Bill Cheney's relatively unexpected departure from CUNA makes itofficial. Like a luxury cruise liner, CUNA is adrift at sea.

Oh, the power is still on and the toilets all work. The shrimpcocktail is delicious, the shows run on time and famous faces stilldrop by for guest appearances.

But that big, luxurious boat isn't really going anywhere.

For years, the CUNA faithful have marched to Capitol Hill withpretty much the same message: No new taxes, let us make morebusiness loans and supplemental capital would be great, too. Therehave been some new slogans (Unite for Good! A Smarter Choice!) andsome minor legislative victories, but they've never added up tolasting momentum.

The destination hasn't ever been crystal clear to me,either.

Meanwhile, financial services have radically changed. The last10 years produced far more than the financial crisis and resultingoverregulation backlash. The industry as a whole is rapidlyapproaching a tipping point. Personally, I think we're alreadythere.

The Millennial Disruption Index is the latest in a series ofreports that say traditional banking may have run its course withconsumers. The index, which ranks industries most likely to beradically transformed by Millennials, included more than 10,000respondents born between 1981 and 2000.

It was produced by a business strategy consultancy arm ofViacom, and despite its promotional stunt white paper status,offers plenty of research meat. But you don't even have to dig farinto the data sets to get to the good stuff. The websiteinfographics are horrifying enough.

Millennials who would rather go to the dentist than hear a bankpitch: 71%.

Millennials who don't think they need a bank at all: 33%

Millennials who would be more excited about financial servicesfrom Google, Amazon, Apple, Paypal or Square than a bank: 73%.

Don't think for a minute credit unions aren't lumped in withbanks in the minds of these consumers. So there are two takeawayshere:

1. Dump your big bank stock immediately, and

2. Credit unions may become obsolete within 10 years.

What is CUNA, as the industry's largest organization, going todo about it?

The CUNA board is faced with a far greater task than replacingBill Cheney with another old white dude who is more charismatic andhas a few more important friends on Capitol Hill.

CUNA, as the face of the credit union industry, has a biggerproblem.

Not only is the ship adrift, but the tides of the sea havechanged, too.

The rising cost of employee benefits fueled record numbers offreelance employees before Obamacare even had a name. WorkingAmericans who don't receive a regular paycheck via direct depositdon't fit traditional financial products at Wells Fargo any morethan they do your credit union.

Prepaid debit cards mean checking accounts with overdraft feesare for suckers to the 35-and-under crowd.

And what about loans? How will traditional financial serviceproviders adjust their loan underwriting for Millennials, who maynever have, or want, regular paychecks? Credit unions havestruggled to capture the Gen X market, and the oldest kids from theboomers' first marriages start turning 50 this year.

Yes, CUNA needs a big win on Capitol Hill. But it needs much,much more, and so do credit unions. The CUNA board has a goldenopportunity to transform the organization in ways that could boldlylead credit unions into the future. The Millennial Index reportedthat about half of those polled think tech startups will producethe future's mainstream financial products and services. Not banks.Or credit unions.

CUNA should be searching for that next big thing. CUNA's nextleader should have an idea of what that thing might be and howcredit unions will not just offer it eventually, but be the firstto bring it to market.

The dual membership issue also needs to be resolved. CUNA mayhave to revisit its league franchise and make some major changesthere, before that structure also grows obsolete.

It's going to take more than the usual chorus of great pricing,superior service and clever ads with a pinch of warm and fuzzycooperative spirit to compete for Millennial market share and thegenerations that follow.

Here's hoping the CUNA board has that in mind when it selectsits next leader.

Heather Anderson is executive editor of CU Times. She can bereached at [email protected] or 202-370-4822.