; and (2) as a deferred asset (as described in section 11.96 of the Financial Accounting Manual for Federal Reserve Banks, as in effect on the date of the enactment of this Act) and maintained separately from the balance sheet of the Federal Reserve Bank of New York and the Federal Reserve System, so as to not reduce or impact the calculation of total income or revenue generated by the Federal Reserve System, or otherwise reduce the total amount of net operating profits to be made available for remittance to the Treasury on an ongoing basis. V Public Bank Development Programs 501. Public bank grant program (a) Program established (1) In general The Board of Governors shall, jointly with the Secretary, carry out a grant program to make grants to covered banks, or persons seeking to become or in the process of becoming covered banks, to carry out the activities described in subsection (b). (2) Considerations for eligibility (A) Required considerations When determining eligibility for grants under this section, the Board of Governors and the Secretary shall consider, among other factors, the extent to which a grant applicant has established an appropriate degree of community involvement and oversight, including dedicated community representation on the governing board, and evidence of support or commitment from community representative organizations. (B) Prohibited consideration When determining eligibility for grants under this section, the Board of Governors and the Secretary may not consider the budgetary or financial health of the entity that wholly owns or controls a covered bank. (b) Use of funds An entity that receives a grant under this section may use the grant funds— (1) to carry out activities related to bank formation, chartering, and regulatory compliance; (2) for capitalization; (3) to make payments and develop financial market infrastructure; (4) to carry out activities related to information and communications technology; (5) to support operations; (6) to cover unexpected losses