To address the need for private financing of home ownership and economic development on and near reservation lands, and for other purposes.

Native American Financial Services Organization Act of 1994 - Establishes the Native American Financial Services Organization (Organization) to assist in improving Native American housing and economic situations including the creation of Native American Financial Institutions.

Authorizes a Native American lending services grant.

Sets forth Organization regulation capitalization provisions.

Sets forth Organization regulation, examination, and reporting provisions. Provides for the formation of a new Organization under the laws of any Tribe, State, or the District of Columbia.

Authorizes appropriations for: (1) Native American Financial Institutions; and (2) the Organization.