Small-business owners will be given the option to tap into anywhere from $50,000 to $500,000 in financing.

Acting Consumer Financial Protection Bureau Director Russell Vought also directed that future guidance not use the words "shall," "must," "required" or "requirement" to direct parties outside the federal government, except when restating clear legal mandates. 

A bill being introduced by Sen. Catherine Cortez Masto, D-Nev., would compel the Federal Home Loan Bank System to contribute 30%, or a minimum of $200 million, of each bank's net earnings into affordable housing or other community development programs.

The Treasury Department told the OMB that all 11 programs in the CDFI Fund are statutorily mandated. The White House said "no final decisions have been made" about the programs.