; and (II) at the time of such approval, that the credit union is well capitalized or adequately capitalized (as defined in section 216(c)(1)); and (ii) before the end of the 24-month period beginning on the date of such approval, the credit union has established and maintains an ongoing method to provide services in the local community, neighborhood, or rural district. (B) Termination of approval Any failure of a Federal credit union to meet the requirement of clause (ii) of subparagraph (A) by the end of the 24-month period referred to in such clause shall constitute a termination, as a matter of law, of any approval of an application under this paragraph by the Board with respect to the membership of such credit union. (C) Annual credit union reporting requirement Any Federal credit union which has an application approved under this paragraph shall submit an annual report to the Administration on the number of members of the credit union who are members by reason of such application and the number of offices or facilities maintained by the credit union in the local community, neighborhood, or rural district taken into account by the Board in approving such application. (D) Publication by administration The Administration shall publish annually a report containing— (i) a list of all the applications approved under this paragraph prior to the publication of the report; (ii) the number and locations of the underserved areas taken into account in approving such applications; and (iii) the total number of members of credit unions who are members by reason of the approval of such applications. . (b) Underserved area defined Section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ) is amended— (1) by striking and at the end of paragraph (8); (2) by striking the period at the end of paragraph (9) and inserting ; and