The bill proposes significant amendments to the regulations governing Massachusetts-chartered credit unions under 209 CMR 50.00, aimed at modernizing their operational capabilities and aligning them more closely with federally chartered credit unions. Key insertions include provisions for Charitable Donation Accounts, Additional Consumer Loan Participation Authority, Real Estate Loan Participations, and Community Development Investments, which expand the range of activities credit unions can engage in without prior application or notice to the Commissioner, provided they meet certain conditions. The bill also introduces new investment opportunities, such as automobile and personal property lease financing, trustee or custodial services through outside vendors, and health savings accounts, while emphasizing compliance with federal regulations. In addition to these enhancements, the bill removes outdated language and definitions, streamlining the regulatory framework for credit unions. Significant deletions include the repeal of certain authorities related to investments in land and buildings, as well as the definition of "Organization Member." The amendments clarify eligibility requirements for credit unions, including the need for adequate capitalization and satisfactory ratings, and establish guidelines for credit unions to accept non-member deposits, particularly from low-income individuals. Overall, the bill seeks to empower credit unions by providing them with greater operational flexibility and a broader array of services to better serve their members and communities.