NCUA Seeks Executive Approval For
New Agency Seal
July 24, 2008, Alexandria, Va. – The NCUA Board voted to seek an Executive Order from President Bush approving a new agency seal that incorporates the eagle and shield of the Great Seal of the United States to more clearly convey a federal government image. An Executive Order is necessary to replace the Executive Order President Nixon signed establishing the original NCUA seal in 1971.
The eagle and shield incorporated in the new seal is designed to symbolize strength and security. 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.
“Initiating a new seal for NCUA is a conscious effort to make clear the status of our agency as a federal regulator and insurer.” said 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. This has become especially critical during these times of difficulty in other segments of the financial services marketplace.”
The proposed new seal was designed specifically to symbolize the following:
- The eagle and shield from the Great Seal of the United States clearly indicates NCUA’s role as an agency of the federal government. NCUA research, confirmed by the United States Department of State, indicates that 18 U.S.C. 713(a) is the governing law with respect to use of the Great Seal of the U.S.
This U.S. Code site states it is a crime to knowingly display any printed or other likeness of the Great Seal of United States for the purpose of conveying, or in any manner reasonably calculated to convey, a false impression of sponsorship or approval by the U.S. Government or any department, agency or instrumentality thereof.
- Three blue stars above the eagle represent the three-member NCUA Board.
- Using “NCUA” in white on a blue background on the crest of the shield, matches the federal share insurance sign that federally insured credit unions are required to display.
- The circle on the seal includes the agency title, “National Credit Union Administration.” The date “1934” in the lower portion of the circle reflects the creation by Congress of the federal credit union system in 1934 and the long unbroken line of federal credit union regulation that evolved into NCUA. The two stars within the circle separate “1934” from NCUA’s title.
“This new proposed logo represents a bold and important move forward for this agency,” noted Vice Chairman Rodney Hood. “Visually and symbolically, the logo will help point the way for NCUA and the industry toward the future.”
“As NCUA looks forward to celebrating the 75th anniversary of the Federal Credit Union Act next year, I think it is critical to have the agency recognized as a federal entity,” Board Member Gigi Hyland said. “It will serve to underscore the important role NCUA plays in federal insurance protection and the safety of deposits in federally insured credit unions at a time when consumer confidence in the financial system is wavering.”
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund, insuring the accounts of nearly 87 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not tax dollars.
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