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Hispanic American-owned banks and Credit Unions owned by the State Advertiser disclosure We make you our top priority. Each time. We believe that everyone should be able to make sound financial decisions without hesitation. While our website does not include every company or financial product that is available in the marketplace, we’re proud of the advice we provide and the information we offer and the tools we create are independent, objective, straightforward — and cost-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 site), but it doesn’t affect our advice or suggestions, which are grounded in many hours of study. Our partners are not able to promise us favorable reviews of their products or services. . Hispanic American-owned banks and credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finances since 2013, with an emphasis on certificates of deposit and other topics related to banking. The work he has written for him was highlighted 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 manager who covers the topics of banking for consumers at NerdWallet. She has over 10 years of experience writing and editing content for consumer websites. She previously edited the content for personal finance topics for GOBankingRates. The work she has done was highlighted by Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10 2022, 2022 Edited By Yuliya Goldshteyn Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She was previously editor, writer and research analyst in various industries that range from healthcare as well as market research. She earned a bachelor’s 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. You can reach her via

. The majority of products featured here are from our partners, who we pay. This impacts the types of products we write about as well as the place and way the product appears on the page. However, this does not affect our opinions. Our views are our own. Here’s a list and . Credit unions and banks that are led by Latinos strive to aid those who have traditionally been underserved from banks in the U.S. banking system. That is the case for Hispanic or Latino households who have a rate of 12.2 percent, aren’t banked at a rate that is more than double the national rate, according to the Federal Deposit Insurance Corp.’s 2019 survey of households without banks [01 Federal Deposit Insurance Corp . . Accessed Jun 9th 2022. . According to a survey conducted by the Federal Reserve, nearly 22 percent of Latino households are underbanked which means they have bank accounts , but are also using alternative financial services like check cashers, payday lenders or remittance transfer providers. Federal Reserve . . Accessed on June 9th 2022. . A bank account gives you access to an area of safety for keeping cash as well as a means to pay bills (regardless the status of citizenship). You can skip to the Bank to a brighter tomorrow Learn how to locate a bank with great customer service and a mission to make the world a better place for all of us. Why Hispanic American banks and credit unions stand out Hispanic American banks and credit unions on this list are dedicated to helping 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 they’re minority-owned, minority-led or have members of the minority community as a majority of their 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 Jun 9 2022. . Some of the institutions are also community development financial institutions, or CDFIs, meaning that they focus on serving low-income communities and the people who have been historically exclusion from banking. (Learn more .) Learn more about what means that you are an MDI An MDI is defined by the FDIC determines an MDI as either minority-owned (meaning that members of a particular minority group must hold a minimum of 51 percent of the bank’s vote stock) 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 segment). As credit unions are member-owned and are not profit-driven The NCUA define the term MDI differently way. According to the NCUA, the credit union must self-report as an MDI and at least 50 percent of its members and the board members must be members of people of color. Find out more about . Frequently asked questions What is a Hispanic American-owned bank? A is a non-profit financial institution in which the majority of stockholders or board members are Hispanic or Latino. The bank tends to serve an overwhelmingly Hispanic community, but this does not mean that non-Hispanic individuals or firms can’t open accounts. What is a Hispanic American-owned credit union? A Hispanic American-owned credit union is a bank that is not for profit in which a majority of its current members as well as the board of directors and the people they serve is Hispanic American. The membership can be restricted to a specific community or group, like 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, joining a Hispanic American-owned bank can be a meaningful way to support its mission. If you’re looking to join a Hispanic American-owned credit union, look into the requirements for membership. Similar to the other financial institutions, certain Hispanic American-owned credit unions limit membership by geographical location or other criteria. What is a Hispanic American-owned bank? A is a non-profit financial institution in which the majority of stockholders and Board members happen to be Hispanic or Latino. The bank serves 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 owned by a Hispanic American is a not-for-profit banking institution with a large proportion of its current members, their board of directors and the people they serve comprise Hispanic American. It is possible to limit membership to a certain 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 be a part of a Hispanic-owned bank or credit union? Yes, joining a Hispanic American-owned bank can be a meaningful method to aid in its mission. If you’re considering joining a credit union owned by a Hispanic American take a look at the requirements for membership. Similar to other credit unions, some Hispanic American-owned credit unions limit membership based on geography or other aspects. The following list contains Hispanic American-led and Hispanic American-owned banks and credit unions by state Not all of these banks and credit unions can be accessed on the internet. 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 looking for an institution owned by a Black person within the U.S.? Other ways to find Hispanic American-owned credit unions More over 110 credit institutions have joined to a national program known as (Together We Advance), which will require participating credit unions to offer low-cost and affordable banking services to Latinos. The practices vary by credit union, but these are common: Allowing applicants to present a foreign identity, such as a foreign passport and a “matricula consular” ID card issued by Mexican or other authorities to citizens who live outside their home countries. The credit union offers affordable banking services including money orders, check cashing, credit-building loans as well as second-chance checking and other services. Accepting loan applicants with different credit history, such as documents of utility or rent payments and letting identification be in the form of Individual Taxpayer Identification Numbers which are given to foreign citizens working within the U.S. and don’t have Social Security numbers. It is essential to have English and Spanish documents as and bilingual staff. The presence of Latinos on a credit union’s board of directors as well as an the executive team. Offering financial education through courses and financial guidance (for the building of credit, for saving money, purchasing homes or starting a business, among other subjects). >> Minority-owned banks matter: 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 manager at NerdWallet. She has been writing and editing articles on topics related to personal finance for over five years. In a similar vein… Find a better savings account See NerdWallet’s recommendations for the top high yield 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 on the topics in finance that are important to you as well as other methods to help you get more from your savings.

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