Hispanic American-owned banks and Credit Unions owned by the State Advertiser disclosure: You’re our number one priority. Each day. We believe everyone should be able to make financial decisions without hesitation. Although our site does not include every company or financial product in the marketplace, we’re proud of the advice we provide and the information we offer and the tools we develop are impartial, independent, straightforward — and completely free. How do we earn money? Our partners pay us. This may influence which products we review and write about (and the places they are featured on the site) However, it does not affect our advice or suggestions that are based on hundreds of hours of study. Our partners do not pay us to guarantee favorable ratings of their goods or services. . Hispanic American-owned Banks and Credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about personal finances since 2013, with an emphasis on certificates of deposit as well as other banking-related subjects. He has had his work featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He’s based at Berkeley, California. and Ruth Sarreal Content Management Specialist Accounts with banks and bank account bonuses Ruth Sarreal is a content specialist in management covering consumer banking topics at NerdWallet. She has over 10 years of experience writing and editing content for websites for consumers. She previously edited articles on personal finance topics for GOBankingRates. She has had her work highlighted in Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a banking editor with NerdWallet. She previously worked as editor, writer and research analyst in various industries that range from health care as well as market research. She received a bachelor’s level degree in history at University of California, Berkeley. University of California, Berkeley as well as a master’s degree of social science from University of Chicago. She can be reached by email at
. The majority of products featured here are from our partners who compensate us. This affects the products we write about and where and how the product is displayed on the page. But, it doesn’t affect our opinions. Our views are our own. Here’s a list and . Credit unions and banks with Latino representation are aiming to assist people who are traditionally left out by their U.S. banking system. It is the case for Hispanic and Latino households, which are, at 12.2 percent, are not banked 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 9 2022. . According to a survey by the Federal Reserve, nearly 22% of Latino households are unbanked, meaning 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. . But using a bank account means access to an enclave for safekeeping cash as well as a means to pay for bills (regardless the status of citizenship). You can skip to the Bank to a brighter tomorrow Learn how to locate an institution that provides excellent service for you and a mission to improve the world for us all. Why Hispanic American banks and credit unions stand out Hispanic American banks and credit unions listed below are committed 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 people of color as a majority of its board members or members, and serve a population that’s predominantly minority individuals [0The FDIC is the Federal Deposit Insurance Corp . . Accessed Jun 9 2022. The (0) National Credit Union Administration . . Accessed on Jun 9 2022. . Some of the banks are community-based financial institutions, or CDFIs, which means that they focus on serving low-income communities and the people who have been historically exclusion from finance. (Learn more .) Learn more about what means being an MDI It is the FDIC define an MDI as being either minority-owned (meaning people belonging to a certain minority group have a minimum of 51 percent of the bank’s voting shares) or minority-led (meaning that at least 51 percent of the bank’s board of directors identifies as part of a particular minority group, and the bank is primarily serving that particular group). Because credit unions are member-owned and are not profit-driven The NCUA defines MDIs MDI in a different way. According to the NCUA the credit union must self-report its status as an MDI and at least 50 percent of its members and board members must be persons of color. Find out more about . Frequently asked questions What is a Hispanic-American-owned bank? A is a non-profit financial institution where the majority of shareholders or board members are Hispanic or Latino. The bank tends to serve an overwhelmingly Hispanic community, however this does not mean that non-Hispanic individuals or companies can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a non-profit bank in which a majority of its members and the board of directors, and the people it serves comprise Hispanic American. The membership can be restricted to a particular area or group, like members of an overwhelmingly Hispanic American church or employees or students in a historically Hispanic American school district. Are allies able to be a part of a Hispanic-American-owned bank or credit union? Yes the joining of a Hispanic-American-owned bank could be a beneficial option to help its mission. If you’re considering joining a Hispanic American-owned credit union, look into its membership requirements. Like many other credit unions certain Hispanic American-owned credit institutions restrict membership due to geography or other factors. What is a Hispanic American-owned bank? A is a for-profit financial institution in which the majority of stockholders and 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 where the majority of its members, their board of directors, and the communities it serves are Hispanic American. Membership can be limited to a certain community or group, such as members of an overwhelmingly Hispanic American church or employees or students of a 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 is a worthwhile option to help its mission. If you’re considering joining a credit union owned by a Hispanic American check out the requirements for membership. As with other credit unions, certain Hispanic American-owned credit unions restrict membership by geography 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 online; financial institutions with 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 a Black-owned financial institution within the U.S.? Other options to locate Hispanic American-owned credit unions More more than 110 credit unions belong to a broader program called (Together We Advance), which requires participants to provide low-cost and affordable banking services to Latinos. The practices vary by credit union, however these are the most common: Allowing customers to provide foreign identification, such as an international passport or “matricula consular” — ID cards issued by Mexican and other governments for citizens who are not citizens of their home country. The credit union offers affordable banking services like cashing checks, money orders, credit-building loans, second-chance checking or other products. Accepting loan applicants who have alternative credit history, such as proof of rent or utility payments. Providing identification provided in form of individual taxpayer identification numbers which are given to foreign citizens working inside the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish documents as well as bilingual staff. The presence of Latinos on a credit union’s board of directors as well as an the executive team. Financial education classes are offered through workshops and coaching for financial issues (for building credit, saving, buying an apartment or starting a business, among other issues). >> Minority-owned banks matter The authors are Spencer Tierney is an expert on deposit certificates at NerdWallet. His work has been featured by USA Today and the Los Angeles Times. Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written content on personal finance topics for more than five years. In a similar vein… Find the best savings account NerdWallet’s picks for the best high-yield saving accounts online. Explore Banking further Get more smart money moves right to your inbox. 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