Millennials. We hear the “M” word all the time; a quick Google search returns a whopping 48 million hits. Despite the chatter, the reports conflict wildly: Millennials are lazy, although millennials never take vacation; millennials are the problem, millennials are the victims, millennials are the solution. In the face of millions of contradictory opinions, it's easy to favor colorful stereotypes and anecdotes.

As the leader of the Cooperative Trust, the young professional community that first “crashed” onto the credit union scene in 2010, I can tell you firsthand that millennial stereotypes are alive and well.

Our flagship event, Crash the GAC, is just weeks away. This year we're bringing with us a record high number of Crashers, 78 young professionals who'll participate in the program designed with a dual purpose: To engage and develop the next generations of credit union leaders, and perhaps even more importantly, to respectfully but unapologetically spur the industry to embrace young people.

At the conferences we Crash, T-shirts and selfies seem to provoke the most remarks, and they're not all complimentary – but to let the conversation die there is to miss the heart of the issue. Without young people (who admittedly look different than the baby boomer executive), the credit union industry will not survive.

The Bigger Problem

Credit unions are marvelous organizations for consumers. Despite their inherent potential, these not-for-profit, member-owned financial institutions are at real risk of irrelevance as the world changes at a furious pace around them.

Data show 38% of baby boomers, 33% of Gen X and only 26% of millennials are members of a credit union, according to Filene research. You may have seen similar numbers before. In fact, many of us become numb because we hear the same facts over and over. We can't lose our sense of urgency here, because behind the data are sobering implications for the future of an industry with so much possibility.

Millennials will soon have the most purchasing power of any generation, according to Forbes – and yet, they are the generation we have engaged the least. To compound the problem, millennials are underrepresented in board rooms and leadership teams, though many current credit union leaders started their tenure when they were the same age millennials are now. Too often, those at the top are not representative of the communities and generations they serve and hope to serve. If we don't invite young diverse leaders into these homogenous boards and teams across the industry, it will be virtually impossible to catch (much less keep!) the attention of our generation. Crashers Are Sparking Change

In 2010, amidst this landscape, a group of youngsters who worked for credit unions decided to Crash (meaning colloquially to show up somewhere uninvited or unexpectedly) one of the biggest credit union events of the year – CUNA's Governmental Affairs Conference. They “crashed” because historically young people were not invited or expected to attend such conferences – and the Cooperative Trust was born.

Fast forward eight years and the Trust has become an award-winning credit union young professional community of more than 1,700 members with demonstrable impact on the lives of countless young people and the industry at large. The Crash program is still a big part of the Cooperative Trust, but it has evolved into much more. Today the Trust includes a growing mentorship program, a robust online community and Crash opportunities for hundreds of young professionals each year.

At first glance, it's easy to see the disruption – young people don't look like typical credit union executives (though after Crashing, some now are!) Crashers act unapologetically their age, bringing fresh perspective into a traditional industry. Looking past the stereotypes, you might realize that those Crasher selfies promote credit unions to countless social networks and those Crasher t-shirts serve as neon reminders of the need for industry-wide transformation. The changes might not look conventional – but that's exactly the point.When Crashers return home, they're brimming with enthusiasm and new ideas; many go on to start young professional networks, pitch new ideas to their leadership and change career goals to stay within the unique industry that marries a social mission with business logic. (Don't take it from me – Crashers reading, share your Crash stories in the comments below! #CrasherFam xoxo).

But while they're passionate credit union advocates, Crashers are not always in the position to be decision-makers. No one group is enough to effect change – it takes an army of us all. It's so important that industry leaders who helped to get us here have powerful and consistent dialogue with next generation leaders who will take us into the future. We must invite young professionals to have a stronger and louder voice (even when that makes us uncomfortable). Young or less-young, invited or crashing, we all must work together to create a sense of urgency, bound together as we are with the mutual responsibility to safeguard “banking democracy,” these unicorn organizations that truly improve the lives of consumers.

The Time Is Now

Each and every one of us with a voice who has experienced firsthand the benefits of a credit union – we are the ones who must ensure the legacy grows stronger for millennia to come. Let's meet change head on as credit union lovers and leaders who recognize that inaction is a deadly mistake.

Are you a credit union lover and leader? Here's what you can do:

• Stop negative conversations about the next generations, and instead invite those ever-passionate Crashers and young professionals to join the conversation – and take action together.
• Shake up your leadership team and boardroom by exposing your bright young people to opportunities for growth and development, and encourage their passionate ideas. After all, they're leaders today and will be leaders tomorrow – and their insights into their own generation are invaluable.
• Take action today, big or small, and don't wait to initiate change. The world is transforming around us more quickly than ever before, and it's our job to make sure credit unions not only survive but flourish.

If you'll be joining colleagues at CUNA's GAC this February, you'll have 78 opportunities to converse with young credit union advocates, 78 choices to invite and embrace young leaders, and 78 chances to work together with young people to inspire change in an industry with one common but lofty mission: Changing the lives of consumers for the better.

This isn't business as usual anymore, because “usual” isn't good enough. Passionate and energetic with ideas and the commitment to manifest positive change, we Crashers are here to join the credit union advocate army. We're proud to stand out in our T-shirts; if you see us, connect with us – we'll be thrilled. If you love the industry and want to see it succeed, hop on board with the mission of Crashers everywhere (maybe even join us for a selfie!) Call us the “M” word all you want – we might just surprise you.

Lauren Culp is Manager at The Cooperative Trust, Filene Research Institute. She can be contacted at [email protected].