Final answer:
The subject of the question is a federal law that requires lenders to provide transparent information and prohibits discriminatory practices. Key examples include the Truth in Lending Act and the Equal Credit Opportunity Act, which ensure fair treatment and a standard of transparency for consumers seeking credit.
Step-by-step explanation:
The question pertains to a federal law that is designed to protect consumers from unfair and discriminatory practices by lenders. One such law is the Truth in Lending Act, which is key for ensuring transparency in the credit industry by requiring lenders to provide clear and accessible information about loan terms.
This allows for easy comparison between different credit offers. Additionally, other consumer protection laws fall under the purview of the Federal Reserve (the Fed), which mandates that banks cannot discriminate based on age, race, sex, or marital status. Furthermore, the Equal Credit Opportunity Act is mentioned, prohibiting discrimination in credit decisions based on gender, race, ethnicity, and in certain instances, age. The act put an end to practices such as refusing loans to married women without their husbands or considering only the husband's income in credit assessments.
Furthermore, laws like the Home Owners' Loan Corporation Act helped refinance home mortgages, and the Fair Credit Reporting Act of 1970, the Privacy Act of 1974, and the Financial Services Modernization Act of 1999 all play roles in protecting consumers' financial information and privacy.