NCUA announced Thursday it will pause its plan to update branding and modernize signage for the National Credit Union Share Insurance Fund. NCUA began its plan at the beginning of 2020 but will suspend it due to the coronavirus disease (COVID-19) pandemic.
“We are concerned about reports that the NCUA began a very significant branding project prior to the onset of COVID-19, apparently alongside a similar effort at FDIC to enhance consumer perception and understanding of federal deposit insurance. A project of this nature undertaken by a government agency funded by credit unions demands greater transparency and a better public understanding of the costs and benefits,” said CUNA President/CEO Jim Nussle. “While the agency might have acted sooner to suspend this project considering the COVID-19 pandemic, we appreciate that NCUA has suspended the effort. All hands should be on deck to help credit unions stay in a position to serve their members. This is not the right time for this type of project.
“If NCUA resumes this effort in the future, it is critical that the agency shed more light on its plan, its costs, and the scope of its outside relationship with the public relations firm,” he added. “NCUA should also take every effort to include experts within the credit union system that have a deep understanding of consumers’ perception towards credit unions, their understanding of how credit union deposits are insured, and how best to reach them with a message that improves both.”