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Hispanic American-owned Banks and Credit Unions by State Advertiser disclosure: You’re our number one priority. Each and every day. We believe everyone should be able to make sound financial decisions without hesitation. And while our site doesn’t include every business or financial product that is available on the market however, we’re confident of the advice we provide, the information we provide and the tools we create are independent, objective, straightforward — and free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our website) however it doesn’t affect our recommendations or advice, which are grounded in many hours of study. Our partners do not promise us favorable reviews of their products or services. . Hispanic American-owned banks and credit Unions run by State by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has been writing about personal financial matters since 2013, with a an emphasis on certificates of deposit and other banking-related topics. His work has been highlighted 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 and bank account bonuses Ruth Sarreal is a content manager who covers subjects related to banking and consumer finance at NerdWallet. She has more than a decade of experience writing and editing content for consumer websites. She previously edited content on personal finance issues at 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 bank editor with NerdWallet. She previously worked as an editor, writer , and research analyst in various industries that range from health care and market research. She graduated with a bachelor’s degree in the field of history from the University of California, Berkeley and a master’s degree in sociology from the University of Chicago. You can reach her by email at
. Many or all of the products we feature are made by our partners, who pay us. This affects the products we write about and the location and manner in which the product is displayed on the page. But this doesn’t affect our opinions. Our views are our own. Here’s a list and . Latino-led banks and credit unions aim to help people who are traditionally left out by the U.S. banking system. That comprises Hispanic or Latino households who are, at 12.2%, are unbanked more than twice the national rate according to the Federal Deposit Insurance Corp.’s 2019 survey of households without banks [0- 0 Federal Deposit Insurance Corp . . Accessed June 9th, 2022. . And according to a 2019 survey from the Federal Reserve, nearly 22 percent of Latino households are unbanked, meaning they have bank accounts , but are also using alternative financial services such as check cashers, payday lenders or remittance transfer providers. Federal Reserve . . Accessed Jun 9th, 2022. . But using a bank account gives you access to an area of safety for keeping cash and a way to pay for bills (regardless of your citizenship or status). >> Skip ahead to the Bank for a brighter future. Learn how to locate a bank with great service for you , and an aim to improve the world for us all. The reasons Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions listed below are committed to helping their communities. The list consists of banks and credit unions classified by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are either owned by minorities, have minority leadership or members of the minority community as a majority of its members or board members, and they serve a community with a majority of minority members [0* Federal Deposit Insurance Corp . . Accessed on June 9, 2022. , [0] National Credit Union Administration . . Accessed on Jun 9, 2022. . A few of these banks are community-based financial institutions, or CDFIs, meaning they are geared towards serving communities with low incomes and those who were previously excluded from finance. (Learn more .) Learn more about what it is that you are MDI. MDI It is the FDIC defines an MDI as one that is minority-owned (meaning people belonging to a certain minority group have a minimum of 51 percent of the bank’s voting stocks) as well as minority-led (meaning that at least 51% of the bank’s board of directors identifies as part of a specific minority group and that the bank mainly serves that segment). Since credit unions are owned by members and are not profit-driven, the NCUA defines the term MDI differently manner. According to NCUA the credit union must self-report as an MDI and at least 50% of its members and the board members must be members of ethnicity. Learn more about the . Commonly asked questions What exactly is a Hispanic American-owned financial institution? A is a for-profit financial institution that has the majority of stockholders and board members happen to be Hispanic or Latino. The bank serves a mostly Hispanic community, but that does not mean that non-Hispanic individuals or businesses can’t get 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 in which a majority of its current members, the board of directors, and the communities that it serves is Hispanic American. The membership can be restricted to a specific area or group, like members of an overwhelmingly Hispanic American church or employees or students of a historically Hispanic American school district. Are allies able to be a part of 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 looking to join a Hispanic American-owned credit union, look into the membership requirements. Similar to many other credit unions certain Hispanic American-owned credit institutions restrict membership by location or other aspects. What is a Hispanic-American-owned bank? A is a financial institution in which the majority of stockholders and board members are Hispanic or Latino. The bank serves a mostly Hispanic community, however this doesn’t mean that non-Hispanics or businesses can’t get accounts. What exactly is a Hispanic-owned credit union? A Hispanic American-owned credit union is a non-profit bank with a large proportion of its members, the board of directors and the community they serve are Hispanic American. Membership can be limited to a particular city or group, such as members of an overwhelmingly 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 it is possible to join a Hispanic American-owned bank can be a meaningful option to help its mission. If you’re looking to join an American-owned credit union check out the requirements for membership. Similar to other credit unions, some Hispanic American-owned credit unions limit membership based on geography or other aspects. List of Hispanic American-led and Hispanic American-owned banks as well as credit unions by state all of these 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 Are you looking for a Black-owned financial institution in the U.S.? Other ways to find Hispanic American-owned credit unions More over 110 credit institutions are part of to a nationwide program called (Together We Advance), which obliges the participating institutions to provide affordable and accessible banking products to Latinos. The policies vary for each credit union, but these are common: Allowing applicants to show proof of identity from abroad for example, an identity card from a foreign country and “matricula consular” ID card provided from Mexican as well as other government agencies for citizens who reside outside their home country. Offering affordable banking services, such as cashing checks, money orders, credit-building loans, second-chance checking or other products. Accepting loan applicants with other credit histories, such as documents of utility or rent payments, and allowing identification to be by way of individual taxpayer identification numbers that are issued to foreign nationals working within 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 credit union’s board of directors and executive team. The credit union offers financial education in the form of workshops and coaching for financial issues (for building credit, saving, purchasing a home, starting a business or other issues). The importance of minority-owned banks about the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. He has had his work highlighted on USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has edited and written content on personal finance topics for more than five years. On a similar note… Discover the best savings account NerdWallet’s top picks for high-yielding saving accounts online. Explore Banking further Get more smart money moves right to your inbox. Sign up and we’ll send you Nerdy articles on the topics in finance that matter most to you as well as other methods to get more value from your money.
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