Mass. Gen. Laws ch. 171 § 3
A notice of the intention of the subscribers to form such a credit union shall be given to the commissioner.
Credit unions shall be organized under the provisions of sections two to six, inclusive, after such notice and hearing, if any, as the commissioner may require.
Such an application for a proposed credit union shall be accompanied by an investigation fee, the amount of which shall be determined by the commissioner of administration under the provision of section three B of chapter seven. In determining whether the public convenience and advantage will be promoted by the establishment of such credit union, the commissioner shall consider the proposed field of operation and the standing of the proposed incorporators.
Notwithstanding any other provision of this chapter, a community development credit union may be organized subject to the approval of the commissioner under such procedures, terms and conditions as said commissioner may impose. A community development credit union shall demonstrate to the satisfaction of said commissioner that most of its members are of low to moderate income or it intends to primarily serve low to moderate income individuals or areas. Such a credit union may accept shares or deposits from nonmembers.
Notwithstanding any general or special law to the contrary, a credit union may be organized or designated as a low-income credit union subject to the approval of the commissioner under such procedures, terms and conditions as the commissioner may impose.
Mass. Gen. Laws ch. 171, § 3