The National Credit Union Administration announced that President Donald Trump signed an executive order establishing the new official seal for the agency.
The new seal replaces the current NCUA seal, which was created through Executive Order 11580 signed by President Richard M. Nixon in 1971.
The goal of the redesign, the agency said, was to bring NCUA's seal “more in line” with the official seals of other federal financial services regulators.
The new seal comes as the industry waits for Trump to nominate two new members to the NCUA Board. One seat has been vacant since Debbie Matz stepped down on April 30, 2016, having served a little more than a year after her term expired April 15, 2015. Rick Metsger continues to serve as a holdover after the expiration of his term back in August of this year.
The new design, which symbolizes NCUA’s “safety and soundness” mission, features the eagle and shield from the Great Seal of the United States--a move aimed at making it clear that the regulator is an agency of the federal government. The three blue stars above the eagle represent the three-member NCUA board.
Also, the agency’s name in white on a blue background on the crest of the shield matches the federal share insurance sign that all federally insured credit unions are required to display. The circle on the seal includes the agency’s name, as well as the year, 1934, in the lower portion of the circle -- reflecting the signing of the Federal Credit Union Act and the creation of the federal credit union system that year.
In addition, the oak branch in the eagle’s left talon is symbolic of the NCUA’s “strength, honor, and longevity” in carrying out its mission of “promoting confidence” in the national system of cooperative credit. Finally, the agency said, the olive branch in the right talon is “symbolic of peace and prosperity, which demonstrates the vital role the nation’s credit unions play in fostering economic growth” by providing essential and affordable financial services to millions of Americans.
“As a federal regulator and insurer, one of the NCUA’s essential responsibilities is to maintain confidence in the nation’s system of cooperative credit,” NCUA Chairman J. Mark McWatters said in a statement. “The new seal readily and clearly conveys confidence and security, and identifies the NCUA as an integral part of the federal government. I’m grateful to President Trump for signing this order.”
Over the next several months, NCUA will incorporate the new seal on its public websites, publications, official letterhead, facilities and other material.
However, logos and signage for the National Credit Union Share Insurance Fund will not be affected by this change.