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News Now

Washington
NCUA seeks executive approval for new seal
ALEXANDRIA, Va. (7/25/08)--The National Credit Union Administration (NCUA) Board gave provisional approval for a new seal that the agency says will better convey the NCUA’s connection with the federal government. The goal of the new proposed seal, which closely resembles other federal agency seals, is to ensure that NCUA is more clearly recognized by members of Congress, other agencies and the general public as an entity of the United States government. The change would not impact the blue rectangular federal insurance sign federally insured credit unions’ must display. NCUA moved to ask President George W. Bush for an executive order approving the new seal, an action which NCUA staff said was likely necessary since President Richard Nixon had issued an executive order establishing the current seal in 1971. Chairman Johnson noted that the current seal had lead to some confusion regarding whether or not NCUA was a government agency. A new seal for NCUA is a conscious effort to make clear NCUA’s status as a federal regulator and insurer, according to NCUA Chairman JoAnn Johnson. “I believe that heightening this awareness with lawmakers, the media and, perhaps most importantly, the American consumer will act to promote confidence in federally insured credit unions,” she said. “This has become especially critical during these times of difficulty in other segments of the financial services marketplace.” The agency is expected to incur a relatively small cost in making this change, around $37,000 for use on NCUA publications, agency signs, flags and similar indicia. Credit Union National Association Deputy General Counsel Mary Dunn said the association generally agreed with the agency’s assessment for a new seal.


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