The comments by Brent McIntosh, Treasury's general counsel, are at odds with concerns by state regulators and consumer groups who fear that a national standard on how firms handle data breaches could weaken pre-existing rules.
The U.S. Chamber of Commerce said Monday that an attempt to oust Mick Mulvaney as acting director of the Consumer Financial Protection Bureau would raise "grave questions" about the constitutionality of the consumer agency.
The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers.
With the ink barely dry on the Consumer Financial Protection Bureau's final arbitration rule, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate.
The U.S. Chamber of Commerce and U.S. Bank urged the Consumer Financial Protection Bureau on Wednesday to narrow its approach to collecting data on small-business lending, fearing it could add costs and compliance burdens.
