Hispanic American-owned banks and Credit Unions by State Advertiser disclosure We make you our top priority. Every day. We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product that is available on the market, we’re proud that the advice we provide and the information we offer and the tools we develop are impartial, independent simple, and free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the places they are featured on the site) However, it does not affect our recommendations or advice which are based on many hours of study. Our partners cannot promise us favorable review of their services or products. . 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 at NerdWallet. He has been writing about personal financial matters since 2013, with a a focus on certificates of deposit and other topics related to banking. He has had his work covered by 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 Accounts with banks, 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 for consumer websites. She previously edited the content for personal finance issues at GOBankingRates. The work she has done was featured in Nasdaq, MSN, TheStreet and Yahoo Finance. June 10, 2022 Edited by Yuliya Goldshteyn Assistant Assigning editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She previously worked as an editor, writer , and research analyst in industries ranging from health care to market research. She graduated with a bachelor’s degree in history at the 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 we pay. This impacts the types of products we write about as well as the place and way the product is featured on the page. But this doesn’t affect our opinions. Our opinions are our own. Here’s a list of and . Latino-led banks and credit unions strive to aid those who have been traditionally neglected from their U.S. banking system. That includes Hispanic as well as Latino households, which, at 12.2%, are unbanked more than twice the national rate according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [0- 0 Federal Deposit Insurance Corp . . Accessed June 9th, 2022. . And according to a 2019 survey conducted by the Federal Reserve, nearly 22% of Latino households are unbanked, meaning they have bank accounts , but are also using alternative financial services like check cashers, payday lenders, or remittance transfers providers. Federal Reserve . . Accessed on June 9th 2022. . But using a bank account is an enclave for safekeeping money and to pay bills (regardless the status of citizenship). 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 us all. Why Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions on this list are dedicated to serving their communities. The list consists of banks and credit unions categorized by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are minority-owned, minority-led or have members of the minority community as a majority of its members or board members and serve a group that’s predominantly minority individuals [0* Federal Deposit Insurance Corp . . Accessed on Jun 9 2022.  National Credit Union Administration . . Accessed Jun 9, 2022. . A few of these organizations are also known as community development financial institutions or CDFIs, which means that they serve low-income communities and the people who have been historically exclusion from finance. (Learn more .) Learn more about what is to be MDI. MDI The FDIC determines an MDI as being either minority-owned (meaning individuals of a specific minority group must hold the minimum 51 percent of the bank’s voting shares) as well as minority-led (meaning that at minimum 51% of the bank’s board of directors identifies as part of a particular minority group and that the bank is primarily serving that particular segment). Since credit unions are owned by members and not for profit, the NCUA defines an MDI differently way. According to NCUA, the credit union is required to self-report as an MDI and at least 50% of its members and the board members must be members of color. Read more about the . Commonly asked questions What exactly is a Hispanic American-owned financial institution? A is a non-profit financial institution in which the majority of stockholders as well as board directors are Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, but this does not mean that non-Hispanics or companies can’t open accounts. What is a Hispanic American-owned credit union? A credit union owned by a Hispanic American is a non-profit bank with a large proportion of its current members, its board of directors, and the community they serve is Hispanic American. The membership can be restricted to a particular city or group, such as members of the majority Hispanic American church or employees or students of a historically Hispanic American school district. Are allies able to join a Hispanic American-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank can be a meaningful option to help its mission. If you’re interested in a Hispanic American-owned credit union check out the requirements for membership. Similar to many other credit unions some Hispanic American-owned credit institutions restrict membership by geography or other factors. What is a Hispanic-American-owned bank? A is a financial institution that has the majority of stockholders and the board of directors are Hispanic or Latino. The bank serves the majority of the Hispanic community, however, it doesn’t mean that non-Hispanic individuals or firms can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a bank that is not for profit where the majority of its members and its board of directors and the communities it serves is Hispanic American. It is possible to limit membership to a specific area 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 be a part of a Hispanic-owned bank or credit union? Yes it is possible to join a Hispanic American-owned bank could be a beneficial way to support its mission. If you’re interested in a credit union owned by a Hispanic American, look into the membership requirements. As with other credit unions Hispanic American-owned credit unions limit membership based on geography or other criteria. The following list contains Hispanic American-led and owned banks and credit unions by state all of these credit unions are accessible via the internet; institutions that have websites are linked. 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 the existence of a black-owned financial institution within the U.S.? Other ways to find Hispanic-owned credit unions than 110 credit unions have joined to a national program known as (Together We Advance), which obliges the participating institutions to provide an affordable and accessible banking service to Latinos. The procedures vary from credit union, but they are generally the norm: Allowing applicants to present a foreign identity like an international passport or “matricula consular” ID card issued by Mexican as well as other government agencies to citizens who are not citizens of their country of residence. The credit union offers affordable banking services like cashing out checks, money orders as well as credit-building loans as well as second-chance checking and other products. Accepting loan applicants based on other credit histories, like records of rent or utility payments. Providing identification by way of Individual Taxpayer Identification Numbers which are given to foreign citizens who work within the U.S. and don’t have Social Security numbers. Having English and Spanish documents as well as bilingual staff. The presence of Latinos on the bank’s Board of Directors as well as an executive team. Financial education classes are offered through classes and financial coaching (for the building of credit, for saving money, buying homes and starting a business, among other issues). >> Minority-owned banks matter about the authors: Spencer Tierney is an expert on deposit certificates at NerdWallet. His work has been highlighted on USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has written and edited articles on topics related to personal finance for over five years. On a similar note… Find a better savings account See NerdWallet’s top picks for high-yield account for savings online. Dive even deeper in Banking Make smarter money decisions delivered straight to your inbox. Sign-up and we’ll send you Nerdy posts on the topics in finance that matter most to you along with other ways to help you get more out of your money.
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