Simplify the following text for a Grade 12 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 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 .
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 .