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Federal Register / Vol. 86, No. 129 / Friday, July 9, 2021 / Rules and Regulations Subpart BUniform System of Accounts 31. Amend 1767.41 by revising entry 119 to read as follows:

1767.41 Accounting methods and procedures required of all RUS borrowers.

119 Special Equipment Special Equipment items are classified separately from work order items. The USoA provides accounting that differs from that used for other types of materials. The cost of new, special equipment items shall be capitalized at the time of purchase; it shall not be charged to Account 154 as is the case with other materials. The first installation cost, as well as all incidental costs necessary to prepare the equipment for use, shall be capitalized with the material upon purchase. All subsequent costs of removing, resetting, changing, renewing oil, and repairing constitute operations and maintenance expenses. The capitalized cost of special equipment items, including the first installation, shall be removed from the electric plant accounts only when the items are abandoned or retired from the system. Borrowers may request a waiver from the special equipment accounting requirements as described later in this section.
Special Equipment Items include the following:
1. Reclosers and Sectionalizers recorded in Account 365, Conductor and Devices 2. Transformers, Capacitors and Voltage Regulators recorded in Account 368, Line Transformers 3. Meters, Meter Sockets, current and potential transformers, and other metering equipment recorded in Account 379, Meters 4. Load Control Devices recorded in Account 371, Installations on Customers Premises See Interpretation No. 118

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Note: Equipment installed in a substation is not considered special equipment.

Special equipment items which are classified as nonusable shall be segregated in the warehouse and retired from service. The Summary of Special Equipment Costs shall be retitled Summary of Special Equipment Costs Retired and used for this purpose. A
journal entry reflecting this information shall be prepared and posted to the books. Since loan funds for special equipment, including first installation costs, are approved for advance by the Rural Development upon receipt of the borrowers written estimate of funds required, and not on the basis of an
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Inventory of Work Orders, it is improper to take a credit for any salvage involved in the retirement of special equipment on the Inventory of Work Orders.
Electric borrowers that wish to receive a waiver from the special equipment accounting requirements should submit a letter request to Rural Development. In order to expedite these requests the letter to Rural Development should state that the borrower will adhere to the following requirements to account for special equipment using the work order procedure rather than the special equipment accounting procedures prescribed by Rural Development:
1. New purchases of special equipment items are to be charged to Account 154, Materials and Supplies, upon purchase.
2. Labor, material and overhead costs associated with the initial installation and all subsequent installations of special equipment are recorded on construction work orders and charged to the appropriate plant accounts upon closeout of the construction work order.
3. Labor and overhead costs associated with the removal of special equipment items, whether the items removed are placed in inventory or permanently retired and disposed of, are recorded on retirement work orders and charged or credited to the depreciation reserve account upon closeout of the retirement work order.
4. The special equipment items retired and salvaged for reuse are returned to the materials and supplies account at the average material cost in the materials and supplies account and credited to the depreciation reserve upon closeout of the retirement work order.
In addition to recognition of the requirements noted above, the borrower should indicate how it plans to account for the items of special equipment that have been charged to the plant accounts but not installed in inventory. Two acceptable methods to account for this equipment are: 1 Leave the equipment in the plant accounts until the inventory is depleted and charge only new purchases to materials and supplies, or 2 credit the plant accounts for the installed cost of the equipment in inventory, charge the equipment cost to materials and supplies, and charge the installation cost to the appropriate operations expense account. Also, under the second method, the borrower must submit a negative special equipment summary to Rural Development to return to the balance in reserve for the current loan the installed cost of special
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equipment in inventory on the date of transition.

Christopher A. McLean, Acting Administrator, Rural Utilities Service.
FR Doc. 202114358 Filed 7821; 8:45 am BILLING CODE 341015P

FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part Chapter XII
No. 2021N7

Policy Statement on Fair Lending Federal Housing Finance Agency.
ACTION: Notification of approval and adoption of policy statement; request for comment.
AGENCY:

The Federal Housing Finance Agency FHFA or agency is issuing a policy statement on Fair Lending Policy Statement to communicate the agencys general position on monitoring and information gathering, supervisory examinations, and administrative enforcement related to the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act, and is soliciting comments on its application.

SUMMARY:

The Policy Statement becomes effective on July 9, 2021. Comments must be received on or before September 7, 2021.
FOR FURTHER INFORMATION CONTACT:
Annalyce Shufelt, Senior Attorney Advisor Fair Lending, Office of Fair Lending Oversight, 202 6493416, Annalyce.Shufelt@fhfa.gov, Federal Housing Finance Agency, Constitution Center, 400 7th Street SW, Washington, DC 20219; or Ming-Yuen Meyer-Fong, Associate General Counsel, Office of General Counsel, 202 6493078 not toll-free numbers, Ming-Yuen.MeyerFong@fhfa.gov. The Telecommunications Device for the Deaf is 800 8778339.
ADDRESSES: FHFA welcomes comments about application of the principles set out in the policy statement to specific policies and practices. You may submit your comments to FHFA, identified by Policy Statement; Comment Request:
2021N7, by any one of the following methods:
Agency website: www.fhfa.gov/
open-for-comment-or-input.
Federal eRulemaking Portal: http
www.regulations.gov. Follow the instructions for submitting comments. If DATES:

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