Hispanic American-Owned Banks and Credit Unions owned by the State Advertiser disclosure You’re our first priority. Every time. We believe that every person should be able to make financial decisions with confidence. And while our site does not include every company or financial product available in the marketplace, we’re proud that the guidance we offer and the information we offer and the tools we develop are independent, objective simple, and completely free. How do we earn money? Our partners pay us. This may influence which products we write about (and the places they are featured on the site) however it does not affect our suggestions or recommendations which are based on thousands of hours of research. Our partners cannot be paid to ensure positive review of their services or products. . Hispanic American-owned Banks and Credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal financial matters since 2013, with a particular attention paid to deposits and certificates as well as other banking-related subjects. His work has been highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California. and Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content management specialist covering subjects related to banking and consumer finance at NerdWallet. She has more than 10 years of experience writing and editing for consumer websites. She was previously editor of content on personal finance topics at GOBankingRates. Her work has been featured on Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn is a bank editor at NerdWallet. She was previously editor, writer and research analyst in a variety of industries, ranging from health care as well as market research. She received a bachelor’s level degree in the field of history from University of California, Berkeley. University of California, Berkeley and a master’s in sociology from the University of Chicago. She can be reached via

. Many or all of the items featured here come from our partners, who we pay. This influences which products we write about as well as the place and way the product is displayed on the page. However, this does not affect our assessments. Our opinions are our own. Here’s a list and . Credit unions and banks that are led by Latinos are aiming to assist people who have traditionally been underserved by their U.S. banking system. This comprises Hispanic and Latino households who have a rate of 12.2%, are unbanked more than twice 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 on Jun 9th 2022. . And according to a 2019 survey conducted by the Federal Reserve, nearly 22% of Latino households are unbanked that is, they have accounts with banks but additionally use other financial institutions such as check cashers, payday lenders or remittance transfer providers. Federal Reserve . . Accessed Jun 9, 2022. . But using a bank account means access to a safe place for keeping cash and a way to pay for bills (regardless the status of citizenship). >> Skip ahead to the Bank to a brighter tomorrow Find the best bank that has great service for you , and an aim to improve the world for us all. 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 banks and credit unions categorized as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means that they are minority-owned, minority-led , or have persons of color as the majority of their members or board members and serve a group which is dominated by minorities.* Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. The (0) National Credit Union Administration . . Accessed Jun 9, 2022. . A few of these organizations are also known as community development financial institutions, or CDFIs, meaning they are geared towards serving low-income communities and the people who have historically been left out of the financial system. (Learn more .) Learn more about what is being an MDI The FDIC determines an MDI as either minority-owned (meaning that members of a particular minority group have a minimum of 51 percent of the bank’s vote stock) or minority-led (meaning that at minimum 51 percent of the bank’s Board of directors is a member of a certain minority group and the bank is primarily serving that particular group). Since credit unions are owned by members and are not profit-driven and not for profit, the NCUA defines an MDI differently manner. According to the NCUA, the credit union has to self-report its status as an MDI and at least 50% of its members and board members must be people of people of color. Find out more about . Most frequently asked questions What is a Hispanic-American-owned bank? A is a non-profit financial institution where the majority of shareholders as well as board directors are Hispanic or Latino. The bank serves a mostly 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 bank that is not for profit in which a majority of its current members, the board of directors and the communities that it serves are Hispanic American. It is possible to limit membership to a particular city or group, like members of a predominantly Hispanic American church or employees or students of a historically Hispanic American school district. Can allies be part of a Hispanic American-owned bank or credit union? Yes it is possible to join a Hispanic American-owned bank could be a beneficial option to help its mission. If you’re interested in a Hispanic American-owned credit union check out the membership requirements. Similar to other credit unions, some Hispanic American-owned credit unions limit membership based on geography or other factors. What is a Hispanic American-owned bank? A is a non-profit financial institution that has the majority of stockholders and the board of directors are Hispanic or Latino. The bank tends to serve a mostly Hispanic community, however, this doesn’t mean that non-Hispanics or businesses can’t get accounts. What is a Hispanic American-owned credit union? A Hispanic American-owned credit union is a not-for-profit banking institution in which a majority of its members as well as their board of directors and the community it serves are Hispanic American. The membership can be restricted to a specific city or group, like members of a predominantly Hispanic American church or employees or students of a historically Hispanic American school district. Are allies able to be a part of a Hispanic-owned credit union or bank? Yes, joining a Hispanic American-owned bank can be a meaningful option to help its mission. If you’re interested in an American-owned credit union check out the requirements for membership. Like other credit unions Hispanic American-owned credit institutions restrict membership based on geography or other aspects. List of Hispanic American-led and owned banks and credit unions according to state. Not all of these credit unions are accessible online; 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 >> Interested in a Black-owned financial institution within the U.S.? Other options to locate Hispanic-owned credit unions than 110 credit unions have joined to a nationwide program called (Together We Advance), which requires the participating institutions to provide low-cost and affordable banking services to Latinos. The practices vary by credit union, however these are generally the norm: Allowing applicants to provide foreign identification, such as an international passport or “matricula consular” ID card provided by Mexican or other authorities to citizens who are not citizens of their country of residence. Offering affordable banking services, including cashing out checks, money orders and credit-building loans and second-chance checks, among other products. Accepting loan applicants who have other credit histories, such as documents of utility or rent payments, and allowing identification to be in the form of Individual Taxpayer Identification Numbers that are issued to foreign nationals who are employed within the U.S. and don’t have Social Security numbers. Having English and Spanish materials as and bilingual staff. There are Latinos on a credit union’s board of directors as well as an the executive team. Financial education classes are offered through workshops and coaching for financial issues (for creating credit, savings, purchasing a home and starting a business, among other subjects). The importance of minority-owned banks The authors are Spencer Tierney is an expert on deposit certificates at NerdWallet. He has had his work highlighted in 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. On a similar note… Choose a better savings account See NerdWallet’s top picks for high-yield online savings accounts. Go deeper into Banking Find more money-saving strategies delivered straight to your inbox. Sign-up and we’ll email you Nerdy content about money-related topics that matter most to you along with other ways to help you make more out of your money.

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