Hispanic American-owned Banks and Credit Unions by State Advertiser disclosure We make you our top priority. Each day. We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t include every business or financial product that is available in the marketplace, we’re proud of the advice we provide and the information we offer and the tools we create are objective, independent, straightforward — and cost-free. How do we earn money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on the website) however it doesn’t affect our recommendations or advice, which are grounded in many hours of study. Our partners are not able to be paid to ensure positive ratings of their goods or services. . Hispanic American-owned banks and credit Unions by State By Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has covered personal financial matters since 2013, with a particular attention paid to certificates of deposit as well as other topics related to banking. His work has been covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. and Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content specialist in management covering the topics of banking for consumers at NerdWallet. She has more than 10 years of experience editing and writing for consumer websites. She was previously editor of articles on personal finance topics at GOBankingRates. The work she has done was featured on Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10 2022, 2022 Edited By Yuliya Goldshteyn Assistant Assigning Banking Yuliya Goldshteyn is a bank editor for NerdWallet. She has previously worked as an editor, writer and research analyst in industries ranging from healthcare to market research. She received a bachelor’s level degree in the field of history from University of California, Berkeley. University of California, Berkeley and a master’s in sociology from the University of Chicago. She can be reached by email at
. A majority or all of the items featured here come from our partners, who pay us. This influences which products we feature and the location and manner in which the product is displayed on the page. But, it doesn’t affect our assessments. Our opinions are our own. Here is a list of and . Latino-led banks and credit unions are aiming to assist people who have been traditionally neglected from their U.S. banking system. It comprises Hispanic and Latino households that are, at 12.2%, are unbanked at a rate that is more than double the national average, according to the Federal Deposit Insurance Corp.’s 2019 survey of households without banks  Federal Deposit Insurance Corp . . Accessed Jun 9th, 2022. . According to a survey conducted by the Federal Reserve, nearly 22% of Latino households are not banked that is, they have accounts with banks but additionally use other financial institutions such as check cashers payday lenders or remittance transfer providers  Federal Reserve . . Accessed on Jun 9th, 2022. . But using a bank account means access to an area of safety for keeping cash and a way to pay your bills (regardless whether you are a citizen or not). You can skip to the Bank for a brighter future. Find the best bank that has great customer service and an aim to improve the world for all of us. The reasons Hispanic American banks and credit unions stand out Hispanic American banks and credit unions below are committed to helping their communities. The list is comprised of credit unions and banks classified in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively, which means they are either minority-owned, minority-led , or have persons of color as the majority of their board members or members, and serve a group with a majority of minority members [0The FDIC is the Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. The  National Credit Union Administration . . Accessed Jun 9, 2022. . Certain of the organizations are also known as community development financial institutions, or CDFIs, meaning that they focus on serving low-income communities and the people who have been historically left out of the financial system. (Learn more .) Find out more about what it is being MDI. MDI The FDIC determines an MDI as being either minority-owned (meaning people belonging to a certain minority group hold a minimum of 51% of the bank’s voting shares) or minority-led (meaning that at minimum 51 percent of the bank’s board of directors identifies as part of a certain minority group and the bank mainly serves that group). Since credit unions are owned by members and not for profit and not for profit, the NCUA determines an MDI differently manner. According to the NCUA, the credit union must self-report as an MDI and have more than 50 percent of its members as well as board members must be people of people of color. Find out more about . Commonly asked questions What exactly is a Hispanic American-owned financial institution? A is a non-profit financial institution that has the majority of shareholders and board members happen to be Hispanic or Latino. The bank tends to serve the majority of the Hispanic community, however this doesn’t mean non-Hispanic people or firms can’t open accounts. What is a Hispanic American-owned credit union? A Hispanic American-owned credit union is a not-for-profit banking institution where the majority of its current members and its board of directors and the people it serves is Hispanic American. Membership can be limited to a specific community or group of people, for example, members of an overwhelmingly Hispanic American church or employees or students in a historically Hispanic American school district. Can allies join a Hispanic American-owned bank or credit union? Yes it is possible to join a Hispanic American-owned bank is a worthwhile method to aid in its mission. If you’re looking to join a credit union owned by a Hispanic American check out the requirements for membership. As with the other financial institutions, certain Hispanic American-owned credit institutions restrict membership by geographical location or other criteria. What is a Hispanic American-owned bank? A is a for-profit financial institution in which the majority of shareholders or board members are Hispanic or Latino. The bank tends to serve a mostly Hispanic community, however this doesn’t mean non-Hispanic people or firms can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union that is owned by Hispanic Americans is a not-for-profit banking institution with a large proportion of its current members as well as their board of directors, and the people it serves comprise Hispanic American. Membership can be limited to a particular city or group, like members of a predominantly Hispanic American church or employees or students in a historically Hispanic American school district. Are allies able to be a part of a Hispanic-owned credit union or bank? Yes it is possible to join a Hispanic American-owned bank is a worthwhile option to help its mission. If you’re looking to join a credit union owned by a Hispanic American, look into its membership requirements. Similar to other credit unions, some Hispanic American-owned credit unions restrict membership to members based on geographic or other aspects. The following list contains Hispanic American-led and Hispanic American-owned banks and credit unions according to state. Not all of these credit unions are accessible via the internet; institutions that have websites are connected. Arizona California L.A. Mission Federal Credit Union Colorado Florida Illinois Missouri New Jersey Goya Foods Employees Federal Credit Union Passaic Police Federal Credit Union New Mexico New York North Carolina Oklahoma Texas Alpine Community Credit Union Frio County Federal Credit Union Friona Texas Federal Credit Union Reeves County Teachers Credit Union Are you interested in the existence of a black-owned financial institution within the U.S.? Other ways to find Hispanic American-owned credit unions More than 110 credit unions are part of to a nationwide program called (Together We Advance), which requires participating credit unions to offer an affordable and accessible banking service to Latinos. The practices vary by credit union, however these are the most common: Allowing customers to provide foreign identification for example, a foreign passport and a “matricula consular” ID card that are issued from Mexican and other governments for citizens who reside outside their home country. The credit union offers affordable banking services including cashing checks, money orders as well as credit-building loans, second-chance checking or other services. Accepting loan applicants with other credit histories, like proof of rent or utility payments, and allowing identification to be by way of individual taxpayer identification numbers, given to foreign nationals who are employed within the U.S. and don’t have Social Security numbers. It is essential to have English and Spanish documents as well as staff who are bilingual. The presence of Latinos on the bank’s Board of Directors and executive team. Financial education classes are offered through classes and financial coaching (for the building of credit, for saving money, purchasing an apartment and starting a business, among other issues). >> Minority-owned banks matter The authors are Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work he has done was highlighted in USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has been writing and editing articles on topics related to personal finance for over five years. In a similar vein… Choose the best savings account NerdWallet’s recommendations for the top high-yield online savings accounts. Explore Banking further Find more money-saving strategies delivered straight to your inbox. Sign-up and we’ll send you Nerdy posts about money-related topics which matter to you the most along with other ways to get more out of your money.
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