Simplify the following text for a Grade 7 native English-speaking person.
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 union - there are no external shareholders . Profits from the operations of a credit union are distributed to members in the form of dividends .
Simplified: In June 2010 , the Credit Union put forward plans to modernize the credit union .