; and (B) is compliant with applicable law; and (3) 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). (c) Limitations (1) Deposits With respect to the funds of an individual qualifying account, an entity may not deposit an amount greater than the insured amount in a single covered bank. (2) Total deposits The total amount of funds deposited in a covered bank under the custodial deposit program described under this section may not exceed the lesser of— (A) 10 percent of the average amount of deposits held by such covered bank in the previous quarter; or (B) $100,000,000 (as adjusted for inflation). (d) Report Each quarter, the Secretary of the Treasury shall submit to Congress a report on the implementation of the program established under this section including information identifying participating covered banks and the total amount of deposits received by covered banks under the program. (e) Definitions In this section: (1) Covered bank The term covered bank means— (A) a minority depository institution that is well capitalized, as defined by the appropriate Federal banking agency; or (B) a depository institution designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act that is well capitalized, as defined by the appropriate Federal banking agency. (2) Insured amount The term insured amount means the amount that is the greater of— (A) 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) ))