Final answer:
The Federal Reserve System is responsible for assuring that banks comply with the Truth In Lending Act, which requires disclosure of all costs and terms in financial transactions, as part of its role in enforcing a variety of consumer protection laws.
Step-by-step explanation:
The Truth In Lending Act is an important regulation that requires the disclosure of all costs and terms in a financial transaction, aimed at protecting consumers. It is part of a broad set of consumer protection laws that financial institutions must comply with. Among the authorities responsible for enforcing such regulations, the Federal Reserve System, established in 1913, plays a central role.
Not only does it act as the nation’s central bank, but it also ensures that banks adhere to these laws, which include the prohibition of discriminatory practices based on age, race, sex, or marital status, and the requirement to disclose information about housing loans. Therefore, the correct answer to which entity administers the Truth in Lending Act by ensuring compliance would be D. The Federal Reserve System.