Emergency exceptions for disaster areas

Each Federal financial institutions regulatory agency may, by regulation or order, make exceptions to this chapter, and to standards prescribed pursuant to this chapter, for transactions involving institutions for which the agency is the primary Federal regulator with respect to real property located within a disaster area if the agency— determines that the exception— Any exception made under this section shall expire not later than 3 years after the date of the determination referred to in subsection (a)(1). Any Federal financial institutions regulatory agency shall publish in the Federal Register a statement that— explains how the exception— For purposes of this section, the term “disaster area” means an area in which the President, pursuant to section 5170 of title 42, has determined that a major disaster exists.