Nobody likes to be forced by the government to do anything. I agree the CFPB wants what's best for the consumer, financial institution operational realities be damned. But then again, seeing things through the eyes of the consumer is the bureau's job. It's a consumer protection bureau, not a credit union protection bureau. Of course, the CFPB must listen to credit unions and the NCUA to ensure it finalizes rules that don't create such a heavy burden, it harms consumers instead of helps them.

The CFPB hasn't required financial institutions to change how they process overdrafts or structure overdraft protection services yet.

However, there's a better reason than regulation that credit unions should modernize their checking accounts: Consumers expect it.

I was stunned at how many readers commented about paper checks and balancing a checkbook register as if that's still the primary method consumers use to access funds. I'm sure credit unions still process plenty of checks, but keep in mind the average member age is much higher than most credit unions would like. As long as credit unions see the world through old eyes, they'll never attract young ones.

According to a 2014 Citibank survey – keep in mind this data is already two years old – more consumers used online and mobile banking to pay bills than checks. More than half of consumers avoided writing checks whenever possible and 12% didn't even own a checkbook. That percentage increased to 20% for consumers younger than 40 and 21% for all consumers with incomes of less than $30,000 per year.

I can't remember the last time I wrote a check or saw anyone in a retail setting use one. I think the last time I used a paper check to pay for something, it was a semester's worth of college tuition and it cost $500. Or maybe I was at the salon getting a spiral perm or at Blockbuster renting The Breakfast Club on VHS.

Okay, perhaps that's a bit snarky, but if you're targeting the under-40 demographic, checks aren't going to cut it.

How do millennials know how much money they have in their accounts? They open the app on their phone and check the balance.

Trying to convince millennials they need to learn how to write checks and balance a register is like explaining why they need to learn longhand cursive or read a map or wear a watch.

It's kind of like when Gen Xers rolled our eyes back in the 80s when lectured about the dangers of relying upon calculators instead of mastering pencil-to-paper math. Why in the world would we need to learn long hand division, we wondered? What do you mean what if I found myself without a calculator? That's ridiculous, I have one right here on my watch.

It doesn't matter if you don't like how the world is changing. It changes without your permission. These days, consumers can obtain pretty much anything they want, whenever they want it. If you want to compete for their business, you need to accept that and deliver.

Members want what they want, not what credit unions tell them they want. If your business model depends on fees from a service only old people find valuable, your days are numbered.

Yes, new account innovations are challenged by existing regs and yes, there are new and creative ways criminals can defraud them. But that's the thing about innovation – there are always challenges.

Accounts that don't overdraft aren't even that innovative; plenty of financial institutions and non-bank providers have already blazed the trail. To help credit unions update their account offerings, we've researched and published a list of existing accounts that don't overdraft, which can be found here. There's no need to reinvent the wheel – replicate what others are already doing. I bet credit unions can make these accounts even better.

Please keep the comments – cheers and jeers – coming. Both are valuable and contribute to industry dialogue that ultimately make credit unions more appealing to young members and ensure financial cooperatives have a future.

Heather Anderson is executive editor of CU Times. She can be reached at [email protected].