HR 384 RFS
required to meet in using the assistance so as 
to advance the purposes of this Act to strength-
en the soundness of the financial system and 
the availability of credit to the economy. 
‘‘(B) EXAMINATIONS.—In the case of any 
assisted insured depository institution that be-
came an assisted institution on or after October 
3, 2008, the appropriate Federal banking agen-
cy shall specifically review at least once annu-
ally the use, by the institution, of assistance 
made available under this Act and compliance 
by the institution with the requirements estab-
lished by or pursuant to this title or by agree-
ment of the institution with the Secretary or 
the appropriate Federal banking agency, includ-
ing executive compensation and any other spe-
cific agreement terms. Such review may be con-
ducted in connection with the regular full-site 
examination, or any other examination. 
‘‘(C) 
COMPLIANCE
PROCEDURES
RE-
QUIRED.—Each appropriate Federal banking 
agency shall prescribe regulations requiring as-
sisted insured depository institutions to estab-
lish and maintain procedures designed to assure 
and monitor the compliance of such depository 
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institutions with the requirements established 
by or pursuant to this title or by agreement of 
the institution with the Secretary or such agen-
cy. 
‘‘(2) USE OF TARP FUNDS FOR MERGERS OR 
ACQUISITIONS.—Effective as of the date of the en-
actment of the TARP Reform and Accountability 
Act of 2009, no assisted institution that became an 
assisted institution at any time on or after October 
3, 2008, may merge or consolidate with any insured 
depository institution or, either directly or indirectly, 
acquire the assets of, or assume liability to pay any 
deposits made in, any insured depository institution, 
and no Federal banking agency may approve any 
such action under section 18(c) of the Federal De-
posit Insurance Act, while any of such assistance is 
outstanding unless, prior to the approval of such 
agency, the Secretary has determined in consultation 
with any relevant Federal banking agencies that— 
‘‘(A) such action will reduce risk to the 
taxpayer; or 
‘‘(B) the transaction could have been con-
summated without assistance provided under 
this title. 
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‘‘(3) NONDEPOSITORY
INSTITUTIONS.—In the 
case of any assisted institution that became an as-
sisted institution on or after October 3, 2008, and 
is not described in and subject to paragraph (1), the 
Secretary shall establish such reporting requirements 
and require any other conditions or agreements no 
less stringent than those applicable to assisted in-
sured depository institutions, including requirements 
to conduct examinations of the books, affairs, and 
procedures of any such financial institution by the 
Secretary or by delegation to the Board. 
‘‘(4) RENTER PROTECTION.—In the case of any 
foreclosure on any dwelling or residential real prop-
erty securing an extension of credit made under a 
contract entered into after the date of the enactment 
of this Act, any successor in interest in such prop-
erty pursuant to the foreclosure shall assume such 
interest subject to— 
‘‘(A) the provision, by the successor in in-
terest, of a notice to vacate to any bona fide 
tenant at least 90 days before the effective date 
of the notice to vacate; and 
‘‘(B) the rights of any bona fide tenant, as 
of the date of such notice of foreclosure— 
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‘‘(i) under any bona fide lease entered 
into before the notice of foreclosure to oc-
cupy the premises until the end of the re-
maining term of the lease or the end of the 
6-month period beginning on the date of 
the notice of foreclosure, whichever occurs 
first, subject to the receipt by the tenant 
of the 90-day notice under subparagraph 
(A); or 
‘‘(ii) without a lease or with a lease 
terminable at will under State law, subject 
to the receipt by the tenant of the 90-day 
notice under subparagraph (A). 
‘‘(5) BONA
FIDE
LEASE
OR
TENANCY.—For 
purposes of this paragraph (1), a lease or tenancy 
shall be considered bona fide only if— 
‘‘(A) the mortgagor under the contract is 
not the tenant; 
‘‘(B) the lease or tenancy was the result of 
an arms-length transaction; or 
‘‘(C) the lease or tenancy requires the re-
ceipt of rent that is not substantially less than 
fair market rent for the property. 
‘‘(6) PROHIBITION
ON
USE
OF
TARP
FUNDS 
FOR FOREIGN CUSTOMER SERVICE POSITIONS.—Ef-
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fective as of the date of the enactment of the TARP 
Reform and Accountability Act of 2009, no assisted 
institution that became an assisted institution on or 
after October 3, 2008, may enter into a new agree-
ment, or expand a current agreement, with any for-
eign company for provision of customer service func-
tions, including call-center services, while any of 
such assistance is outstanding. 
‘‘(g) NO IMPEDIMENT TO WITHDRAWAL.—Subject to 
consultation with the appropriate Federal banking agen-
cies, the Secretary shall permit an assisted insured deposi-
tory institution to repay any assistance previously pro-
vided under this title to such depository institution with-
out regard to whether the depository institution has re-
placed such funds from any other source, and when such 
assistance is repaid, the Secretary shall liquidate warrants 
associated with such assistance at the current market 
price.’’. 
(b) DEFINITIONS.—Section 3 of the Emergency Eco-
nomic Stabilization Act of 2008 (12 U.S.C. 5202) is 
amended by adding at the end the following new para-
graphs: 
‘‘(10) DEFINITIONS RELATING TO INSURED DE-
POSITORY INSTITUTIONS.—The terms ‘depository in-
stitution’, ‘insured depository institution’, ‘Federal 
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