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Hispanic American-Owned Banks and Credit Unions owned by the State Advertiser disclosure We make you our top priority. Each day. We believe that every person should be able make financial decisions without hesitation. Although our site does not include every company or financial product in the marketplace however, we’re confident that the guidance we offer as well as the advice we offer and the tools we create are independent, objective easy to use and completely free. How do we earn money? Our partners compensate us. This may influence which products we write about (and where those products appear on our website), but it does not affect our suggestions or recommendations which are based on many hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. . Hispanic American-owned banks and credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has covered personal finance since 2013, with an emphasis on deposits and certificates as well as other banking-related topics. His work has been highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California. and Ruth Sarreal Content Management Specialist Accounts with banks bonus bank accounts Ruth Sarreal is a content manager who covers consumer banking topics at NerdWallet. She has over 10 years of experience in writing and editing for consumer websites. She has previously edited content on personal finance topics for GOBankingRates. The work she has done was highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10, 2022 Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn is a banking editor with NerdWallet. She was previously editor, writer and research analyst in industries ranging from health care as well as market research. She received a bachelor’s level degree in history from Berkeley at the University of California, Berkeley as well as a master’s degree of social science from University of Chicago. You can reach her via

. A majority or all of the products we feature are made by our partners who compensate us. This impacts the types of products we feature and where and how the product is featured on a page. But this doesn’t affect our assessments. Our opinions are entirely our own. Here’s a list of and . Credit unions and banks with Latino representation are aiming to assist people who have traditionally been underserved by banks in the U.S. banking system. It comprises Hispanic and Latino households who, at 12.2 percent, aren’t banked at a rate that is more than double the national average, according to the Federal Deposit Insurance Corp.’s 2019 survey of households without banks [0] Federal Deposit Insurance Corp . . Accessed on Jun 9, 2022. . And according to a 2019 survey by the Federal Reserve, nearly 22 percent of Latino households are underbanked, meaning they have accounts with banks but additionally use other financial institutions such as check cashers payday lenders, or remittance transfer providers [0] Federal Reserve . . Accessed Jun 9, 2022. . A bank account means access to an enclave for safekeeping money and to pay bills (regardless whether you are a citizen or not). You can skip to the Bank on a brighter future Find an institution that provides excellent service for you , 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 serving their communities. The list consists of credit unions and banks classified as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively, which means they are owned by minorities, have minority leadership or persons of color as the majority of its board members or members, and serve a group with a majority of minority members [0] Federal Deposit Insurance Corp . . Accessed on June 9 2022. , (0) National Credit Union Administration . . Accessed Jun 9 2022. . A few of these organizations are also known as community development financial institutions, or CDFIs, which means they are geared towards serving communities with low incomes and those who were previously left out of the financial system. (Learn more .) Find out more about what it means being an MDI An MDI is defined by the FDIC define an MDI as one that is minority-owned (meaning that members of a particular minority group must hold the minimum 51 percent of the bank’s voting shares) and minority-led (meaning that at minimum 51 percent of the bank’s board of directors recognizes itself as being part of a particular minority group, and the bank mainly serves that group). Because credit unions are member-owned and not for profit The NCUA determines the term MDI differently manner. According to NCUA the credit union has to self-report its status as an MDI and at least 50% of its members and the board members must be members of people of color. Find out more about . Commonly asked questions What exactly is a Hispanic American-owned financial institution? A financial institution that is for-profit institution in which the majority of stockholders and board members happen to be 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 Hispanic American-owned credit union is a not-for-profit banking institution where the majority of its members and their board of directors, and the communities they serve is Hispanic American. The membership can be restricted to a particular community or group, such as members of a predominantly Hispanic American church or employees or students of a historically Hispanic American school district. Are allies able to join a Hispanic American-owned bank or credit union? Yes it is possible to join a Hispanic American-owned bank could be a beneficial way to support its mission. If you’re interested in a Hispanic American-owned credit union take a look at the membership requirements. Like other credit unions, certain Hispanic American-owned credit unions restrict membership by geography or other factors. What is a Hispanic-American-owned bank? A is a for-profit financial institution in which the majority of stockholders and Board members happen to be Hispanic or Latino. The bank is geared towards serving a mostly Hispanic community, but it doesn’t mean that non-Hispanic individuals 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 with a large proportion of its current members and its board of directors, and the communities it serves are Hispanic American. The membership can be restricted 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. Are allies able to join a Hispanic American-owned bank or credit union? Yes it is possible to join a Hispanic American-owned bank could be a beneficial way to support its mission. If you’re interested in a credit union owned by a Hispanic American take a look at the requirements for membership. As with other credit unions Hispanic American-owned credit unions restrict membership to members based on geographic or other criteria. The following list contains Hispanic American-led and Hispanic American-owned banks and credit unions according to state. Not all of these credit unions can be accessed 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 in the U.S.? Other ways to find Hispanic American-owned credit unions More than 110 credit unions are part of to a national program known as (Together We Advance), which requires the participating institutions to provide affordable and accessible banking products to Latinos. The procedures vary from credit union, but these are generally the norm: Allowing applicants to show proof of identity from abroad like an international passport or “matricula consular” — ID cards issued from Mexican or other authorities for those who reside outside their country of residence. Providing affordable banking services, including cashing out checks, money orders and credit-building loans, second-chance checking or other services. Accepting loan applicants who have alternative credit histories, such as documents of utility or rent payments. Providing identification by way of Individual Taxpayer Identification Numbers, given 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. Having Latinos on a credit union’s board of directors as well as an executive team. The credit union offers financial education in the form of classes and financial coaching (for the building of credit, for saving money, purchasing an apartment and starting a business, among other topics). >> Minority-owned banks matter about the authors: Spencer Tierney is an expert on deposit certificates at NerdWallet. He has had his work featured on USA Today and the Los Angeles Times. Ruth Sarreal is a content managing specialist at NerdWallet. She has been writing and editing articles on topics related to personal finance for more than five years. Similar to… Choose a better savings account See NerdWallet’s top picks for high-yield saving accounts online. Explore Banking further Find more money-saving strategies right to your inbox Sign up and we’ll send you Nerdy posts about the money topics which matter to you the most as well as other methods to get more out of your money.

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