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Hispanic American-owned Banks and Credit Unions owned by the State Advertiser disclosure You’re our first priority. Each and every time. We believe that every person should be able to make sound financial decisions with confidence. While our website does not include every company or financial product that is available on the market We’re pleased that the advice we provide and the information we offer as well as the tools we design are independent, objective easy to use and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on our website) however it does not affect our advice or suggestions that are based on many hours of study. Our partners cannot pay us to guarantee 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 and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about personal finance since 2013, with particular attention paid to certificates of deposit and other topics related to banking. He has had his work featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He’s based at Berkeley, California. And Ruth Sarreal Content Management Specialist Bank accounts and bank account bonuses Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has more than 10 years of experience in editing and writing for websites for consumers. She previously edited articles on personal finance topics for GOBankingRates. The work she has done was featured in Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn is a bank editor at NerdWallet. She has previously worked as editor, writer and research analyst in various industries that range from healthcare to market research. She received a bachelor’s level degree in the field of history from Berkeley at the University of California, Berkeley and a master’s of social science from University of Chicago. She can be reached by email at
. The majority of products featured here are from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on the page. But, it doesn’t affect our assessments. Our opinions are our own. Here is a list of and . Credit unions and banks with Latino representation are aiming to assist people who have been traditionally neglected in banks in the U.S. banking system. This includes Hispanic and Latino households that, 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 [0- 0 Federal Deposit Insurance Corp . . Accessed on Jun 9th 2022. . And according to a 2019 survey conducted by the Federal Reserve, nearly 22% of Latino households are not banked that is, they have bank accounts , but additionally use other financial institutions such as check cashers payday lenders, or remittance transfers providers [0] Federal Reserve . . Accessed Jun 9th 2022. . But using a bank account means access to an area of safety for keeping money and to pay bills (regardless whether you are a citizen or not). You can skip to the Bank for a brighter future. Find the best bank that has great customer service and with a goal to improve the world for us all. What makes 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 credit unions and banks classified as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively, which means they are 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.The FDIC is the Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. (0) National Credit Union Administration . . Accessed Jun 9, 2022. . Certain of the banks are community-based financial institutions also known as CDFIs. This means that they focus on serving low-income communities and the people who have historically been exclusion from banking. (Learn more .) Learn more about what means that you are MDI. MDI The FDIC determines an MDI as one that is 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 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). As credit unions are member-owned and are not profit-driven and not for profit, the NCUA define an MDI with a distinct way. According to the NCUA the credit union has to self-report its status as an MDI and have more than 50 percent of its members as well as the board members must be members of color. Read more about the . Commonly asked questions What exactly is a Hispanic-American-owned bank? A is a non-profit financial institution where the majority of stockholders as well as board directors are Hispanic or Latino. The bank tends to serve an overwhelmingly Hispanic community, however this 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 in which a majority of its members and its board of directors, and the communities they serve is Hispanic American. It is possible to limit membership to a certain community or group, such as members of the majority Hispanic American church or employees or students in a historically Hispanic American school district. Can allies be part of a Hispanic American-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank is a worthwhile method to aid in its mission. If you’re considering joining a credit union owned by a Hispanic American check out the requirements for membership. As with other credit unions, some Hispanic American-owned credit institutions restrict membership based on geographical location or other criteria. What is a Hispanic-American-owned bank? A is a for-profit financial institution where the majority of stockholders and the board of directors are Hispanic or Latino. The bank serves 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 credit union owned by a Hispanic American is a not-for-profit banking institution where the majority of its members and its board of directors and the people they serve are Hispanic American. Membership can be limited to a particular area or group, like members of the majority Hispanic American church or employees or students of a Hispanic American school district. Can allies join a Hispanic American-owned credit union or bank? Yes it is possible to join a Hispanic American-owned bank is a worthwhile method to aid in its mission. If you’re considering joining an American-owned credit union, look into its membership requirements. As with other credit unions Hispanic American-owned credit institutions restrict membership based on geography or other factors. A 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 online; financial institutions with 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 >> Interested in the existence of a black-owned financial institution located in the U.S.? Other ways to find Hispanic American-owned credit institutions More more than 110 credit unions have joined to a nationwide program called (Together We Advance), which will require the participating institutions to offer an affordable and accessible banking service to Latinos. The procedures vary from credit union, but they are generally the norm: Allowing applicants to show proof of identity from abroad, such as an international passport or «matricula consular» — ID cards provided through Mexican and other governments to citizens who live outside their home country. Providing affordable banking services, like cashing out checks, money orders, credit-building loans, second-chance checking or other services. Accepting loan applicants based on alternative credit history, such as records of rent or utility payments. Providing identification by way of individual taxpayer identification numbers, given to foreign nationals who are employed within the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish materials as and bilingual staff. Having Latinos on the credit union’s board of directors and the executive team. Financial education classes are offered through classes and financial coaching (for the building of credit, for saving money, buying a home or starting a business, among other issues). Minority-owned banks are important: About the authors: Spencer Tierney is an expert on deposits and certificates at NerdWallet. The work he has done was highlighted on USA Today and the Los Angeles Times. Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited articles on topics related to personal finance for over five years. On a similar note… Choose a better savings account See NerdWallet’s top picks for high-yielding saving accounts 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 get more from your money.
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