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Hispanic American-Owned Banks and Credit Unions owned by the State Advertiser disclosure We make you our top priority. Each time. We believe everyone should be able to make sound financial decisions with confidence. And while our site doesn’t include every business or financial product available on the market We’re pleased that the guidance we offer and the information we offer as well as the tools we design are impartial, independent easy to use and free. How do we earn money? Our partners compensate us. This may influence which products we write about (and where those products appear on our website) However, it in no way affects our recommendations or advice, which are grounded in thousands of hours of study. Our partners do not be paid to ensure positive reviews of their products 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 covered personal financial matters since 2013, with a a focus on certificates of deposit and other banking-related topics. His work has been covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He’s based within Berkeley, California. as well as Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has more than a decade of experience editing and writing for consumer websites. She has previously edited content on personal finance topics for GOBankingRates. The work she has done was featured on Nasdaq, MSN, TheStreet and Yahoo Finance. June 10, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as 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. You can reach her at

. Many or all of the products featured here are from our partners who compensate us. This affects the products we feature and the location and manner in which the product appears on the page. However, this does not 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 been traditionally neglected from their U.S. banking system. That comprises Hispanic as well as Latino households, which are, at 12.2%, are unbanked at a rate that is more than double the national rate according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [01 Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. . According to a survey conducted by the Federal Reserve, nearly 22% of Latino households are underbanked, meaning they have bank accounts but also use alternative financial providers like check cashers, payday lenders or remittance transfer providers [0] Federal Reserve . . Accessed Jun 9th, 2022. . A bank account means access to an enclave for safekeeping cash as well as a means to pay your bills (regardless the status of citizenship). You can skip to the Bank for a brighter future. Learn how to locate the best bank that has great customer service and with a goal to make the world a better place for us all. What makes Hispanic American banks and credit unions stand out Hispanic American banks and credit unions below are committed to serving their communities. The list consists of banks and credit unions categorized as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means that they are either minority-owned, minority-led , or have people of color as a majority of their board members or members, and serve a group that’s predominantly minority individuals [0] Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. The (0) National Credit Union Administration . . Accessed on Jun 9 2022. . Certain of the institutions are also community development financial institutions, also known as CDFIs. This means that they focus on serving communities of low-income and people who were previously left out of banking. (Learn more .) Learn more about what is being an MDI An MDI is defined by the FDIC define an MDI as being either minority-owned (meaning individuals of a specific minority group have the minimum 51% of the bank’s voting stocks) and minority-led (meaning that at minimum 51 percent of the bank’s board of directors identifies as part of a particular minority group and that the bank is primarily serving that particular segment). Since credit unions are owned by members and not for profit The NCUA define the term MDI in a different manner. According to the NCUA the credit union is required to self-report as MDI and at least 50 percent of its members and board members must be persons of color. Find out more about . Most frequently asked questions What is a Hispanic American-owned financial institution? A financial institution that is for-profit institution in which the majority of stockholders or board members are Hispanic or Latino. The bank tends to serve the majority of the Hispanic community, but this does not mean that non-Hispanics or firms can’t open 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 as well as its board of directors, and the community that it serves comprise Hispanic American. It is possible to limit membership to a certain city or group of people, for example, members of an overwhelmingly Hispanic American church or employees or students in a historically Hispanic American school district. Can allies be a part of a Hispanic-American-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, look into the membership requirements. As with other credit unions, some Hispanic American-owned credit unions restrict membership by geography or other factors. What is a Hispanic American-owned bank? A is a financial institution where the majority of stockholders or Board members happen to be Hispanic or Latino. The bank serves a mostly Hispanic community, however, this doesn’t mean non-Hispanic people or firms 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 and their board of directors, and the people that it serves comprise Hispanic American. Membership can be limited to a certain area or group, such as members of the majority Hispanic American church or employees or students of a historically Hispanic American school district. Are allies able to be a part of a Hispanic-owned bank or credit union? Yes it is possible to join a Hispanic American-owned bank can be a meaningful option to help its mission. If you’re considering joining a Hispanic American-owned credit union check out the membership requirements. Like other credit unions, certain Hispanic American-owned credit unions restrict membership by geography or other aspects. List of Hispanic American-led and Hispanic American-owned banks as well as credit unions by state Not all of these credit unions are accessible on the internet. 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 in the U.S.? Another way to locate Hispanic-owned credit unions than 110 credit unions are part of to a national program known as (Together We Advance), which will require participants to provide affordable and accessible banking products to Latinos. The policies vary for each credit union, but these are common: Allowing applicants to present a foreign identity like a foreign passport and a “matricula consular” ID card provided by Mexican or other authorities to citizens who reside outside their country of residence. Providing affordable banking services, such as cashing checks, money orders, credit-building loans and second-chance checks, among other products. Accepting loan applicants based on other credit histories, such as records of rent or utility payments, and allowing identification to be by way of Individual Taxpayer Identification Numbers, given to foreign nationals working inside the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish materials , as well as bilingual staff. The presence of Latinos on the credit union’s board of directors and the executive team. The credit union offers financial education in the form of classes and financial coaching (for building credit, saving, purchasing homes, starting a business or other topics). The importance of minority-owned banks: About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been highlighted on USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has written and edited articles on topics related to personal finance for more than five years. In a similar vein… Find the best savings account NerdWallet’s picks for the best high-yielding online savings accounts. Dive even deeper in Banking Make smarter money decisions delivered straight to your inbox. Sign-up and we’ll send you Nerdy posts about money-related topics that are important to you along with other ways to help you make more from your money.

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