Yes, but only for those in their last year of eligibility. Banks and Shembari by my reckoning, although Banks still has a redshirt year so not sure how that plays in. Full text of the rule:
The Council Subcommittee for Legislative Relief may waive the one-year residence requirement for student-athletes under the following conditions or circumstances:
. . .
(c) On the recommendation of the Committee on Infractions, for a student-athlete who transfers to a member institution to continue the student-athlete's opportunity for full participation in a sport because the student-athlete's original institution was placed on probation by the NCAA with sanctions that would preclude the institution's team in that sport from participating in postseason competition during all of the remaining seasons of the student-athlete's eligibility.