You can't change the texture of a shield without keeping it the same size and shape which is ridiculous because it's just an ugly rectangle. Not sure if this is a bug or purposeful but I want to be able to add my own texture for the shields because I don't really care about putting a banner on them, also when they're in my inventory I always confuse them for a banner because their textures are almost identical.
Invalid, feature request - also this issue might be fixed now.