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Hispanic American-owned banks and Credit Unions by State Advertiser disclosure We make you our top priority. Each and every 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 in the marketplace however, we’re confident that the advice we provide and the information we offer and the tools we develop are impartial, independent, straightforward — and cost-free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and the places they are featured on the website) However, it doesn’t affect our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable ratings of their goods or services. . Hispanic American-owned Banks and Credit Unions by State By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finances since 2013, with an emphasis on deposits and certificates as well as other banking-related subjects. The work he has written for him was featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based at Berkeley, California. as well as Ruth Sarreal Content Management Specialist Accounts with banks and bank account bonuses Ruth Sarreal is a content manager who covers consumer banking topics at NerdWallet. She has more than 10 years of experience in writing and editing for consumer websites. She has previously edited the content for personal finance topics for GOBankingRates. She has had her work highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor with NerdWallet. She was previously editor, writer and research analyst in various industries that range from healthcare to market research. She earned a bachelor’s degree in history from Berkeley at the University of California, Berkeley and a master’s in social sciences from the University of Chicago. She can be reached at

. Many or all of the products featured here are from our partners, who we pay. This influences which products we write about and the location and manner in which the product is displayed on a page. But, it doesn’t influence our evaluations. 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 by the U.S. banking system. It includes Hispanic and Latino households who are, at 12.2 percent, are not banked more than twice the national average according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [0] Federal Deposit Insurance Corp . . Accessed Jun 9 2022. . According to a survey from the Federal Reserve, nearly 22% of Latino households are not banked which means they have bank accounts , but also use alternative financial providers such as check cashers, payday lenders, or remittance transfer providers. 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 your bills (regardless whether you are a citizen or not). Click here to go to the Bank on a brighter future Learn how to locate an institution that provides excellent service for you and a mission to make the world better for us all. 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 credit unions and banks categorized in the category of 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 members or board members and serve a group with a majority of minority members [0The FDIC is the Federal Deposit Insurance Corp . . Accessed on Jun 9 2022. , (0) National Credit Union Administration . . Accessed on Jun 9 2022. . Certain of the organizations are also known as community development financial institutions, or CDFIs, which means that they serve communities of low-income and people who have historically been excluded from finance. (Learn more .) Learn more about what it means being an MDI The FDIC define an MDI as being either minority-owned (meaning people belonging to a certain minority group must hold at least 51 percent of the bank’s vote stock) or minority-led (meaning that at minimum 51 percent of the bank’s board of directors identifies as part of a particular minority group and that the bank is primarily serving that particular group). Since credit unions are owned by members and not for profit and not for profit, the NCUA define the term MDI in a different manner. According to the NCUA the credit union must self-report as an MDI and more than 50 percent of its members as well as the board members must be members of people of color. Read more about the . Commonly asked questions What exactly is a Hispanic-American-owned bank? A financial institution that is for-profit institution that has the majority of shareholders as well as board directors are Hispanic or Latino. The bank tends to serve a mostly Hispanic community, but this doesn’t mean non-Hispanic people or firms can’t open accounts. What is a Hispanic American-owned credit union? A credit union owned by a Hispanic American is a non-profit bank in which a majority of its current members as well as its board of directors, and the people they serve comprise Hispanic American. It is possible to limit membership to a particular area or group, such as 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 the joining of a Hispanic-American-owned bank could be a beneficial option to help its mission. If you’re considering joining a Hispanic American-owned credit union, look into the membership requirements. Like other credit unions, some Hispanic American-owned credit unions limit membership by location or other aspects. What is a Hispanic American-owned bank? A is a for-profit financial institution where the majority of stockholders and Board members happen to be 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 exactly is a Hispanic-owned credit union? A credit union that is owned by Hispanic Americans is a non-profit bank in which a majority of its members, its board of directors and the people they serve comprise Hispanic American. The membership can be restricted to a specific city or group, such as members of the majority Hispanic American church or employees or students of a historically Hispanic American school district. Can allies join a Hispanic American-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank could be a beneficial method to aid in its mission. If you’re considering joining an American-owned credit union take a look at the membership requirements. As with other credit unions, some Hispanic American-owned credit institutions restrict membership based on geography or other criteria. The following list contains Hispanic American-led and Hispanic American-owned banks as well as credit unions by state Not all of these credit unions are accessible on the internet. 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 Are you looking for a Black-owned financial institution within the U.S.? Another way to locate Hispanic-owned credit unions than 110 credit unions have joined to a broader program called (Together We Advance), which requires the participating institutions to offer affordable and accessible banking products to Latinos. The procedures vary from credit union, however these are common: Allowing applicants to show proof of identity from abroad, such as a foreign passport and a “matricula consular” ID card that are issued from Mexican as well as other government agencies for those who live outside their home country. Providing affordable banking services, including money orders, check cashing and credit-building loans as well as second-chance checking and other services. Accepting loan applicants who have alternative credit history, such as records of rent or utility payments and letting identification be provided in form of Individual Taxpayer Identification Numbers, given to foreign nationals who work in the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish documents as well as staff who are bilingual. There are 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 workshops and coaching for financial issues (for the building of credit, for saving money, purchasing an apartment or starting a business, among other subjects). The importance of minority-owned banks about the authors: Spencer Tierney is an expert on deposits and certificates at NerdWallet. His work has been 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 more than five years. On a similar note… Choose an improved savings account. See NerdWallet’s recommendations for the top high-yielding online savings accounts. Go deeper into Banking Make smarter money decisions delivered straight to your inbox Sign up and we’ll send you Nerdy posts about the money topics that are important to you along with other ways to help you get more out of your money.

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