Section 8B. A credit union, federal credit union or out-of-state federal credit union with a branch office in the commonwealth may establish educational credit union training programs, student savings deposit programs and school branch office programs. A credit union, federal credit union or out-of-state federal credit union with a branch office in the commonwealth shall conduct such a program under the terms and conditions as the commissioner may establish. A federal credit union or out-of-state federal credit union with a branch office in the commonwealth shall conduct such a program in compliance with applicable federal laws and regulations.