Hispanic American-Owned Banks and Credit Unions by State Advertiser disclosure: You’re our number one priority. Each time. We believe that everyone should be able to make financial decisions with confidence. While our website doesn’t include every business or financial product available on the market We’re pleased that the advice we provide, the information we provide as well as the tools we design are independent, objective simple, and free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on our website) however it does not affect our recommendations or advice that are based on thousands of hours of study. Our partners are not able to promise us favorable review of their services or products. . Hispanic American-owned Banks and Credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finances since 2013, with a focus on deposits and certificates as well as other banking-related topics. The work he has written for him was featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located within Berkeley, California. and Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content manager who covers the topics of banking for consumers at NerdWallet. She has over a decade of experience writing and editing content for websites for consumers. She has previously edited articles on personal finance issues at GOBankingRates. She has had her work highlighted by Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022, 2022 Edited By Yuliya Goldshteyn Assistant Assigning editor Yuliya Goldshteyn is a bank editor with NerdWallet. She previously worked as an editor, writer and research analyst in a variety of industries, ranging from health care and market research. She earned a bachelor’s degree in history from the University of California, Berkeley and a master’s in sociology from the University of Chicago. She can be reached via
. The majority of products featured here are from our partners who compensate us. This influences which products we review and where and how the product is featured on the page. But, it doesn’t affect our assessments. Our opinions are our own. Here’s a list of and . Credit unions and banks with Latino representation aim to help people who have traditionally been underserved from the U.S. banking system. It comprises Hispanic as well as Latino households that are, at 12.2%, are unbanked at a rate that is more than double the national average 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 from the Federal Reserve, nearly 22% of Latino households are unbanked, meaning they have accounts with banks but also use alternative financial providers such as check cashers payday lenders, or remittance transfer providers. Federal Reserve . . Accessed on June 9th 2022. . A bank account means access to an enclave for safekeeping cash and a way to pay bills (regardless of your citizenship or status). You can skip to the Bank for a brighter future. Find a bank with great customer service and a mission to make the world better for us all. The reasons Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions on this list are dedicated to helping their communities. The list is made up of banks and credit unions categorized by their status as 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 they serve a community which is dominated by minorities.] Federal Deposit Insurance Corp . . Accessed on June 9 2022. The (0) National Credit Union Administration . . Accessed on June 9, 2022. . Certain of the organizations are also known as community development financial institutions, also known as CDFIs. This means that they focus on serving communities with low incomes and those who have been historically left out of finance. (Learn about .) Learn more about what it means being MDI. MDI The FDIC define an MDI as one that is minority-owned (meaning people belonging to a certain minority group hold a minimum of 51 percent of the bank’s vote stocks) as well as minority-led (meaning that at minimum 51 percent of the bank’s Board of directors identifies as part of a certain minority group, and the bank is primarily serving that particular group). Because credit unions are member-owned and are not profit-driven, the NCUA determines MDIs MDI differently manner. According to the NCUA the credit union must self-report as MDI and more than 50% of its members and the board members must be members of color. Read more about the . Most frequently asked questions What is a Hispanic American-owned financial institution? A financial institution that is for-profit institution where the majority of stockholders and board members happen to be Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, but that does not mean that non-Hispanic individuals or firms can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a not-for-profit banking institution in which a majority of its current members, their board of directors, and the community it serves 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 of a historically Hispanic American school district. Are allies able to be a part of a Hispanic-American-owned bank or credit union? Yes, joining a Hispanic American-owned bank can be a meaningful option to help its mission. If you’re interested in a credit union owned by a Hispanic American take a look at the requirements for membership. Like other credit unions, certain Hispanic American-owned credit unions limit membership based on geographical location or other criteria. What is a Hispanic American-owned bank? A is a non-profit financial institution that has the majority of stockholders or the board of directors are Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, but this doesn’t mean that non-Hispanics or businesses can’t get accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a non-profit bank where the majority of its members and their board of directors and the community it serves comprise Hispanic American. It is possible to limit membership to a particular community or group, such as 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-owned bank or credit union? Yes, joining a Hispanic American-owned bank can be a meaningful method to aid in its mission. If you’re considering joining a Hispanic American-owned credit union, look into its membership requirements. Similar to other credit unions Hispanic American-owned credit unions restrict membership to members based on geographic or other factors. List of Hispanic American-led and Hispanic American-owned banks as well as credit unions according to state. Not all of these banks and credit unions are via the internet; institutions that have 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 interested in an institution owned by a Black person within the U.S.? Other options to locate Hispanic American-owned credit institutions More over 110 credit institutions have joined to a national program known as (Together We Advance), which will require participants to provide low-cost and affordable banking services to Latinos. The procedures vary from credit union, but they are common: Allowing applicants to show proof of identity from abroad like an identity card from a foreign country and «matricula consular» ID card provided by Mexican as well as other government agencies for those who are not citizens of their home country. Offering affordable banking services, such as money orders, check cashing as well as credit-building loans as well as second-chance checking and other services. Accepting loan applicants with other credit history, such as proof of rent or utility payments. Providing identification by way 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. It is essential to have English and Spanish documents as well as staff who are bilingual. There are Latinos on a director’s panel of directors and executive team. The credit union offers financial education in the form of workshops and coaching for financial issues (for creating credit, savings, purchasing a home or starting a business, among other issues). >> Minority-owned banks matter about the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been featured in USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years. On a similar note… Choose the best savings account NerdWallet’s picks for the best high yield online savings accounts. Dive even deeper in Banking Make smarter money decisions right to your inbox. Sign up and we’ll email you Nerdy content about the money topics that matter most to you and other strategies to get more value from your savings.
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