Which federal regulation is designed to protect consumer privacy?

The Fair Credit Reporting Act (FCRA) is the correct choice because it establishes regulations regarding how consumer information can be collected, shared, and used by credit reporting agencies. This act is a key component of consumer privacy protection as it gives consumers the right to know what information is held about them and allows them to dispute inaccuracies. It also restricts the sharing of personal information with third parties without the consumer's consent, thereby enhancing individuals' control over their personal data.

The other options, while potentially relevant to consumer protection or data management, do not specifically focus on consumer privacy in the same way the FCRA does. The Consumer Rights Regulation may refer generally to various rights consumers have but lacks the specific focus on credit reporting and privacy. The Privacy Protection Act, while it may pertain to privacy, is typically not recognized as a federal regulation specifically addressing the collection and usage of consumer data in the context of credit reporting. Lastly, the Data Protection Act generally pertains to data protection in other contexts rather than specifically addressing consumer credit reporting issues. Thus, the Fair Credit Reporting Act stands out as the primary federal regulation focused on safeguarding consumer privacy.