Final answer:
Regulation Z discloses standardized information about the costs and terms of credit, under the Truth in Lending Act, aimed at protecting consumers and ensuring fair lending practices.
Step-by-step explanation:
Regulation Z, also known as the Truth in Lending Act (TILA), requires lenders to provide consumers with standardized, clear information about the costs and terms of credit. This includes disclosures pertaining to the annual percentage rate (APR), the terms of the loan, and the total costs to the borrower. These requirements are designed to protect consumers from misleading or unexpected charges and to enable them to compare credit offers from different lenders. Furthermore, Regulation Z prohibits certain practices, such as discrimination on the basis of age, race, sex, or marital status, and mandates that banks publicly disclose information regarding house loans and their distribution geographically and by sex and race of the loan applicants.