; (3) become a public member bank; (4) obtain a license to issue federally-recognized public securities under section 201; (5) obtain public deposit insurance pursuant to section 301 or from a Corporation-approved alternative provider; and (6) apply for a grant under section 401. 503. Community development grant program (a) Reasonable efforts To coordinate Covered banks shall, where and as appropriate, make reasonable efforts to coordinate activities with community development financial institutions, minority deposit institutions, and credit unions to promote community development and ensure community-oriented financial services are universal and comprehensively include historically excluded and marginalized groups. (b) Grants for coordination The Board of Governors shall, jointly with the Secretary, award grants to covered banks, community development financial institutions, minority deposit institutions, and credit unions to facilitate coordination of activities under subsection (a). (c) Definitions In this section: (1) Community development financial institution The term community development financial institution has the meaning given the term in section 103(5) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702(5) ). (2) Credit union The term credit union means a Federal credit union or a State credit union (as such terms are defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 )). (3) Minority deposit institution The term minority deposit institution has the meaning given the term in section 308(b)(1) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1463(b)(1) ). 504. Treatment of funding Any expenses incurred by the Board of Governors under this title shall be recorded— (1) in an account to be known as the Special Public Bank Development Programs established at the Federal Reserve Bank of New York