; and (ii) is expected to maintain a balance greater than $200,000,000 for the following 24-month period. (k) 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; and (B) develop procedures to streamline the application and annual certification processes and to reduce costs for such person to become, and maintain certification as, a community development financial institution. (2) Implementation report Not later than 18 months after the date of the enactment of this Act, the Federal Deposit Insurance Corporation shall submit to Congress a report describing the systems and procedures required under paragraph (1). (3) Annual report (A) In general Section 17(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1827(a)(1) ) is amended— (i) in subparagraph (E), by striking and at the end; (ii) by redesignating subparagraph (F) as subparagraph (G)