Final answer:
The purpose of fair lending laws is indeed to foster a fair, unbiased banking system by preventing discriminatory lending practices, in line with the mandates the Federal Reserve enforces upon banks.
Step-by-step explanation:
The statement "The purpose of the fair lending laws is to promote a fair and even-handed banking system through nondiscriminatory lending practices" is true. The Federal Reserve (the Fed) ensures that banks comply with various consumer protection laws. These include prohibitions against discrimination based on age, race, sex, or marital status, and requirements to publicly report details about the home loans banks make, including how they are dispersed geographically and the sex and race of the applicants. The Fair Housing Act of 1968, along with later legislation, aims to prevent redlining and other discriminatory practices in housing, though evidence indicates that some discrimination may still persist in the loan industry.