; (C) is issued under a covered bond program that has been approved by the applicable covered bond regulator; (D) is identified in a register of covered bonds that is maintained by the Secretary; and (E) is not a deposit (as defined in section 3(l) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(l) )). (5) Covered bond program The term covered bond program means any program of an eligible issuer under which, on the security of a single cover pool, 1 or more series of covered bonds may be issued. (6) Covered bond regulator The term covered bond regulator means— (A) for any eligible issuer that is subject to the jurisdiction of an appropriate Federal banking agency (as defined in section 3(q) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(q) )), the appropriate Federal banking agency; (B) for any eligible issuer that is described in paragraph (9)(D), that is not subject to the jurisdiction of an appropriate Federal banking agency, and that is sponsored by only 1 eligible issuer, the covered bond regulator for the sponsor; (C) for any eligible issuer that is described in paragraph (9)(D), that is not subject to the jurisdiction of an appropriate Federal banking agency, and that is sponsored by more than 1 eligible issuer, the covered bond regulator for the sponsor whose covered bonds constitute the largest share of the cover pool of the issuer; and (D) for any other eligible issuer that is not subject to the jurisdiction of an appropriate Federal banking agency, the Secretary. (7) Eligible asset The term eligible asset means— (A) in the case of the residential mortgage asset class, any first-lien mortgage loan that— (i) is secured by 1-to-4 family residential property; and (ii) is not made, insured, or guaranteed by the Government; (B) in the case of the commercial mortgage asset class, any commercial mortgage loan (including any multifamily mortgage loan); (C) in the case of the public sector asset class— (i) any security issued by a State, municipality, or other governmental authority