§ 403. Financial frauds and consumer protection unit. (a) The superintendent shall establish a financial frauds and consumer protection unit in the department of financial services.

(b) The financial frauds and consumer protection unit shall be a qualified agency, as defined in § 835 of the executive law, to enforce the provisions of this Article of the insurance law and Article -B of the banking law.

(c) The superintendent shall have the power to designate employees of the unit as peace officers as defined in § 2.10 of the criminal procedure law. Any such designations made by the superintendent of insurance or the superintendent of banks, as they relate to peace officers within the insurance frauds bureau and the criminal investigations bureau, made prior to the effective date of this chapter, shall be deemed continued and will remain effective subject to the discretion of the superintendent.

(d) The superintendent is authorized to establish within the financial frauds and consumer protection unit one or more units designated for the purpose of investigating and preventing fraud and other criminal activity in certain specified areas of the banking, finance and insurance industries, as authorized by this chapter.