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Hispanic American-owned banks and Credit Unions by State Advertiser disclosure: You’re our number one priority. Each time. We believe that every person should be able make financial decisions without hesitation. And while 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 develop are impartial, independent simple, and cost-free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and the way they appear on the website) However, it does not affect our recommendations or advice which are based on many hours of study. Our partners cannot 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, ethical banking, banking deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has been writing about personal financial matters since 2013, with a an emphasis on certificates of deposit and other banking-related subjects. He has had his work covered in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located within Berkeley, California. as well as Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content management specialist covering the topics of banking for consumers at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She was previously editor of content on personal finance topics at GOBankingRates. The work she has done was highlighted in Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10 2022, 2022 Edited By Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn is a banking editor with NerdWallet. She was previously editor, writer and research analyst in a variety of industries, ranging from health care and market research. She graduated with a bachelor’s degree in history at Berkeley at the University of California, Berkeley as well as a master’s degree in sociology from the University of Chicago. She can be reached via

. A majority or all of the products we feature are made by our partners, who we pay. This influences which products we review and where and how the product appears on the page. But, it doesn’t influence our evaluations. Our opinions are entirely our own. Here’s a list of and . Latino-led banks and credit unions are aiming to assist people who are traditionally left out from banks in the U.S. banking system. It includes Hispanic as well as Latino households, which are, at 12.2 percent, are not banked more than twice 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 from the Federal Reserve, nearly 22 percent of Latino households are not banked that is, 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. . But using a bank account gives you access to a safe place for keeping cash and a way to pay for bills (regardless whether you are a citizen or not). >> Skip ahead to the Bank to a brighter tomorrow Find a bank with great customer service and with a goal to improve the world for all of us. What makes Hispanic American banks and credit unions stand out Hispanic American banks and credit unions listed below are committed to helping their communities. The list is made up of banks and credit unions categorized as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are minority-owned, minority-led , or have persons of color as the majority of their members or board members and serve a group that’s predominantly minority individuals [0* Federal Deposit Insurance Corp . . Accessed on Jun 9, 2022. , [0] National Credit Union Administration . . Accessed on June 9, 2022. . A few of these institutions are also community development financial institutions, also known as CDFIs. This means that they focus on serving communities with low incomes and those who have historically been exclusion from finance. (Learn more .) Find out more about what it means that you are an MDI The FDIC determines an MDI as being either minority-owned (meaning that members of a particular minority group must hold the minimum 51 percent of the bank’s voting stocks) or 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 mostly serves that segment). Since credit unions are owned by members and are not profit-driven, the NCUA determines MDIs MDI in a different manner. According to NCUA, the credit union is required to self-report as MDI and more than 50% of its members and the board members must be members of color. Find out more about . Commonly asked questions What exactly is a Hispanic-American-owned bank? A is a for-profit financial institution in which the majority of shareholders or board members are Hispanic or Latino. The bank serves the majority of the Hispanic community, but that does not mean that non-Hispanic individuals 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 where the majority of its members, its board of directors and the communities they serve are Hispanic American. Membership can be limited to a certain community or group, like members of the majority Hispanic American church or employees or students in 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 can be a meaningful way to support its mission. If you’re looking to join a Hispanic American-owned credit union check out the requirements for membership. Similar to many other credit unions some 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 where the majority of shareholders or 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 companies can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a bank that is not for profit with a large proportion of its members as well as its board of directors, and the community it serves are Hispanic American. The membership can be restricted to a particular city or group of people, for example, members of an overwhelmingly Hispanic American church or employees or students of a historically Hispanic American school district. Can allies be a part of a Hispanic-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank is a worthwhile method to aid in its mission. If you’re interested in a credit union owned by a Hispanic American, look into the requirements for membership. Like other credit unions Hispanic American-owned credit institutions restrict membership to members based on geographic or other factors. List of Hispanic American-led and Hispanic American-owned banks and credit unions by state Not all of these banks and credit unions are 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 >> Interested in the existence of a black-owned financial institution within the U.S.? Another way to locate Hispanic American-owned credit institutions More than 110 credit unions belong to a nationwide program called (Together We Advance), which will require 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 show proof of identity from abroad, such as an international passport or “matricula consular” ID card provided by Mexican as well as other government agencies for those who live outside their country of residence. Offering affordable banking services, including cashing checks, money orders as well as credit-building loans, second-chance checking or other services. Accepting loan applicants who have different credit histories, like documents of utility or rent payments. Providing identification in the form of Individual Taxpayer Identification Numbers which are given to foreign citizens working inside the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish materials , as well as staff who are bilingual. Having Latinos on a bank’s Board of Directors as well as an the executive team. Offering financial education through workshops and coaching for financial issues (for creating credit, savings, buying homes or starting a business, among other issues). The importance of minority-owned banks: About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. His work has been highlighted by USA Today and the Los Angeles Times. Ruth Sarreal is a content manager at NerdWallet. She has written and edited content on personal finance topics for over five years. In a similar vein… Discover an improved savings account. See NerdWallet’s picks for the best high-yield online savings accounts. Explore Banking further Find more money-saving strategies delivered straight to your inbox. Sign-up and we’ll send you Nerdy posts on the topics in finance that are important to you as well as other methods to get more from your money.

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