Hispanic American-owned Banks and Credit Unions by State Advertiser disclosure We make you our top priority. Every day. We believe that everyone should be able to make financial decisions without hesitation. Although our site doesn’t feature every company or financial product available in the marketplace however, we’re confident of the advice we provide as well as the advice we offer and the tools we develop are objective, independent, straightforward — and free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on the site), but it doesn’t affect our advice or suggestions that are based on many hours of research. Our partners do not promise us favorable review of their services or products. . Hispanic American-owned banks and credit Unions run by State by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with particular attention paid to certificates of deposit and other banking-related topics. He has had his work covered in 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 bonus bank accounts Ruth Sarreal is a content specialist in management covering the topics of banking for consumers at NerdWallet. She has more than 10 years of experience writing and editing for consumer websites. She previously edited the content for personal finance topics for GOBankingRates. She has had her work featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10 2022, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor with NerdWallet. She was previously editor, writer and research analyst in industries ranging from health care to market research. She graduated with a bachelor’s degree in history at the University of California, Berkeley and a master’s degree in social sciences from the University of Chicago. You can reach her at
. Many or all of the products featured here are from our partners, who we pay. This affects the products we write about as well as the place and way the product appears on a page. However, this does not affect our opinions. 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 are traditionally left out by banks in the U.S. banking system. It is the case for Hispanic and Latino households, which are, at 12.2 percent, aren’t banked more than twice the national average, according to the Federal Deposit Insurance Corp.’s 2019 survey of households that are not banked [0- 0 Federal Deposit Insurance Corp . . Accessed Jun 9th 2022. . According to a survey by the Federal Reserve, nearly 22% of Latino households are underbanked which means they have bank accounts , but also use alternative financial providers such as check cashers payday lenders, or remittance transfer providers. Federal Reserve . . Accessed on June 9th, 2022. . However, having a bank account means access to an enclave for safekeeping cash as well as a means to pay your bills (regardless of your citizenship or status). >> Skip ahead to the Bank to a brighter tomorrow Find the best bank that has great customer service and a mission to improve the world for all of us. The reasons Hispanic American banks and credit unions stand out Hispanic American banks and credit unions below are committed to serving their communities. The list is comprised of banks and credit unions classified by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively, which means they are minority-owned, minority-led , or have people of color as a majority of its board members or members, and serve a population with a majority of minority members [0* Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. [0] National Credit Union Administration . . Accessed on Jun 9 2022. . Some of the institutions are also community development financial institutions, or CDFIs, meaning they are geared towards serving communities of low-income and people who have historically been left out of the financial system. (Learn more .) Find out more about what it is being MDI. MDI It is the FDIC define an MDI as being either minority-owned (meaning individuals of a specific minority group must hold the minimum 51 percent of the bank’s voting stock) as well as minority-led (meaning that at least 51 percent of the bank’s Board of directors is a member of a particular minority group and the bank is primarily serving that particular segment). Because credit unions are member-owned and are not profit-driven, the NCUA define MDIs MDI with a distinct manner. According to the NCUA, the credit union must self-report its status as an MDI and more than 50 percent of its members as well as board members must be people of ethnicity. Find out more about . Commonly asked questions What exactly is a Hispanic American-owned bank? A is a non-profit financial institution that has the majority of stockholders or board members are Hispanic or Latino. The bank serves the majority of the Hispanic community, but this does not mean that non-Hispanic individuals or companies can’t open 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 where the majority of its members, the board of directors and the communities they serve comprise Hispanic American. The membership can be restricted to a particular community 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-American-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 considering joining a credit union owned by a Hispanic American check out its membership requirements. Like the other financial institutions, certain 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 in which the majority of shareholders or Board members happen to be Hispanic or Latino. The bank is geared towards serving 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 credit union owned by a Hispanic American is a not-for-profit banking institution with a large proportion of its current members and the board of directors, and the communities they serve are Hispanic American. It is possible to limit membership to a specific city or group, such as members of the majority Hispanic American church or employees or students in a historically Hispanic American school district. Are allies able to be a part of a Hispanic-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank could be a beneficial option to help its mission. If you’re looking to join an American-owned credit union take a look at the membership requirements. Similar to 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 by state Not 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 an institution owned by a Black person in the U.S.? Other options to locate Hispanic-owned credit unions over 110 credit institutions have joined to a broader program called (Together We Advance), which requires participating credit unions to offer affordable and accessible banking products to Latinos. The policies vary for each credit union, however these are generally the norm: Allowing applicants to provide foreign identification like an international passport or «matricula consular» ID card that are issued by Mexican as well as other government agencies for those who live outside their home country. Providing affordable banking services, including cashing checks, money orders as well as credit-building loans and second-chance checks, among other products. Accepting loan applicants who have different credit histories, like proof of rent or utility payments, and allowing identification to be in the form of individual taxpayer identification numbers which are given to foreign citizens who are employed in the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish materials as well as bilingual staff. There are Latinos on a credit union’s board of directors and the executive team. Offering financial education through workshops and coaching for financial issues (for the building of credit, for saving money, 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. The work he has done was featured on 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 more than five years. In a similar vein… Find an improved savings account. See NerdWallet’s picks for the best high-yielding saving accounts online. Go deeper into Banking Make smarter money decisions right to your inbox Sign up and we’ll send you Nerdy posts about the money topics which matter to you the most along with other ways to help you get more value from your money.
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