; and (2) develop procedures to streamline the application and annual certification processes and to reduce costs for such person to become, and maintain certification as, a community development financial institution. (b) Implementation report Not later than 18 months after the date of the enactment of this Act, the Federal Deposit Insurance Corporation shall submit to Congress a report describing the systems and procedures required under subsection (a). (c) Annual report (1) In general Section 17(a)(1) of the Federal Deposit Insurance Act ( 12 U.S.C. 1827(a)(1) ) is amended— (A) in subparagraph (E), by striking and at the end; (B) by redesignating subparagraph (F) as subparagraph (G); and (C) by inserting after subparagraph (E) the following new subparagraph: (F) applicants for deposit insurance that could also become a community development financial institution (as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994), a minority depository institution (as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989), or an impact bank (as designated pursuant to section 5 of the Ensuring Diversity in Community Banking Act)