Which consumer protection law was enacted in 1974 to eliminate discrimination in credit transactions?

The Equal Credit Opportunity Act was enacted in 1974 with the primary goal of prohibiting discrimination in credit transactions. This law ensures that all consumers have an equal opportunity to access credit regardless of their race, color, religion, national origin, sex, marital status, age, or because they receive public assistance. By enforcing these anti-discrimination provisions, the Act aims to promote fairness and equity within the lending process, making it a significant piece of consumer protection legislation.

In contrast, other laws mentioned serve different purposes. The Truth in Lending Act primarily focuses on transparency in lending, requiring lenders to disclose the terms and costs associated with borrowing to help consumers make informed decisions. The Fair Credit Reporting Act deals with the accuracy and privacy of credit reports, protecting consumers from misleading information. Lastly, the Consumer Financial Protection Act established the Consumer Financial Protection Bureau to oversee and enforce consumer protections in the financial sector. Each of these acts is important, but they address distinct aspects of consumer protection rather than the specific issue of discrimination in credit transactions that the Equal Credit Opportunity Act directly targets.