In a letter to the US Senate, CFA, alongside a number of community, consumer and civil rights organizations, encourages strong opposition to S. 2790, the Financial Institution Customer Protection Act of 2016, introduced by Senator Cruz. The bill will hamper critical Department of Justice and banking regulator efforts to detect fraud and money laundering, putting consumers and financial institutions at risk of serious financial loss. With escalating data breaches, terrorism threats and internet fraud, we need to encourage, not discourage, efforts to deprive criminals of access to the banking system. S. 2970 will only frustrate the efforts of Federal regulators that to date, have successfully halted numerous mass-market fraud schemes, protected countless consumers from the financial hardship that follows fraud and have done so without any evidence of misconduct or targeting of lawful businesses.