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Hispanic American-owned Banks and Credit Unions owned by the State Advertiser disclosure: You’re our number one priority. Every time. We believe that everyone should be able to make financial decisions without hesitation. Although our site doesn’t feature every company or financial product in the marketplace however, we’re confident of the advice we provide, the information we provide and the tools we create are objective, independent simple, 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 places they are featured on the website) However, it doesn’t affect our suggestions or recommendations, which are grounded in many hours of study. Our partners are not able to be paid to ensure positive 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 deposits Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013, with particular attention paid to certificates of deposit as well as other banking-related subjects. His work has been covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located at Berkeley, California. and Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content management specialist covering subjects related to banking and consumer finance at NerdWallet. She has more than 10 years of experience editing and writing for websites for consumers. She has previously edited content on personal finance topics at GOBankingRates. She has had her work featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn is a bank editor at NerdWallet. She was previously an 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 Berkeley at the University of California, Berkeley as well as a master’s degree of social science from University of Chicago. You can reach her by email at

. The majority of items featured here come from our partners who compensate us. This impacts the types of products we write about as well as the place and way the product is featured on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here is a list of and . Latino-led banks and credit unions are aiming to assist people who are traditionally left out in their U.S. banking system. This comprises Hispanic and Latino households that, 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 unbanked households [0] Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. . According to a survey conducted by the Federal Reserve, nearly 22 percent of Latino households are not banked, meaning they have accounts with banks but are also using alternative financial services such as check cashers payday lenders or remittance transfer providers. Federal Reserve . . Accessed Jun 9, 2022. . But using a bank account is an enclave for safekeeping money and to pay your bills (regardless of your citizenship or status). >> Skip ahead to the Bank on a brighter future Learn how to locate the best bank that has 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 below are committed to helping their communities. The list is comprised of credit unions and banks classified in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means that they are either owned by minorities, have minority leadership or people of color as a majority of its members or board members, and serve a group that’s predominantly minority individuals [0The FDIC is the Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. The [0] National Credit Union Administration . . Accessed Jun 9 2022. . Certain of the banks are community-based financial institutions, or CDFIs, meaning they are geared towards serving communities with low incomes and those who have historically been left out of finance. (Learn about .) Find out more about what it means 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 the minimum 51 percent of the bank’s vote stock) or minority-led (meaning that at least 51 percent of the bank’s board of directors recognizes itself as being part of a particular minority group and the bank is primarily serving that particular segment). As credit unions are member-owned and not for profit The NCUA defines MDIs MDI with a distinct manner. According to the NCUA the credit union has to self-report as MDI and at least 50% of its members and board members must be people of people of color. Learn more about the . Commonly asked questions What exactly is a Hispanic American-owned financial institution? A is a non-profit financial institution that has the majority of shareholders as well as board directors are Hispanic or Latino. The bank serves a mostly Hispanic community, but that doesn’t mean non-Hispanic people or firms can’t open 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 members, the board of directors, and the communities they serve comprise Hispanic American. It is possible to limit membership to a specific area or group, such as members of an overwhelmingly Hispanic American church or employees or students of a historically Hispanic American school district. Can allies be part of a Hispanic American-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank is a worthwhile method to aid in its mission. If you’re interested in a Hispanic American-owned credit union take a look at the requirements for membership. As with other credit unions, some Hispanic American-owned credit institutions restrict membership based on geography or other factors. What is a Hispanic-American-owned bank? A is a non-profit financial institution where the majority of stockholders or Board members happen to be Hispanic or Latino. The bank tends to serve an overwhelmingly Hispanic community, however this doesn’t mean that non-Hispanics or companies can’t open accounts. What is a Hispanic American-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 people it serves is Hispanic American. It is possible to limit membership to a specific city or group of people, for example, 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 is a worthwhile option to help its mission. If you’re considering joining a Hispanic American-owned credit union take a look at the requirements for membership. Like other credit unions, some Hispanic American-owned credit unions restrict membership to members based on geographic or other criteria. List of Hispanic American-led and Hispanic American-owned banks as well as credit unions according to state. Not all of these credit unions can be accessed 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.? Another way to locate Hispanic American-owned credit unions More than 110 credit unions belong to a nationwide program called (Together We Advance), which obliges the participating institutions to offer an affordable and accessible banking service to Latinos. The policies vary for each credit union, however these are generally the norm: Allowing applicants to show proof of identity from abroad for example, a foreign passport and a “matricula consular” ID card issued from Mexican and other governments for those who are not citizens of their home country. Providing affordable banking services, like cashing checks, money orders as well as credit-building loans and second-chance checks, among other products. Accepting loan applicants based on other credit history, such as documents of utility or rent payments and letting identification be in the form of individual taxpayer identification numbers that are issued to foreign nationals working within the U.S. and don’t have Social Security numbers. Having English and Spanish materials as and bilingual staff. There are Latinos on the credit union’s board of directors as well as an the executive team. Financial education classes are offered through classes and financial coaching (for creating credit, savings, purchasing homes and starting a business, among other topics). The importance of minority-owned banks about the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work he has done was highlighted in USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has written and edited material on personal finance topics for over five years. In a similar vein… Discover a better savings account See NerdWallet’s recommendations for the top high-yield saving accounts online. Explore Banking further Find more money-saving strategies – straight to your inbox. Sign-up and we’ll send you Nerdy articles about money-related topics that are important to you and other strategies to help you get more from your money.

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