(a) In General- Section 113 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5223) is amended by adding at the end the following new subsections:

`(e) Reporting, Monitoring and Accountability-

`(1) PERIODIC PUBLIC REPORTING ON USE OF ASSISTANCE- The Secretary shall require any assisted institution that became an assisted institution on or after October 3, 2008, to publicly report, not less than quarterly, on such institution's use of the assistance. Such reporting may be required directly for nondepository institutions or through the appropriate Federal banking agency, as provided in section 103.

`(2) ADDITIONAL REQUIREMENTS AND COMPLIANCE- The Secretary--

`(A) may establish additional reporting and information requirements for any direct or indirect recipient of any assistance or benefit at any time on or after October 3, 2008, that involves the obligation or expenditure, loan, or investment of funds available to the Secretary under this title; and

`(B) shall establish appropriate mechanisms to ensure appropriate use and compliance with all terms of any use of funds made available under this title.

`(3) CONSULTATION- The Secretary shall consult with the appropriate Federal banking agencies in establishing the reporting requirements under this subsection that are applicable to insured depository institutions.

`(4) ONLINE PUBLICATION OF PERIODIC REPORTS- The Secretary shall make publicly available on the Internet each report made in accordance with paragraph (1).

`(5) USE OF 2008 ASSISTANCE-

`(A) COLLECTION OF INFORMATION- Effective upon enactment of this paragraph, The Secretary shall require any assisted institution which received assistance under this title before January 1, 2009, to provide sufficient information with regard to such assistance as to inform the Secretary of the precise use of such assistance by the institution and the purpose for the use.

`(B) ANALYSIS- The Secretary shall conduct an analysis of the use of the assistance for which information was received under subparagraph (A).

`(C) REPORT TO THE CONGRESS- Within 30 days after the enactment of this paragraph, the Secretary shall promptly submit a report containing the findings and conclusion of the Secretary on the use of the assistance referred to in subparagraph (A), together with such recommendations for legislative or administrative action as the Secretary may determine to be appropriate, to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committees on Appropriations of the House of Representatives and the Senate.

`(f) Use and Accountability for Use of Funds-

`(1) INSURED DEPOSITORY INSTITUTION-

`(A) INVESTMENT IN OR OTHER INJECTION OF FUNDS INTO A DEPOSITORY INSTITUTION- Except as provided in section 105, as a condition for the provision of any investment in the capital or assets of, or any other provision of assistance to or for the benefit of, any insured depository institution made after the date of the enactment of the TARP Reform and Accountability Act of 2009, the Secretary shall incorporate into the agreement for such investment or assistance an agreement between the depository institution and the appropriate Federal banking agency with respect to such institution on the manner in which the funds are to be used and benchmarks that the institution is required to meet in using the assistance so as to advance the purposes of this Act to strengthen 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 became an assisted institution on or after October 3, 2008, the appropriate Federal banking agency shall specifically review at least once annually the use, by the institution, of assistance made available under this Act and compliance by the institution with the requirements established by or pursuant to this title or by agreement of the institution with the Secretary or the appropriate Federal banking agency, including executive compensation and any other specific agreement terms. Such review may be conducted in connection with the regular full-site examination, or any other examination.

`(C) COMPLIANCE PROCEDURES REQUIRED- Each appropriate Federal banking agency shall prescribe regulations requiring assisted insured depository institutions to establish and maintain procedures designed to assure and monitor the compliance of such depository institutions with the requirements established by or pursuant to this title or by agreement of the institution with the Secretary or such agency.

`(2) USE OF TARP FUNDS FOR MERGERS OR ACQUISITIONS- Effective as of the date of the enactment 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 Deposit 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 consummated without assistance provided under this title.

`(3) NONDEPOSITORY INSTITUTIONS- In the case of any assisted institution that became an assisted 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 insured 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 property 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 property pursuant to the foreclosure shall assume such interest subject to--

`(A) the provision, by the successor in interest, 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--

`(i) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining 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 receipt 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- Effective 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 agreement, or expand a current agreement, with any foreign company for provision of customer service functions, including call-center services, while any of such assistance is outstanding.

`(g) No Impediment to Withdrawal- Subject to consultation with the appropriate Federal banking agencies, the Secretary shall permit an assisted insured depository institution to repay any assistance previously provided under this title to such depository institution without regard to whether the depository institution has replaced 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 Economic Stabilization Act of 2008 (12 U.S.C. 5202) is amended by adding at the end the following new paragraphs:

`(10) DEFINITIONS RELATING TO INSURED DEPOSITORY INSTITUTIONS- The terms `depository institution', `insured depository institution', `Federal banking agency' and `appropriate Federal banking agency' have the same meanings as in section 3 of the Federal Deposit Insurance Act.

`(11) ASSISTED INSTITUTION- The terms `assisted institution' or `assisted insured depository institution' mean any such institution that receives, directly or indirectly, any assistance or benefit that involves the obligation or expenditure, loan, or investment of funds available to the Secretary under title I.'.