Depository Institutions Disaster Relief Act of 1994

Depository Institutions Disaster Relief Act of 1994 - Authorizes the Board of Governors of the Federal Reserve System (the Board) to make exceptions to the Truth in Lending Act and the Expedited Funds Availability Act for transactions within an area determined by the President to be eligible for disaster relief due to the 1994 earthquake damage in California, if the Board determines that the exception can reasonably be expected to alleviate hardships to the public resulting from such disaster that outweight possible adverse effects.

Cites conditions under which: (1) a Federal banking agency may permit an insured depository institution within the earthquake area to subtract from its total assets, for purposes of complying with statutory leverage limits, the qualifying amount attributable to insurance proceeds; and (2) a qualifying regulatory agency may make exceptions to statutory procedural and publication requirements for regulated entities within the earthquake area.

Directs the Comptroller General to report to the Congress concerning the effectiveness and possible permanent extension of the authorities granted under this Act.

Expresses the sense of the Congress that the Federal regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers within the earthquake areas.