(c) Establishment of impact bank designation (1) In general Each Federal banking agency shall establish a program under which a depository institution with total consolidated assets of less than $10,000,000,000 may elect to be designated as an impact bank if the total dollar value of the loans extended by such depository institution to low-income borrowers is greater than or equal to 50 percent of the assets of such bank. (2) Notification of eligibility Based on data obtained through examinations of depository institutions, the appropriate Federal banking agency shall notify a depository institution if the institution is eligible to be designated as an impact bank. (3) Application Regardless of whether or not it has received a notice of eligibility under paragraph (1), a depository institution may submit an application to the appropriate Federal banking agency— (A) requesting to be designated as an impact bank