Which regulation requires the implementation of a risk management framework for consumer loans?

The correct choice emphasizes the significance of the Board of Governors of the Federal Reserve System regulatory guidance in establishing a risk management framework for consumer loans. This guidance outlines the expectations for financial institutions to have robust risk management systems that address the various risks associated with consumer lending, including credit risk, operational risk, and compliance risk.

The regulatory guidance encourages institutions to adopt a comprehensive approach to risk management, which includes identifying risks, assessing their potential impact, implementing controls, and monitoring ongoing exposure to those risks. By following these guidelines, financial institutions can better protect themselves and consumers from the negative consequences of inadequate risk management practices.

The other regulations listed either do not specifically address risk management frameworks or focus on different aspects of consumer lending. The Fair Credit Reporting Act deals primarily with consumer credit reporting and the rights of consumers in relation to their credit reports. The Equal Credit Opportunity Act ensures that individuals are not discriminated against during the lending process. The Gramm-Leach-Bliley Act relates to privacy and the protection of consumer financial information. While these regulations play critical roles in overall consumer lending practices, they do not specifically mandate the implementation of a risk management framework as outlined by the Federal Reserve's guidance.