Which of the following laws aims primarily to protect consumers in lending practices?

The Home Ownership and Equity Protection Act (HOEPA) is primarily designed to protect consumers from abusive lending practices, particularly in the context of high-cost mortgages. It establishes specific requirements for lenders that offer loans with excessive fees or high interest rates, enhancing transparency and ensuring that consumers are informed about the terms of their loans.

HOEPA mandates that borrowers receive additional disclosures regarding the costs of their loans, which is aimed at preventing situations where consumers might be misled or taken advantage of. By establishing this regulatory framework, HOEPA plays a crucial role in safeguarding consumers from predatory lending and ensuring that they have access to understandable and fair loan terms.

Other laws, while also important to the landscape of consumer protection, focus on different aspects of lending or financial equity. The Community Reinvestment Act (CRA) promotes equitable access to credit in various communities, the Fair and Accurate Credit Transactions Act (FACTA) focuses on preventing identity theft and ensuring the accuracy of consumer credit reports, and the Equal Credit Opportunity Act (ECOA) prohibits discrimination in lending on various bases. Each of these laws contributes to consumer protection, but HOEPA specifically targets the risks associated with high-cost lending practices directly affecting the consumer experience in mortgage transactions.