What does Preamble of S 3940 do?

This bill amends the Community Development Banking and Financial Institutions Act of 1994. The amendment would require the Secretary of the Treasury to testify before Congress.

What does SHORT TITLE. of S 3940 do?

This bill is formally titled the Access to Fair Financing for Opportunity and Resilient Development Act

What does REQUIREMENT TO TESTIFY. of S 3940 do?

This section amends Section 104(b) of the Community Development Banking and Financial Institutions Act of 1994. It requires the Secretary of the Treasury (or a designee) to annually testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. The testimony concerns the operations of the Fund during the previous fiscal year. The testimony is at the discretion of the chairmen of the relevant committees.

What does CDFI BOND GUARANTEE PROGRAM IMPROVEMENT. of S 3940 do?

This section concerns improvements to the CDFI Bond Guarantee Program, established under the Community Development Banking and Financial Institutions Act of 1994. Congress expresses the belief that the program provides a sustainable source of long-term capital for community development financial institutions and supports the Community Development Financial Institutions Fund’s mission. The amendment to section 114A(c)(2) inserts the word 'outstanding' before 'principal amount'. The amendment to section 114A(e)(2) sets a minimum guarantee amount of $25,000,000 per guarantee, with a fiscal year limit of $1,000,000,000 for all guarantees. The amendment to section 114A(k) extends the program's authorization date to the later of four years after enactment of the Access to Fair Financing for Opportunity and Resilient Development Act or December 31, 2030.

What does CAPITALIZATION ASSISTANCE TO ENHANCE LIQUIDITY. of S 3940 do?

This section amends the Community Development Banking and Financial Institutions Act of 1994 to provide capitalization assistance to enhance liquidity for community development financial institutions (CDFIs). The Fund may provide funds to organizations for purchasing loans originated by CDFIs, providing credit enhancements, or otherwise enhancing CDFI liquidity. Organizations eligible for assistance are not required to be CDFIs, but must have a primary purpose of promoting community development. The Fund will prioritize organizations demonstrating experience with loan purchase structures or the ability to increase loan originations or expand CDFI services. The maximum amount of funds available for assistance is increased from $5,000,000 to $20,000,000. Funds received by the Secretary in connection with purchases made pursuant to this section will be deposited into the Fund and used to provide financial assistance to organizations and technical assistance. The Secretary of the Treasury must submit annual reports to Congress describing the use of the Fund, including details on loans purchased, guarantees provided, and the impact on CDFI competitiveness and liquidity.

What does NATIVE CDFI RELENDING PROGRAM. of S 3940 do?

This section amends the Housing Act of 1949 to establish a set-aside within the Native CDFI Relending Program. The program aims to increase homeownership opportunities for Indian Tribes, Alaska Native Communities, and Native Hawaiian communities in rural areas. It provides capital to Native community development financial institutions (NCDFIs) to increase mortgage transactions. Up to $50,000,000 of appropriated amounts may be used for direct loans to NCDFIs. NCDFIs receiving loans must demonstrate the ability to provide a cost share and originate/service single-family home loans. Loans must prioritize borrowers who are members of specified communities or maintain households with such members, particularly those residing on priority Tribal land. NCDFIs are generally required to match 20% of the loan amount, though this may be waived. The Secretary must submit annual reports to Congress detailing loan activity and program effectiveness, including an evaluation within three years of enactment. The Secretary may provide grants up to 20% of the loan amount to NCDFIs for operational support. Funding is authorized for technical assistance and outreach to eligible homebuyers.

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Access to Fair Financing for Opportunity and Resilient Development Act — S. 3940

Last updated: 2/26/2026 · Introduced: 2/26/2026

Author: Steve Daines (R-MT)

TL;DR (AI)

The bill requires the Secretary of the Treasury to annually testify before Congress regarding the Community Development Financial Institutions Fund's operations.
It improves the CDFI Bond Guarantee Program by setting a minimum guarantee amount of $25 million per guarantee, a fiscal year limit of $1 billion for all guarantees, and extending the program's authorization.
The bill provides capitalization assistance of up to $20 million to enhance liquidity for community development financial institutions and related organizations, prioritizing those with experience in loan purchases or expanding CDFI services.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 4 more.

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