; and (ii) is compliant with applicable law; and (B) ensure, to the extent practicable that the rules do not conflict with goals described in section 308(a) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463 note). (3) Report Each quarter, the Secretary of the Treasury shall submit to Congress a report on the implementation of the program established under this subsection including information identifying participating covered banks and the total amount of deposits received by covered banks under the program. (4) Definitions In this subsection: (A) Covered bank The term covered bank means— (i) a minority depository institution that is well capitalized, as defined by the Federal Deposit Insurance Corporation or the National Credit Union Administration, as appropriate; or (ii) a depository institution designated pursuant to subsection (e) that is well capitalized, as defined by the Federal Deposit Insurance Corporation. (B) Qualifying account The term qualifying account means any account established in the Department of the Treasury that— (i) is controlled by the Secretary; and (ii) is expected to maintain a balance greater than $200,000,000 for the following 24-month period. (m) Streamlined community development financial institution applications and reporting (1) Application processes Not later than 12 months after the date of the enactment of this Act and with respect to any person having assets under $3,000,000,000 that submits an application for deposit insurance with the Federal Deposit Insurance Corporation that could also become a community development financial institution, the Federal Deposit Insurance Corporation, in consultation with the Administrator of the Community Development Financial Institutions Fund, shall— (A) develop systems and procedures to record necessary information to allow the Administrator to conduct preliminary analysis for such person to also become a community development financial institution