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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 that everyone should be able to make sound financial decisions without hesitation. And while our site doesn’t feature every company or financial product available on the market however, we’re confident of the advice we provide as well as the advice we offer and the tools we develop are impartial, independent, straightforward — and cost-free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the way they appear on the website) However, it doesn’t affect our advice or suggestions that are based on many hours of study. Our partners cannot be paid to ensure positive reviews of their products or services. . Hispanic American-owned banks and credit Unions run by State by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about personal finances since 2013, with an emphasis on deposits and certificates as well as other banking-related subjects. He has had his work covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He’s based in Berkeley, California. And Ruth Sarreal Content Management Specialist Bank accounts and bank account bonuses Ruth Sarreal is a content specialist in management covering subjects related to banking and consumer finance at NerdWallet. She has more than 10 years of experience in writing and editing content for websites for consumers. She has previously edited content on personal finance issues at GOBankingRates. Her work has been featured on Nasdaq, MSN, TheStreet and Yahoo Finance. June 10, 2022 Edited by Yuliya Goldshteyn Assistant Assigning editor Yuliya Goldshteyn is a banking editor for NerdWallet. She has previously worked as an editor, writer and research analyst in industries ranging from healthcare and market research. She received a bachelor’s level degree in history at the University of California, Berkeley as well as a master’s degree of social science from University of Chicago. You can reach her by email at
. A majority or all of the products featured here are from our partners who compensate us. This influences which products we review and the location and manner in which the product is displayed on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here’s a list and . Credit unions and banks that are led by Latinos strive to aid those who are traditionally left out from their U.S. banking system. This comprises Hispanic as well as Latino households, which have a rate of 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 households that are not banked [01 Federal Deposit Insurance Corp . . Accessed Jun 9th, 2022. . And according to a 2019 survey from the Federal Reserve, nearly 22% of Latino households are not banked which means they have bank accounts but additionally use other financial institutions such as check cashers, payday lenders, or remittance transfer providers [0] Federal Reserve . . Accessed on June 9, 2022. . A bank account is an enclave for safekeeping money and to pay for bills (regardless of your citizenship or status). You can skip to the Bank for a brighter future. Learn how to locate the best bank that has great service for you and a mission to make the world a better place for all of us. The reasons Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions listed below are committed to serving their communities. The list is comprised of credit unions and banks categorized in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means that they are either owned by minorities, have minority leadership or people of color as a majority of its members or board members, and they serve a community that’s predominantly minority individuals [0] Federal Deposit Insurance Corp . . Accessed Jun 9 2022. , (0) National Credit Union Administration . . Accessed on Jun 9 2022. . Certain of the banks are community-based financial institutions or CDFIs, meaning they are geared towards serving low-income communities and the people who have historically been exclusion from finance. (Learn more .) Learn more about what is to be MDI. MDI The FDIC determines an MDI as one that is minority-owned (meaning individuals of a specific minority group have at least 51% of the bank’s voting stock) and minority-led (meaning that at least 51 percent of the bank’s board of directors is a member of a certain minority group and the bank mostly serves that segment). Since credit unions are owned by members and not for profit and not for profit, the NCUA define MDIs MDI differently way. According to NCUA the credit union is required to self-report its status as an MDI and at least 50% of its members and board members must be people of ethnicity. Learn more about the . Frequently asked questions What is a Hispanic American-owned financial institution? A is a for-profit financial institution in which the majority of stockholders as well as board directors are Hispanic or Latino. The bank is geared towards serving the majority of the Hispanic community, but that does not mean that non-Hispanic individuals or businesses can’t get accounts. What is a Hispanic American-owned credit union? A credit union that is owned by Hispanic Americans is a non-profit bank where the majority of its members, its board of directors and the communities it serves is Hispanic American. The membership can be restricted to a particular community or group of people, for example, members of a predominantly Hispanic American church or employees or students of a Hispanic American school district. Are allies able to be a part of a Hispanic-American-owned credit union or bank? Yes, joining a Hispanic American-owned bank is a worthwhile way to support its mission. If you’re looking to join an American-owned credit union take a look at the membership requirements. Similar to other credit unions, certain Hispanic American-owned credit institutions restrict membership due to location or other aspects. What is a Hispanic-American-owned bank? A is a for-profit financial institution that has the majority of shareholders or the board of directors are Hispanic or Latino. The bank tends to serve a mostly Hispanic community, but this doesn’t mean non-Hispanic people or businesses can’t get 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 in which a majority of its current members and the board of directors and the community they serve are Hispanic American. Membership can be limited to a specific community or group of people, for example, 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-owned bank or credit union? Yes the joining of 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 the requirements for membership. Like other credit unions Hispanic American-owned credit institutions restrict membership to members based on geographic or other criteria. 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 are accessible 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 Are you interested in an institution owned by a Black person in the U.S.? Other ways to find Hispanic American-owned credit institutions More over 110 credit institutions are part of to a broader program called (Together We Advance), which obliges participating credit unions to offer low-cost and affordable banking services to Latinos. The procedures vary from credit union, however these are the most common: Allowing customers to provide foreign identification for example, a foreign passport and a «matricula consular» ID card that are issued through Mexican or other authorities to citizens who are not citizens of their home countries. The credit union offers affordable banking services like cashing checks, money orders, credit-building loans as well as second-chance checking and other services. Accepting loan applicants based on different credit histories, such as proof of rent or utility payments and letting identification be in the form of individual taxpayer identification numbers, given to foreign nationals who work inside the U.S. and don’t have Social Security numbers. Having English and Spanish documents as well as bilingual staff. Having Latinos on a bank’s Board of Directors as well as an executive team. Offering financial education through courses and financial guidance (for the building of credit, for saving money, purchasing homes and starting a business, among other subjects). >> Minority-owned banks matter: About the authors: Spencer Tierney is an expert on certificates of deposit 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 been writing and editing content on personal finance topics for over five years. Similar to… Find a better savings account See NerdWallet’s top picks for high-yield online savings accounts. Dive even deeper in Banking Get more smart money moves — straight to your inbox Sign up and we’ll email you Nerdy content about money-related topics that matter most to you and other strategies to help you get more value from your savings.
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