Final answer:
The federal law that requires a lender to verify that the customer is able to repay the loan is the Equal Credit Opportunity Act (ECOA). This law prevents lenders from discriminating against borrowers based on factors such as gender, race, ethnicity, and age, ensuring that credit decisions are based on the borrower's ability to repay the loan.
Step-by-step explanation:
The federal law that requires a lender to verify that the customer is able to repay the loan is the Equal Credit Opportunity Act (ECOA). This law prohibits lenders from discriminating against borrowers on the basis of factors such as gender, race, ethnicity, and under some circumstances age. It ensures that lenders consider the borrower's ability to repay the loan, rather than discriminatory factors, when making credit decisions.