Hispanic American-owned Banks and Credit Unions owned by the State Advertiser disclosure We make you our top priority. Each and every time. We believe that everyone should be able to make financial decisions with confidence. Although our site doesn’t feature every company or financial product that is available on the market however, we’re confident that the guidance we offer, the information we provide and the tools we develop are objective, independent easy to use and cost-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 doesn’t affect our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. . Hispanic American-Owned Banks and Credit Unions by State By Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about personal finances since 2013, with a focus on deposits and certificates as well as other topics related to banking. He has had his work highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based at Berkeley, California. and Ruth Sarreal Content Management Specialist , bank account bonuses Ruth Sarreal is a content manager who covers consumer banking topics at NerdWallet. She has over 10 years of experience in writing and editing for consumer websites. She was previously editor of articles on personal finance topics 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 Editor Yuliya Goldshteyn works as a banking editor at NerdWallet. She was previously an editor, writer and research analyst in a variety of industries, ranging from health care as well as market research. She graduated with a bachelor’s degree in history from 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 at

. Many or all of the products featured here are from our partners, who pay us. This impacts the types of products we write about and where and how the product is displayed on the page. But, it doesn’t affect our opinions. Our opinions are our own. Here’s a list and . Credit unions and banks that are led by Latinos aim to help people who have traditionally been underserved in banks in the U.S. banking system. It comprises Hispanic as well as Latino households that are, at 12.2 percent, aren’t banked at a rate that is more than double the national rate, according to the Federal Deposit Insurance Corp.’s 2019 survey of households that are not banked [0] Federal Deposit Insurance Corp . . Accessed on Jun 9, 2022. . According to a survey from the Federal Reserve, nearly 22 percent of Latino households are underbanked, meaning they have bank accounts but additionally use other financial institutions such as check cashers, payday lenders, or remittance transfer providers [0] Federal Reserve . . Accessed on June 9th 2022. . But using a bank account is an enclave for safekeeping money and to pay bills (regardless of your citizenship or status). Click here to go to the Bank for a brighter future. Find an institution that provides excellent customer service and an aim to make the world better for us all. Why Hispanic American banks and credit unions stand out Hispanic American banks and credit unions on this list are dedicated to helping their communities. The list is made up of banks and credit unions categorized in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means that they’re minority-owned, minority-led , or have members of the minority community as a majority of its members or board members, and serve a population with a majority of minority members [0The FDIC is the Federal Deposit Insurance Corp . . Accessed Jun 9 2022. , (0) National Credit Union Administration . . Accessed Jun 9, 2022. . Certain of the banks are community-based financial institutions also known as CDFIs. This means that they focus on serving low-income communities and the people who were previously left out of finance. (Learn about .) Learn more about what means that you are MDI. MDI It is the FDIC define an MDI as either minority-owned (meaning individuals of a specific minority group have the minimum 51 percent of the bank’s voting stocks) or minority-led (meaning that at least 51% of the bank’s board of directors identifies as part of a specific minority group, and the bank mainly serves that segment). Since credit unions are owned by members and are not profit-driven The NCUA define the term MDI differently way. According to NCUA the credit union is required to self-report as an MDI and have more than 50 percent of its members as well as board members must be persons of color. Find out more about . Commonly asked questions What exactly is a Hispanic-American-owned bank? A financial institution that is for-profit institution that has the majority of stockholders and board members happen to be Hispanic or Latino. The bank serves the majority of the Hispanic community, but this doesn’t mean non-Hispanic people or businesses can’t get accounts. What is a Hispanic American-owned credit union? A credit union owned by a Hispanic American is a not-for-profit banking institution where the majority of its current members, their board of directors, and the people they serve comprise Hispanic American. Membership can be limited to a specific community or group of people, for example, members of the majority Hispanic American church or employees or students of a historically Hispanic American school district. Can allies join a Hispanic American-owned credit union or bank? Yes it is possible to join a Hispanic American-owned bank can be a meaningful way to support its mission. If you’re looking to join a Hispanic American-owned credit union take a look at the membership requirements. Like other credit unions, certain Hispanic American-owned credit unions limit membership based on geographical location or other criteria. What is a Hispanic-American-owned bank? A is a non-profit financial institution in which the majority of stockholders and board members are 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 exactly is a Hispanic-owned credit union? A credit union that is owned by Hispanic Americans is a bank that is not for profit in which a majority of its current members and the board of directors and the communities it serves are Hispanic American. It is possible to limit membership to a specific community 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 bank or credit union? Yes, joining a Hispanic American-owned bank is a worthwhile option to help its mission. If you’re interested in an American-owned credit union take a look at the membership requirements. Similar to other credit unions, certain Hispanic American-owned credit unions limit membership based on geography or other aspects. A list of Hispanic-American-led and Hispanic American-owned banks as well as 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 Are you looking for an institution owned by a Black person in the U.S.? Other options to locate Hispanic American-owned credit unions More than 110 credit unions are part of to a national program known as (Together We Advance), which requires participants to provide affordable and accessible banking products to Latinos. The practices vary by credit union, but these are common: Allowing applicants to present a foreign identity, such as an identity card from a foreign country and “matricula consular” ID card issued from Mexican as well as other government agencies to citizens who are not citizens of their home country. Providing affordable banking services, like money orders, check cashing, credit-building loans, second-chance checking or other services. Accepting loan applicants with other credit histories, like documents of utility or rent payments. Providing identification provided in form of Individual Taxpayer Identification Numbers, given to foreign nationals who work 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. Having Latinos on a bank’s Board of Directors as well as an the executive team. Financial education classes are offered through courses and financial guidance (for building credit, saving, purchasing a home and starting a business, among other topics). Minority-owned banks are important about the authors: Spencer Tierney is an expert on deposit certificates at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. Ruth Sarreal is a content manager at NerdWallet. She has been writing and editing material on personal finance topics for over five years. Similar to… Find an improved savings account. See NerdWallet’s recommendations for the top high-yielding saving accounts online. Dive even deeper in Banking Get more smart money moves – straight to your inbox. Sign up and we’ll email you Nerdy content about money-related topics that matter most to you and other strategies to help you make more out of your money.

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