Depository Institution Disaster Relief Act of 1997

Depository Institution Disaster Relief Act of 1997 - Authorizes the Board of Governors of the Federal Reserve System to make exceptions to the Truth in Lending Act and the Expedited Funds Availability Act with respect to transactions and depository institutions located within national disaster areas produced by the 1997 flooding of the Red River and its tributaries, if the Board determines that the exception can reasonably be expected to alleviate hardships to the public that outweigh possible adverse effects.

Authorizes the appropriate Federal banking agency to permit an insured depository institution in such a disaster area, which also meets certain other requirements, to subtract the amount of disaster insurance proceeds or governmental assistance from its total assets when calculating compliance with mandatory leverage limits of the Federal Deposit Insurance Act.

Authorizes the Board and other Federal banking agencies to disregard specified rulemaking procedural and publication requirements of Federal law with respect to such depository institutions.

Expresses the sense of the Congress that each Federal financial institution regulatory agency should make exceptions to the appraisal standards prescribed by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 with respect to real property located within a disaster area, if the agency determines that this can reasonably be expected to alleviate hardships to the public that outweigh possible adverse effects.