A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to testify before Congress, and for other purposes.

Senate Bill

S. 3940

119th Congress

A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to testify before Congress, and for other purposes.

In Committee

Introduced:Feb 26, 2026

Primary Sponsor

Steve Daines

R - MT

Cosponsors

0

Quick Stats

Summary

This bill would require the Secretary of the Treasury to regularly testify before Congress about community development financial institutions (CDFIs) - organizations that provide loans and financial services to underserved communities. By mandating these congressional appearances, the legislation aims to increase transparency and oversight of federal programs designed to bring banking and investment to low-income neighborhoods and rural areas.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Introduced2/26/2026

StatusRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

ChamberSenate

Data from Congress.gov

See this page through your district lens

Enter ZIP to personalize representatives and vote context.

Stay on top of this issue

Subscribe for weekly bill and representative updates.

Vote Prediction

A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to testify before Congress, and for other purposes.

This bill would require the Secretary of the Treasury to regularly testify before Congress about community development financial institutions (CDFIs) - organizations that provide loans and financial services to underserved communities. By mandating these congr

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would require the Secretary of the Treasury to regularly testify before Congress about community development financial institutions (CDFIs) - organizations that provide loans and financial services to underserved communities. By mandating these congressional appearances, the legislation aims to increase transparency and oversight of federal programs designed to bring banking and investment to low-income neighborhoods and rural areas.

Bill Number: 3940
Introduced: 2/26/2026
Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to testify before Congress, and for other purposes.
Bill Number: 3940
Sponsor: No sponsor
Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced: 2/26/2026
Summary: This bill would require the Secretary of the Treasury to regularly testify before Congress about community development financial institutions (CDFIs) - organizations that provide loans and financial services to underserved communities. By mandating these congressional appearances, the legislation ai

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would require the Secretary of the Treasury to regularly testify before Congress about community development financial institutions (CDFIs) - organizations that provide loans and financial services to underserved communities. By mandating these congressional appearances, the legislation aims to increase transparency and oversight of federal programs designed to bring banking and investment to low-income neighborhoods and rural areas.

Last updated: 2/28/2026

Key Points

Main provisions of the bill

Requires the Treasury Secretary to appear before Congress to answer questions about community development banking programs
Increases Congressional oversight of CDFIs, which provide critical financial services to communities that traditional banks often overlook
Aims to ensure accountability for federal programs supporting economic development in rural areas, Native American communities, and low-income urban neighborhoods
Could lead to more informed policy decisions about how billions in federal funds are used to expand access to credit and capital in underserved areas

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily affect how Congress monitors federal community development programs rather than directly changing services to citizens. However, increased oversight could lead to improved performance of CDFIs that serve approximately 12 million people in economically distressed communities. Residents of rural areas (like many in Montana) and low-income neighborhoods who rely on CDFIs for small business loans, affordable housing financing, and basic banking services could benefit from stronger Congressional accountability of these programs.

Policy Areas

No policy areas assigned yet.

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

3940, 119th Congress (2026). "A bill to amend the Community Development Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to testify before Congress, and for other purposes.". Source: Voter's Right Platform. https://votersright.org/bills/119-s-3940

Public Opinions

Community submissions related to this bill.

Share your opinion

No public opinions yet. Be the first to submit one for this bill.