A bill to facilitate recovery from the recent flooding in Georgia, Alabama, and Florida resulting from Tropical Storm Alberto by providing greater flexibility for depository institutions and their regulators, and for other purposes.

Directs the Board of Governors of the Federal Reserve System to make exceptions to the Truth in Lending Act and the Expedited Funds Availability Act for a specified time for transactions within an area eligible for disaster relief due to the 1994 flood damage from Tropical Storm Alberto (the Storm) in Georgia, Alabama, and Florida (if it determines that this can alleviate hardships to the public that outweigh possible adverse effects).

Cites circumstances under which the appropriate Federal banking agency may permit an insured depository institution in the disaster area, in calculating compliance with the leverage limit prescribed by the Federal Deposit Insurance Act, to subtract from its total assets an amount not exceeding the qualifying amount attributable to insurance proceeds.

Expresses the sense of the Congress that specified Federal banking regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers located in such disaster areas affected by the Storm.