Which legislation designates federal privacy protection and consumer identification requirements?

The correct choice reflects the legislation that specifically addresses federal privacy protection and consumer identification requirements. The Fair and Accurate Credit Transactions Act (FACTA) heavily focuses on consumer rights related to credit reporting and identity protection. This act enhances the accuracy of consumer credit reports and provides consumers with the right to access their credit information, along with measures to protect against identity theft.

FACTA also requires financial institutions to implement policies and procedures to safeguard consumer information and disclose consumer rights regarding credit reports. By designating specific protections and requirements centered around consumer identification and privacy, FACTA plays a crucial role in maintaining the integrity of consumer data in financial transactions.

Other legislation mentioned, such as the Equal Credit Opportunity Act (ECOA), the Home Ownership and Equity Protection Act (HOEPA), and the Truth in Lending Act (TILA), address different aspects of consumer finance but do not focus explicitly on privacy protection and consumer identification. ECOA is focused on non-discrimination in credit, HOEPA regulates certain mortgage terms and disclosure requirements, and TILA deals primarily with the disclosure of costs and terms of credit.