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Hispanic American-owned banks and Credit Unions owned by the State Advertiser disclosure: You’re our number one priority. Each day. We believe that everyone should be able make financial decisions without hesitation. And while our site doesn’t include every business or financial product available in the marketplace We’re pleased that the advice we provide as well as the advice we offer and the tools we develop are impartial, independent, straightforward — and completely free. So how do we make money? Our partners pay us. This may influence which products we write about (and the way they appear on the website) However, it doesn’t affect our recommendations or advice that are based on hundreds of hours of research. 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, ethical banking, banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has been writing about personal finances since 2013, with an emphasis on certificates of deposit as well as other banking-related subjects. His work has been covered on 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 Accounts with banks bonus bank accounts Ruth Sarreal is a content manager who covers subjects related to banking and consumer finance at NerdWallet. She has over 10 years of experience editing and writing for consumer websites. She was previously editor of content on personal finance issues at GOBankingRates. She has had her work featured by Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 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 various industries that range from health care to market research. She graduated with a bachelor’s degree in history from Berkeley at the University of California, Berkeley and a master’s degree in social sciences from the University of Chicago. You can reach her by email at

. The majority of products we feature are made by our partners, who pay us. This influences which products we feature and where and how the product is displayed on a page. But this doesn’t influence our evaluations. Our opinions are entirely our own. Here’s a list of and . Credit unions and banks that are led by Latinos are aiming to assist people who have traditionally been underserved in banks in the U.S. banking system. It is the case for Hispanic as well as Latino households that have a rate of 12.2%, are unbanked at a rate that is 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 June 9th 2022. . According to a survey from the Federal Reserve, nearly 22% of Latino households are not banked, meaning they have bank accounts , but also use alternative financial providers such as check cashers, payday lenders, or remittance transfer providers [0] Federal Reserve . . Accessed on June 9 2022. . However, having a bank account gives you access to an area of safety for keeping money and to pay bills (regardless of your citizenship or status). >> Skip ahead to the Bank for a brighter future. Find the best bank that has great customer service and with a goal 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 below are committed to serving their communities. The list consists 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’re minority-owned, minority-led or have people of color as a majority of their members or board members, and serve a population which is dominated by minorities.] Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. , (0) National Credit Union Administration . . Accessed on June 9, 2022. . A few of these organizations are also known as community development financial institutions also known as CDFIs. This means that they focus on serving low-income communities and the people who have historically been left out of the financial system. (Learn more .) Learn more about what it is to be MDI. MDI It is 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 shares) or minority-led (meaning that at least 51% of the bank’s board of directors recognizes itself as being part of a certain minority group and the bank mostly serves that group). As credit unions are member-owned and are not profit-driven, the NCUA define MDIs MDI differently manner. According to NCUA the credit union has to self-report as MDI and more than 50% of its members and board members must be people of color. Find out more about . Commonly asked questions What exactly is a Hispanic American-owned bank? A is a for-profit financial institution that has the majority of stockholders or board members are Hispanic or Latino. The bank serves the majority of the Hispanic community, but that does not mean that non-Hispanics 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 where the majority of its members, their board of directors and the people that it serves is Hispanic American. It is possible to limit membership to a particular area or group of people, for example, 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-American-owned credit union or bank? Yes it is possible to join a Hispanic American-owned bank could be a beneficial option to help its mission. If you’re considering joining a credit union owned by a Hispanic American, look into the membership requirements. Similar to many other credit unions certain Hispanic American-owned credit unions restrict membership due to geographical location or other criteria. What is a Hispanic-American-owned bank? A is a financial institution where the majority of stockholders and the board of directors are Hispanic or Latino. The bank tends to serve an overwhelmingly 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 bank that is not for profit with a large proportion of its members, their board of directors, and the people that it serves is Hispanic American. It is possible to limit membership to a specific community or group of people, for example, members of an overwhelmingly Hispanic American church or employees or students of a Hispanic American school district. Can allies be a part of a Hispanic-owned credit union or bank? Yes, joining a Hispanic American-owned bank is a worthwhile option to help its mission. If you’re interested in a credit union owned by a Hispanic American, look into the requirements for membership. As with other credit unions, certain Hispanic American-owned credit institutions restrict membership based on geography or other aspects. The following list contains Hispanic American-led and owned banks and credit unions by state Not all of these banks and 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 an institution owned by a Black person in the U.S.? Another way to locate Hispanic American-owned credit unions More than 110 credit unions have joined to a nationwide program called (Together We Advance), which requires participating credit unions to provide affordable and accessible banking products to Latinos. The policies vary for each credit union, however these are generally the norm: Allowing applicants to provide foreign identification, such as an international passport or “matricula consular” ID card issued from Mexican or other authorities for citizens who reside outside their country of residence. Providing affordable banking services, such as cashing checks, money orders and credit-building loans and second-chance checks, among other products. Accepting loan applicants with other credit histories, such as proof of rent or utility payments. Providing identification provided in form of individual taxpayer identification numbers which are given to foreign citizens who are employed in the U.S. and don’t have Social Security numbers. Having English and Spanish materials , as well as staff who are bilingual. The presence of Latinos on a director’s panel of directors as well as an the executive team. The credit union offers financial education in the form of classes and financial coaching (for creating credit, savings, purchasing homes or starting a business, among other topics). The importance of minority-owned banks The authors are Spencer Tierney is an expert on deposits and certificates at NerdWallet. The work he has done was highlighted in USA Today and the Los Angeles Times. Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written content on personal finance topics for over five years. On a similar note… Discover the best savings account NerdWallet’s top picks for high-yielding online savings accounts. Dive even deeper in Banking Find more money-saving strategies – straight to your inbox. Sign-up and we’ll email you Nerdy content about money-related topics which matter to you the most and other strategies to help you make more value from your money.

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