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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 make financial decisions with confidence. While our website doesn’t include every business or financial product that is available in the marketplace We’re pleased of the advice we provide as well as the advice we offer and the tools we create are objective, independent, straightforward — and free. How do we earn money? Our partners compensate us. This can influence the products we write about (and the places they are featured on the site), but it in no way affects our suggestions or recommendations which are based on hundreds of hours of research. Our partners are not able to be paid to ensure positive review of their services or products. . Hispanic American-owned Banks and Credit Unions owned 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 covered personal finances since 2013, with an emphasis on certificates of deposit as well as other banking-related topics. His work has been highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based within Berkeley, California. as well as Ruth Sarreal Content Management Specialist and bank account bonuses Ruth Sarreal is a content management specialist covering the topics of banking for consumers at NerdWallet. She has over a decade of experience writing and editing for websites for consumers. She has previously edited content on personal finance topics for GOBankingRates. She has had her work featured in Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022, 2022 Edited By Yuliya Goldshteyn Assistant Assigning editor Yuliya Goldshteyn is a banking editor at NerdWallet. She has previously worked as editor, writer and research analyst in industries ranging from healthcare and market research. She earned a bachelor’s degree in history from the University of California, Berkeley as well as a master’s degree in social sciences from the University of Chicago. She can be reached via

. The majority of products we feature are made by our partners who compensate us. This impacts the types of products we feature and where and how the product is displayed on a page. But, it doesn’t affect our assessments. Our opinions are our own. Here’s a list of and . Credit unions and banks that are led by Latinos aim to help people who have traditionally been underserved from banks in the U.S. banking system. It includes Hispanic as well as Latino households, which, 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 without banks [0] Federal Deposit Insurance Corp . . Accessed June 9th 2022. . According to a survey by the Federal Reserve, nearly 22% of Latino households are underbanked that is, they have accounts with banks but are also using alternative financial services like check cashers, payday lenders, or remittance transfer providers. Federal Reserve . . Accessed on Jun 9 2022. . A bank account gives you access to an area of safety for keeping cash and a way to pay bills (regardless of your citizenship or status). >> Skip ahead to the Bank on a brighter future Find the best bank that has great customer service and a mission to make the world a better place for all of us. What makes Hispanic American banks and credit unions stand out Hispanic American banks and credit unions listed below are committed to helping their communities. The list consists of credit unions and banks categorized in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively, which means they are either minority-owned, minority-led , or have members of the minority community as a majority of its members or board members and serve a population which is dominated by minorities.* Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. The (0) National Credit Union Administration . . Accessed Jun 9, 2022. . Some of the organizations are also known as community development financial institutions, or CDFIs, which means they are geared towards serving communities with low incomes and those who have been historically left out of banking. (Learn more .) Find out more about what it means to be MDI. MDI An MDI is defined by the FDIC define an MDI as either minority-owned (meaning that members of a particular minority group must hold the minimum 51% of the bank’s voting stock) 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 segment). Since credit unions are owned by members and not for profit, the NCUA determines an MDI differently way. According to NCUA, the credit union must self-report as MDI and have more than 50 percent of its members as well as board members must be people of people 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 or board members are Hispanic or Latino. The bank serves an overwhelmingly 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 Hispanic American-owned credit union is a bank that is not for profit in which a majority of its current members, the board of directors, and the people it serves is 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 part of a Hispanic American-owned credit union or bank? Yes, joining 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 check out the requirements for membership. Like other credit unions, certain Hispanic American-owned credit unions restrict membership based on geography or other factors. What is a Hispanic American-owned bank? A is a non-profit financial institution in which the majority of shareholders or Board members happen to be Hispanic or Latino. The bank tends to serve the majority of the Hispanic community, however this doesn’t mean that non-Hispanics or firms can’t open accounts. What is a Hispanic American-owned credit union? A Hispanic American-owned credit union is a not-for-profit banking institution with a large proportion of its members as well as the board of directors and the communities that it serves comprise Hispanic American. It is possible to limit membership to a specific community or group of people, for example, members of an overwhelmingly Hispanic American church or employees or students of a historically Hispanic American school district. Can allies join a Hispanic American-owned bank or credit union? Yes, joining a Hispanic American-owned bank is a worthwhile way to support its mission. If you’re considering joining an American-owned credit union check out the requirements for membership. Like other credit unions, some Hispanic American-owned credit unions limit membership based on geography or other factors. The following list contains Hispanic American-led and owned banks and credit unions by state Not all of these banks and credit unions are accessible 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 >> Interested in an institution owned by a Black person located in the U.S.? Other options to locate Hispanic-owned credit unions more than 110 credit unions have joined to a broader program called (Together We Advance), which requires participants to provide affordable and accessible banking products to Latinos. The policies vary for each credit union, but they are the most common: Allowing customers to present a foreign identity like a foreign passport and a “matricula consular” — ID cards issued from Mexican or other authorities to citizens who are not citizens of their home country. The credit union offers affordable banking services including cashing out checks, money orders as well as credit-building loans as well as second-chance checking and other services. Accepting loan applicants based on alternative credit histories, such as proof of rent or utility payments and letting identification be in the form of Individual Taxpayer Identification Numbers that are issued to foreign nationals who are employed within the U.S. and don’t have Social Security numbers. It is essential to have English and Spanish materials as well as staff who are bilingual. There are Latinos on the bank’s Board of Directors and the executive team. The credit union offers financial education in the form of courses and financial guidance (for the building of credit, for saving money, buying an apartment and starting a business, among other subjects). Minority-owned banks are important The authors are 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 management specialist at NerdWallet. She has edited and written material on personal finance topics for more than five years. In a similar vein… Choose the best savings account NerdWallet’s top picks for high yield online savings accounts. Go deeper into Banking Get more smart money moves – straight to your inbox Sign up and we’ll email you Nerdy content about the money topics which matter to you the most and other strategies to help you get more out of your savings.

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