Final answer:
The Truth-in-Lending Act (1969) requires disclosure of all terms and conditions of a credit transaction, which means it mandates full disclosure of interest and other fees, not adherence to federal interest rates or setting a standard loan rate.
Step-by-step explanation:
The Truth-in-Lending Act (1969) requires disclosure of all the terms and conditions of a credit transaction, including interest rates, finance charges, and all other fees. It ensures that consumers have all the necessary information to make informed decisions about credit and loans. The correct answer to the student's question is that the Act does not require adherence to interest rates established by the Federal Reserve, nor does it specify a standard loan rate, rather it requires full disclosure of all charges related to a credit transaction, including interest charges as well as other fees.