Original: Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union12 U.S.C. 1757 (/O6/O) , CUNA Model Credit Union Act 0.70 (/O2007/O) and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union .12 U.S.C. 1760 , CUNA Model Credit Union Act 4.90 (/O2007/O)
Simplified: Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union - there are no external shareholders .