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Hispanic American-owned banks and Credit Unions owned by the State Advertiser disclosure You’re our first priority. Each and every day. We believe everyone should be able to make financial decisions without hesitation. And while our site doesn’t include every business or financial product available on the market, we’re proud that the advice we provide and the information we offer and the tools we create are objective, independent, straightforward — and completely free. How do we earn money? Our partners pay us. This can influence the products we write about (and the way they appear on our website), but it doesn’t affect our advice or suggestions that are based on hundreds of hours of research. Our partners are not able to promise us favorable review of their services or products. . Hispanic American-owned Banks and Credit Unions by State By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banking writer at NerdWallet. He has been writing about personal finance since 2013, with an emphasis on deposits and certificates as well as other topics related to banking. The work he has written for him was highlighted on 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 Bank accounts bonus bank accounts Ruth Sarreal is a content specialist in management covering the topics of banking for consumers at NerdWallet. She has over a decade of experience writing and editing content for websites for consumers. She was previously editor of the content for personal finance issues at GOBankingRates. Her work has been highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022, 2022 Edited By Yuliya Goldshteyn Assistant Banking Yuliya Goldshteyn is a bank editor with NerdWallet. She previously worked as an editor, writer and research analyst in industries ranging from health care and 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 in sociology from the University of Chicago. You can reach her via

. A majority or all of the products featured here are from our partners, who we pay. This affects the products we write about and the location and manner in which the product is displayed on the page. However, this does not influence our evaluations. Our views are our own. Here is a list of and . Credit unions and banks with Latino representation strive to aid those who have been traditionally neglected from their U.S. banking system. That is the case for Hispanic or Latino households who are, at 12.2%, are unbanked at more than double the national rate, according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [01 Federal Deposit Insurance Corp . . Accessed Jun 9 2022. . And according to a 2019 survey from the Federal Reserve, nearly 22 percent of Latino households are underbanked, meaning they have bank accounts , but additionally use other financial institutions such as check cashers, payday lenders, or remittance transfers providers. Federal Reserve . . Accessed on June 9th, 2022. . However, having a bank account gives you access to a safe place for keeping cash as well as a means to pay bills (regardless whether you are a citizen or not). You can skip to the Bank to a brighter tomorrow See how to find an institution that provides excellent service for you , and a mission to make the world a better place for us all. The reasons 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 is made up of credit unions and banks categorized by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means that they are either minority-owned, minority-led , or have members of the minority community as a majority of its members or board members and they serve a community which is dominated by minorities.The FDIC is the Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. , [0] National Credit Union Administration . . Accessed on June 9, 2022. . Some of the banks are community-based financial institutions, also known as CDFIs. This means they are geared towards serving communities of low-income and people who have historically been exclusion from the financial system. (Learn about .) Find out more about what it means that you are MDI. MDI An MDI is defined by the FDIC define an MDI as being either minority-owned (meaning people belonging to a certain minority group must hold a minimum of 51 percent of the bank’s vote shares) and minority-led (meaning that at minimum 51% 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 are not profit-driven The NCUA determines MDIs MDI differently way. According to NCUA, the credit union must self-report its status as an MDI and at least 50 percent of its members and the board members must be members of color. Learn more about the . Frequently asked questions What is a Hispanic American-owned bank? A is a for-profit financial institution in which the majority of stockholders as well as board directors are Hispanic or Latino. The bank is geared towards serving 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 bank that is not for profit with a large proportion of its current members, its board of directors, and the people that it serves are Hispanic American. It is possible to limit membership to a certain community or group, like members of the majority 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 the joining of a Hispanic-American-owned bank can be a meaningful method to aid in its mission. If you’re considering joining a Hispanic American-owned credit union check out the requirements for membership. Similar to many other credit unions some Hispanic American-owned credit unions limit membership by geography or other factors. What is a Hispanic American-owned bank? A is a financial institution where the majority of stockholders or Board members happen to be Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, however it doesn’t mean that non-Hispanic individuals or companies can’t open accounts. What is a Hispanic American-owned credit union? A credit union owned by a Hispanic American is a bank that is not for profit in which a majority of its members, the board of directors and the community it serves comprise Hispanic American. It is possible to limit membership to a specific 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. Can allies be a part of a Hispanic-owned credit union or bank? Yes the joining of a Hispanic-American-owned bank could be a beneficial option to help its mission. If you’re interested in a credit union owned by a Hispanic American check out 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 as well as credit unions according to state. Not all of these credit unions are accessible 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 a Black-owned financial institution within the U.S.? Other ways to find Hispanic-owned credit unions more than 110 credit unions belong to a national program known as (Together We Advance), which requires participating credit unions to offer low-cost and affordable banking services to Latinos. The procedures vary from credit union, but these are the most common: Allowing customers to provide foreign identification for example, an international passport or “matricula consular” ID card issued by Mexican or other authorities to citizens who reside outside their home countries. Offering affordable banking services, such as cashing checks, money orders and credit-building loans, second-chance checking or other services. Accepting loan applicants who have alternative credit histories, such as proof of rent or utility payments. Providing identification by way of Individual Taxpayer Identification Numbers which are given to foreign citizens who work in the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish materials , as well as bilingual staff. The presence of Latinos on the bank’s Board of Directors as well as an the executive team. Financial education classes are offered through classes and financial coaching (for the building of credit, for saving money, purchasing a home or starting a business, among other issues). The importance of minority-owned banks 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 managing specialist at NerdWallet. She has edited and written content on personal finance topics for more than five years. In a similar vein… Find the best savings account NerdWallet’s picks for the best high-yield saving accounts online. Dive even deeper in 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 as well as other methods to help you make more from your savings.

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