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Hispanic American-Owned Banks and Credit Unions owned by the State Advertiser disclosure: You’re our number one priority. Each and every day. We believe that every person should be able to make sound financial decisions with confidence. Although our site doesn’t include every business or financial product on the market We’re pleased of the advice we provide, the information we provide and the tools we develop are independent, objective easy to use 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 the website), but it in no way affects our advice or suggestions, which are grounded in thousands of hours of study. Our partners cannot promise us favorable ratings of their goods or services. . Hispanic American-Owned Banks and Credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has been writing about personal finance since 2013, with an emphasis on deposits and certificates as well as other banking-related topics. He has had his work covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located at Berkeley, California. And Ruth Sarreal Content Management Specialist Bank accounts, bank account bonuses Ruth Sarreal is a content manager who covers consumer banking topics at NerdWallet. She has over 10 years of experience writing and editing content for consumer websites. She has previously edited articles on personal finance issues at GOBankingRates. Her work has been highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022 Edited by Yuliya Goldshteyn Assistant Bank Yuliya Goldshteyn is a bank editor for NerdWallet. She was previously an editor, writer , and research analyst in industries ranging from healthcare and market research. She graduated with a bachelor’s degree in history from University of California, Berkeley. University of California, Berkeley and a master’s of social science from University of Chicago. She can be reached at
. The majority of products we feature are made by our partners who compensate us. This impacts the types of products we write about and the location and manner in which the product appears on the page. However, this does not influence our evaluations. Our opinions are our own. Here’s a list and . Latino-led banks and credit unions are aiming to assist people who have traditionally been underserved in banks in the U.S. banking system. That is the case for Hispanic or Latino households that, 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 on Jun 9th, 2022. . And according to a 2019 survey from the Federal Reserve, nearly 22 percent of Latino households are unbanked that is, they have bank accounts but also use alternative financial providers such as check cashers, payday lenders, or remittance transfers providers. Federal Reserve . . Accessed Jun 9th 2022. . However, having a bank account gives you access to an enclave for safekeeping cash and a way to pay for bills (regardless whether you are a citizen or not). Click here to go to the Bank on a brighter future Learn how to locate the best bank that has great customer service and an aim to make the world better for us all. Why 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 as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are minority-owned, minority-led , or have members of the minority community as a majority of their members or board members, and serve a population that’s predominantly minority individuals [0* Federal Deposit Insurance Corp . . Accessed Jun 9 2022. [0] National Credit Union Administration . . Accessed on Jun 9, 2022. . A few of these banks are community-based financial institutions or CDFIs, meaning that they focus on serving communities of low-income and people who were previously left out of the financial system. (Learn more .) Find out more about what it means that you are MDI. MDI The FDIC defines an MDI as one that is minority-owned (meaning individuals of a specific minority group have the minimum 51% of the bank’s voting shares) as well as minority-led (meaning that at least 51 percent of the bank’s board of directors recognizes itself as being part of a certain minority group and the bank mostly serves that group). Because credit unions are member-owned and not for profit The NCUA defines an MDI differently manner. According to NCUA the credit union has to self-report 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 financial institution? A is a non-profit financial institution where the majority of shareholders as well as board directors are Hispanic or Latino. The bank serves the majority of the 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 not-for-profit banking institution with a large proportion of its current members as well as its board of directors and the people that it serves are Hispanic American. Membership can be limited to a certain area or group of people, for example, members of the majority Hispanic American church or employees or students of a historically Hispanic American school district. Can allies join a Hispanic American-owned credit union or bank? Yes, joining a Hispanic American-owned bank is a worthwhile option to help its mission. If you’re looking to join an American-owned credit union check out the requirements for membership. Like other credit unions, some Hispanic American-owned credit institutions restrict membership based on location or other aspects. What is a Hispanic American-owned bank? A is a for-profit financial institution where the majority of stockholders or board members are Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, however, this doesn’t mean that non-Hispanics 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 bank that is not for profit with a large proportion of its current members as well as the board of directors, and the community they serve is Hispanic American. Membership can be limited to a certain 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. Can allies be a part of a Hispanic-owned bank or credit union? Yes, joining a Hispanic American-owned bank could be a beneficial option to help its mission. If you’re interested in a credit union owned by a Hispanic American check out its membership requirements. Similar to other credit unions Hispanic American-owned credit institutions restrict membership based on geography or other aspects. A list of Hispanic-American-led and Hispanic American-owned banks and credit unions by state Not all of these banks and credit unions are accessible via the internet; institutions that have 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 Are you interested in a Black-owned financial institution in the U.S.? Another way to locate Hispanic-owned credit unions over 110 credit institutions have joined to a broader program called (Together We Advance), which requires participants to provide low-cost and affordable banking services to Latinos. The procedures vary from credit union, however these are common: Allowing applicants to present a foreign identity for example, an international passport or «matricula consular» ID card issued through Mexican as well as other government agencies for those who are not citizens of their country of residence. The credit union offers affordable banking services such as money orders, check cashing and credit-building loans, second-chance checking or other services. Accepting loan applicants who have different credit histories, such as records of rent or utility payments and letting identification 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 documents as well as bilingual staff. There are Latinos on the director’s panel of directors and executive team. Offering financial education through classes and financial coaching (for the building of credit, for saving money, purchasing homes and starting a business, among other issues). The importance of minority-owned banks about the authors: Spencer Tierney is an expert on deposit certificates at NerdWallet. His work has been featured by USA Today and the Los Angeles Times. Ruth Sarreal is a content manager at NerdWallet. She has edited and written content on personal finance topics for over five years. Similar to… Discover a better savings account See NerdWallet’s top picks for high yield 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 articles about the money topics which matter to you the most along with other ways to help you make more value from your savings.
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