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Hispanic American-owned Banks and Credit Unions by State Advertiser disclosure: You’re our number one priority. Every time. We believe that everyone should be able to make financial decisions with confidence. Although our site doesn’t feature every company or financial product that is available in the marketplace however, we’re confident that the guidance we offer, the information we provide and the tools we develop are independent, objective easy to use and free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on the website), but it doesn’t affect our suggestions or recommendations which are based on thousands of 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 owned by State By Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has covered personal finances since 2013, with a focus on certificates of deposit as well as other topics related to banking. He has had his work highlighted 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 bonus bank accounts Ruth Sarreal is a content specialist in management covering consumer banking topics at NerdWallet. She has over 10 years of experience in writing and editing for consumer websites. She has previously edited the content for personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance. June 10, 2022 Edited by Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor with NerdWallet. She was previously an editor, writer , and research analyst in various industries that range from healthcare as well as market research. She earned a bachelor’s degree in the field of 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 via
. 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. But this doesn’t affect our opinions. Our opinions are entirely our own. Here’s a list and . Credit unions and banks that are led by Latinos are aiming to assist people who are traditionally left out from banks in the U.S. banking system. That comprises Hispanic as well as Latino households who are, at 12.2 percent, aren’t banked at more than double the national average as per the Federal Deposit Insurance Corp.’s 2019 survey of households without banks [0- 0 Federal Deposit Insurance Corp . . Accessed Jun 9 2022. . According to a survey by the Federal Reserve, nearly 22 percent of Latino households are not banked, meaning they have accounts with banks but additionally use other financial institutions such as check cashers payday lenders, or remittance transfers providers. Federal Reserve . . Accessed on June 9th 2022. . A bank account gives you access to an area of safety for keeping money and to pay for bills (regardless whether you are a citizen or not). >> Skip ahead to the Bank on a brighter future Learn how to locate an institution that provides excellent customer service and with a goal to make the world better for all of us. What makes Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions on this list are dedicated to serving their communities. The list consists 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’re minority-owned, minority-led or have members of the minority community as a majority of their board members or members, and serve a population with a majority of minority members [0] Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. The (0) National Credit Union Administration . . Accessed on Jun 9 2022. . Some of the institutions are also community development financial institutions also known as CDFIs. This means that they focus on serving low-income communities and the people who were previously left out of the financial system. (Learn about .) Find out more about what it means to be MDI. MDI It is the FDIC determines an MDI as either minority-owned (meaning people belonging to a certain minority group must hold at least 51 percent of the bank’s vote stocks) or minority-led (meaning that at minimum 51 percent of the bank’s Board of directors recognizes itself as being part of a particular minority group and that the bank mostly serves that group). As credit unions are member-owned and are not profit-driven, the NCUA define the term MDI in a different way. According to NCUA the credit union is required to self-report its status as an MDI and at least 50 percent of its members as well as board members must be people of people of color. Read more about the . Frequently asked questions What is a Hispanic-American-owned bank? A is a non-profit financial institution where the majority of shareholders or board members are Hispanic or Latino. The bank tends to serve the majority of the Hispanic community, but that does not mean that non-Hispanics or companies can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a bank that is not for profit where the majority of its current members as well as their board of directors, and the communities it serves comprise Hispanic American. Membership can be limited to a specific community or group, such as 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 credit union or bank? Yes the joining of 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 take a look at its membership requirements. As with many other credit unions certain Hispanic American-owned credit unions limit membership by geography or other factors. What is a Hispanic American-owned bank? A is a financial institution where the majority of shareholders or Board members happen to be Hispanic or Latino. The bank is geared towards serving the majority of the Hispanic community, but it doesn’t mean that non-Hispanic individuals or firms can’t open accounts. What is a Hispanic American-owned credit union? A credit union that is owned by Hispanic Americans is a non-profit bank in which a majority of its members and the board of directors and the people it serves is Hispanic American. Membership can be limited to a certain city or group, like members of a predominantly Hispanic American church or employees or students in a historically Hispanic American school district. Can allies join 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 looking to join an American-owned credit union, look into the requirements for membership. As with other credit unions Hispanic American-owned credit unions restrict 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 can be accessed 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 looking for an institution owned by a Black person in the U.S.? Other ways to find 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 procedures vary from credit union, but they are the most common: Allowing customers to show proof of identity from abroad like a foreign passport and a «matricula consular» ID card provided through Mexican and other governments for those who reside outside their home countries. Offering affordable banking services, such as money orders, check cashing, credit-building loans as well as second-chance checking and other services. Accepting loan applicants with other credit histories, such as records of rent or utility payments. Providing identification in the form of individual taxpayer identification numbers which are given to foreign citizens working inside the U.S. and don’t have Social Security numbers. It is essential to have English and Spanish materials , as and bilingual staff. Having Latinos on the director’s panel of directors as well as an the executive team. The credit union offers financial education in the form of workshops and coaching for financial issues (for creating credit, savings, purchasing homes or starting a business, among other topics). The importance of minority-owned banks: About the authors: Spencer Tierney is an expert on deposit certificates at NerdWallet. He has had his work featured by USA Today and the Los Angeles Times. Ruth Sarreal is a content management specialist at NerdWallet. She has been writing and editing content on personal finance topics for more than five years. Similar to… Choose the best savings account NerdWallet’s top picks for high yield online savings accounts. Explore Banking further Make smarter money decisions — straight to your inbox. Sign-up and we’ll send you Nerdy articles on the topics in finance that are important to you and other strategies to help you get more from your money.
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