; and (B) that has total consolidated assets greater than or equal to $50,000,000,000. 12. Custodial deposit program for covered minority depository institutions and impact banks (a) Establishment The Secretary of the Treasury shall establish a custodial deposit program (in this section referred to as the Program ) under which a covered bank shall receive monthly deposits from a qualifying account. (b) Application A covered bank shall submit to the Secretary an application to participate in the Program at such time, in such manner, and containing such information as the Secretary may determine. (c) Program operations (1) Designation of custodial entities The Secretary shall designate eligible custodial entities to make monthly deposits with covered banks selected for participation in the Program on behalf of a qualifying account. (2) Custodial accounts (A) In general The Secretary shall establish a custodial deposit account for each qualifying account with the eligible custodial entity designated to make deposits with covered banks for each such qualifying account. (B) Amount The Secretary shall deposit a total amount not greater than 5 percent of a qualifying account into any custodial deposit accounts established under subparagraph (A). (C) Deposits with Program participants (i) Monthly deposits Each month, each eligible custodial entity designated by the Secretary shall deposit an amount not greater than the insured amount, in the aggregate, from each custodial deposit account, in a single covered bank. (ii) Limitation With respect to the funds of an individual qualifying account, the eligible custodial entity may not deposit an amount greater than the insured amount in a single covered bank. (iii) Insured amount defined In this subparagraph, the term insured amount means the amount that is the greater of— (I) the standard maximum deposit insurance amount (as defined in section 11(a)(1)(E) of the Federal Deposit Insurance Act ( 12 U.S.C. 1821(a)(1)(E) ))