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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 everyone should be able to make financial decisions without hesitation. And while our site doesn’t include every business or financial product that is available in the marketplace We’re pleased that the advice we provide as well as the advice we offer and the tools we create are independent, objective simple, and free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and where those products appear on our website) However, it does not affect our recommendations or advice, which are grounded in many hours of study. Our partners do not pay us to guarantee favorable ratings of their goods or services. . Hispanic American-owned Banks and Credit Unions by State By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal financial matters since 2013, with a a focus on certificates of deposit and other banking-related topics. He has had his work highlighted by 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 bonus bank accounts Ruth Sarreal is a content management specialist covering subjects related to banking and consumer finance at NerdWallet. She has over 10 years of experience writing and editing for websites for consumers. She was previously editor of articles on personal finance issues at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10 2022 Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn is a bank editor with NerdWallet. She was previously an editor, writer , and research analyst in industries ranging from healthcare and market research. She earned a bachelor’s degree in history at Berkeley at the University of California, Berkeley and a master’s degree in sociology from the University of Chicago. She can be reached by email at
. A majority or all of the products we feature are made by our partners, who we pay. This impacts the types of products we review and the location and manner in which the product is displayed on the page. But, it doesn’t affect our assessments. Our views are our own. Here is a list of and . Latino-led banks and credit unions are aiming to assist people who have been traditionally neglected by their U.S. banking system. It includes Hispanic or Latino households, which have a rate of 12.2%, are unbanked at a rate that is more than double the national average as per the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [01 Federal Deposit Insurance Corp . . Accessed on Jun 9th 2022. . And according to a 2019 survey conducted by the Federal Reserve, nearly 22 percent of Latino households are not banked which means they have bank accounts but are also using alternative financial services such as check cashers payday lenders, or remittance transfers providers. Federal Reserve . . Accessed on June 9th 2022. . However, having a bank account is an area of safety for keeping cash and a way to pay your bills (regardless whether you are a citizen or not). You can skip to the Bank for a brighter future. Learn how to locate a bank with great service for you and a mission to make the world better for us all. What makes Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions below are committed to helping their communities. The list consists of banks and credit unions categorized by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are minority-owned, minority-led , or have people of color as a majority of their board members or members, and they serve a community that’s predominantly minority individuals [0* Federal Deposit Insurance Corp . . Accessed on June 9, 2022. (0) National Credit Union Administration . . Accessed on Jun 9 2022. . Some of the banks are community-based financial institutions, also known as CDFIs. This means that they focus on serving communities of low-income and people who were previously excluded from banking. (Learn more .) Learn more about what is to be an MDI It is the FDIC define an MDI as being either minority-owned (meaning individuals of a specific minority group must hold a minimum of 51 percent of the bank’s vote stock) as well as minority-led (meaning that at minimum 51% of the bank’s board of directors recognizes itself as being part of a certain minority group, and the bank mainly serves that group). Because credit unions are member-owned and not for profit and not for profit, the NCUA define MDIs MDI in a different manner. According to the NCUA the credit union must self-report as an MDI and at least 50% of its members and board members must be persons of color. Read more about the . Frequently asked questions What is a Hispanic American-owned bank? A is a for-profit financial institution in which the majority of shareholders and board members happen to be Hispanic or Latino. The bank tends to serve the majority of the Hispanic community, however 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 non-profit bank with a large proportion of its current members, the board of directors and the community it serves is Hispanic American. Membership can be limited to a particular area or group, like members of the majority Hispanic American church or employees or students in a historically Hispanic American school district. Can allies be a part of a Hispanic-American-owned bank or credit union? 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 membership requirements. Like many other credit unions some Hispanic American-owned credit unions limit membership based on geographical location or other criteria. What is a Hispanic-American-owned bank? A is a financial institution where the majority of shareholders or the board of directors are Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, however, this doesn’t 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 members, its board of directors and the communities it serves is Hispanic American. Membership can be limited to a particular area or group of people, for example, members of a predominantly Hispanic American church or employees or students in a historically Hispanic American school district. Are allies able to 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 a credit union owned by a Hispanic American check out the requirements for membership. Like other credit unions Hispanic American-owned credit unions limit membership based on geography or other factors. List of Hispanic American-led and Hispanic American-owned banks as well as credit unions by state Not all of these banks and credit unions are on the internet. 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 located in the U.S.? Another way to locate Hispanic American-owned credit unions More than 110 credit unions have joined to a broader program called (Together We Advance), which requires participating credit unions to offer an affordable and accessible banking service to Latinos. The practices vary by credit union, but they are generally the norm: Allowing applicants to provide foreign identification like an identity card from a foreign country and «matricula consular» — ID cards provided through Mexican and other governments for those who live outside their home countries. The credit union offers affordable banking services such as cashing checks, money orders, credit-building loans as well as second-chance checking and other products. Accepting loan applicants who have other credit histories, such as records of rent or utility payments, and allowing identification to be by way of individual taxpayer identification numbers that are issued to foreign nationals who work within 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 as well as an executive team. Financial education classes are offered through classes and financial coaching (for creating credit, savings, buying homes and starting a business, among other subjects). >> Minority-owned banks matter: About the authors: Spencer Tierney is an expert on deposit certificates 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… Discover a better savings account See NerdWallet’s top picks for high-yielding account for savings online. Dive even deeper in Banking Make smarter money decisions delivered straight to your inbox. Sign up and we’ll send you Nerdy posts on the topics in finance which matter to you the most as well as other methods to get more value from your savings.
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