50 million of its own funds (IDB Invest — Sep 24, 2026).

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The Black Executive JournalNoah Carmichael

STORIES THAT MATTER

UNITED STATES — Federal Reserve Board Opens Comment On Stablecoin Reserve, Capital And Licensing Rules

What happened. The Federal Reserve Board on Thursday requested public comment on two proposals that would set the operating rules for payment stablecoin issuers it supervises under the GENIUS Act (Federal Reserve Board — Sep 24, 2026).

The release went out at 2:30 p.m. EDT.

The first proposal covers the balance sheet. It would require Board-supervised issuers to fully back their stablecoins with permissible reserve assets — the Board names short-term Treasury bills and certain other high-quality, liquid assets.

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It would also set standardized capital requirements for certain credit and operational risks, establish risk-management standards, introduce rules for Board-supervised firms that safekeep the assets backing stablecoins, and clarify which stablecoin activities Board-supervised banks may carry out (Federal Reserve Board — Sep 24, 2026).

The second proposal covers the front door.

It would create a tailored application process for Board-supervised banks seeking to issue payment stablecoins.

Applicants would submit a business plan, financial information and other documents, and the proposal sets out procedures for appeals, hearings and final determinations (Federal Reserve Board — Sep 24, 2026).

The timeline

Comments are due 60 days after publication in the Federal Register.

Why It Matters

A stablecoin is a payments product whose economics depend on what backs it and what it costs to hold that backing. Requiring full reserves in instruments like Treasury bills, and adding capital charges on top, sets the margin structure for any bank that wants to issue one.

The application process sets the entry cost: business plan, financials, review and appeal rights.

Three groups should read both proposals closely.

• Community and minority depository institutions. Smaller banks, including minority depository institutions, will weigh capital charges and application costs when deciding whether to issue, partner or stay out. The comment period is where those numbers get tested.
• Fintech founders building payment rails. Any product that settles in a bank-issued stablecoin inherits that bank's reserve and safekeeping rules.
• Treasurers holding operating cash. Businesses that take stablecoin payments from suppliers or customers need to know what backs the token they hold. The proposed reserve rules supply that answer for Board-supervised issuers.

Compliance note

The Board also announced an enforcement action on Thursday at 11:00 a.m. EDT — a consent prohibition against a former employee of Sandy Spring Bank for embezzlement (Federal Reserve Board — Sep 24, 2026).

UNITED KINGDOM — British Business Bank Agrees £500 Million ENABLE Guarantee With Oxbury Bank

What happened

The British Business Bank agreed an ENABLE Guarantee transaction of up to £500m with Oxbury Bank to support agricultural term lending to small and medium-sized farming businesses across England, Scotland and Wales (British Business Bank — Sep 24, 2026).