§ 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 section eight hundred thirty-five of the
executive law, to enforce the provisions of this article and article
four of the insurance law and article II-B of the banking law.

(c) The superintendent shall have the power to designate employees of
the unit as peace officers as defined in section 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.