Hispanic American-owned Banks and Credit Unions by State Advertiser disclosure: You’re our number one priority. Each time. We believe that everyone should be able make financial decisions with confidence. While our website doesn’t include every business or financial product available in the marketplace We’re pleased that the advice we provide as well as the advice we offer and the tools we develop are independent, objective simple, and cost-free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the way they appear on our website) however it doesn’t affect our advice or suggestions that are based on many hours of study. Our partners cannot promise us favorable 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 banker at NerdWallet. He has been writing about personal finances since 2013, with particular attention paid to deposits and certificates as well as other banking-related subjects. He has had his work featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He’s based at Berkeley, California. as well as Ruth Sarreal Content Management Specialist Bank accounts and bank account bonuses 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 writing and editing content for consumer websites. She previously edited articles on personal finance issues at GOBankingRates. The work she has done was highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as editor, writer and research analyst in industries ranging from health care and 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 via
. Many or all of the products we feature are made by our partners who compensate us. This affects the products we review and the location and manner in which the product is featured on a page. But this doesn’t affect our opinions. Our views are our own. Here’s a list and . Credit unions and banks that are led by Latinos strive to aid those who have been traditionally neglected from the U.S. banking system. This is the case for Hispanic or Latino households who, at 12.2 percent, are not banked at more than double the national average according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households  Federal Deposit Insurance Corp . . Accessed Jun 9th, 2022. . And according to a 2019 survey by the Federal Reserve, nearly 22% of Latino households are unbanked which means they have bank accounts but also use alternative financial providers such as check cashers payday lenders, or remittance transfers providers. Federal Reserve . . Accessed Jun 9, 2022. . However, having a bank account gives you access to an area of safety for keeping cash and a way to pay your bills (regardless of your citizenship or status). Click here to go to the Bank to a brighter tomorrow See how to find the best bank that has great customer service and with a goal to improve the world for all of us. Why Hispanic American banks and credit unions stand out Hispanic American banks and credit unions on this list are dedicated to serving their communities. The list consists of banks and credit unions classified in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they’re minority-owned, minority-led , or have persons of color as the majority of its board members or members, and serve a group with a majority of minority members [0The FDIC is the Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. ,  National Credit Union Administration . . Accessed on Jun 9, 2022. . Certain of the institutions are also community development financial institutions, or CDFIs, which means they are geared towards serving low-income communities and the people who were previously excluded from the financial system. (Learn about .) Learn more about what means that you are MDI. MDI An MDI is defined by the FDIC defines an MDI as either minority-owned (meaning that members of a particular minority group have a minimum of 51% of the bank’s voting stocks) as well as minority-led (meaning that at minimum 51 percent of the bank’s Board of directors recognizes itself as being part of a particular minority group and the bank mostly serves that group). As credit unions are member-owned and not for profit, the NCUA determines the term MDI differently manner. According to the NCUA the credit union is required to self-report as an MDI and more than 50% of its members and board members must be persons of people of color. Learn more about the . Commonly asked questions What exactly is a Hispanic American-owned bank? A financial institution that is for-profit institution that has the majority of shareholders or board members are Hispanic or Latino. The bank tends to serve a mostly Hispanic community, but that does not mean that non-Hispanic individuals 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 members and their board of directors, and the community it serves are Hispanic American. Membership can be limited to a specific area or group, like 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 could be a beneficial method to aid in its mission. If you’re looking to join a Hispanic American-owned credit union take a look at its membership requirements. Like other credit unions, some Hispanic American-owned credit institutions restrict membership by location or other aspects. What is a Hispanic American-owned bank? A is a for-profit financial institution where the majority of stockholders or board members are Hispanic or Latino. The bank tends to serve an overwhelmingly Hispanic community, however it doesn’t mean that non-Hispanic individuals or companies can’t open accounts. What is a Hispanic American-owned credit union? A Hispanic American-owned credit union is a bank that is not for profit in which a majority of its members, its board of directors and the community that it serves comprise Hispanic American. It is possible to limit membership to a specific city or group of people, for example, members of a predominantly Hispanic American church or employees or students of a Hispanic American school district. Are allies able to be a part of a Hispanic-owned credit union or bank? Yes, joining a Hispanic American-owned bank could be a beneficial method to aid in its mission. If you’re interested in a Hispanic American-owned credit union, look into its membership requirements. Like other credit unions, certain Hispanic American-owned credit unions restrict membership based on geography or other aspects. List of Hispanic American-led and Hispanic American-owned banks and credit unions by state Not all of these banks and credit unions are online; financial institutions with 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 >> Interested in an institution owned by a Black person located in the U.S.? Other ways to find Hispanic-owned credit unions over 110 credit institutions belong to a broader program called (Together We Advance), which will require the participating institutions to offer an affordable and accessible banking service to Latinos. The procedures vary from credit union, but they are common: Allowing applicants to provide foreign identification for example, an identity card from a foreign country and “matricula consular” ID card that are issued by Mexican and other governments to citizens who are not citizens of their home countries. Offering affordable banking services, like cashing checks, money orders, credit-building loans as well as second-chance checking and other products. Accepting loan applicants who have different credit histories, like proof of rent or utility payments. Providing identification provided in form of individual taxpayer identification numbers, given to foreign nationals who are employed inside the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish documents as well as staff who are bilingual. The presence of Latinos on the bank’s Board of Directors and the executive team. Financial education classes are offered through classes and financial coaching (for the building of credit, for saving money, purchasing homes or starting a business, among other subjects). The importance of minority-owned banks The authors are Spencer Tierney is an expert on deposits and certificates at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years. Similar to… Discover a better savings account See NerdWallet’s top picks for 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 articles on the topics in finance that matter most to you along with other ways to help you get more value from your money.
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