; and (ii) is compliant with applicable law; and (C) 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 appropriate Federal banking agency; or (ii) a depository institution designated pursuant to subsection (c) that is well capitalized, as defined by the appropriate Federal banking agency. (B) Federal banking agencies The terms appropriate Federal banking agency and Federal banking agencies have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act. (C) Qualifying account The term qualifying account means any account established in the Department of the Treasury that— (i) is controlled by the Secretary