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Hispanic American-owned banks and Credit Unions by State Advertiser disclosure: You’re our number one priority. Each and every time. We believe that everyone should be able to make financial decisions with confidence. Although our site doesn’t include every business or financial product available in the marketplace however, we’re confident that the guidance we offer, the information we provide and the tools we develop are impartial, independent simple, and free. So how do we make money? Our partners pay us. This may influence which products we write about (and where those products appear on our website), but it in no way affects our recommendations or advice that are based on thousands of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. . Hispanic American-Owned Banks and Credit Unions owned by State By Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered personal financial matters since 2013, with a a focus on certificates of deposit and other topics related to banking. His work has been highlighted in 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 bonus bank accounts Ruth Sarreal is a content specialist in management covering subjects related to banking and consumer finance at NerdWallet. She has more than a decade of experience editing and writing for websites for consumers. She previously edited content on personal finance topics for 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 banking editor at NerdWallet. She has previously worked as 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 the University of California, Berkeley and a master’s in sociology from the University of Chicago. She can be reached at

. Many or all of the products we feature are made by our partners, who pay us. This affects the products we review and where and how the product is displayed on a page. But this doesn’t affect our opinions. Our views are our own. Here’s a list and . Credit unions and banks with Latino representation strive to aid those who have traditionally been underserved in their U.S. banking system. This comprises Hispanic and Latino households that have a rate of 12.2 percent, are not banked more than twice the national average according to the Federal Deposit Insurance Corp.’s 2019 survey of households without banks [01 Federal Deposit Insurance Corp . . Accessed June 9th 2022. . According to a survey by the Federal Reserve, nearly 22 percent of Latino households are not banked which means they have bank accounts , but also use alternative financial providers like check cashers, payday lenders or remittance transfer providers [0] Federal Reserve . . Accessed on June 9th 2022. . A bank account gives you access to an area of safety for keeping cash and a way to pay your bills (regardless the status of citizenship). >> Skip ahead to the Bank on a brighter future Learn how to locate a bank with great customer service and with a goal to make the world a better place for us all. What makes Hispanic American banks and credit unions stand out The Hispanic American banks and credit unions below are committed to serving their communities. The list is made up of banks and credit unions classified in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they’re owned by minorities, have minority leadership or members of the minority community as a majority of their members or board members, and serve a population that’s predominantly minority individuals [0The FDIC is the Federal Deposit Insurance Corp . . Accessed Jun 9 2022. , (0) National Credit Union Administration . . Accessed on Jun 9, 2022. . Certain of the institutions are also community development financial institutions, or CDFIs, which means that they focus on serving communities with low incomes and those who have been historically left out of banking. (Learn more .) Learn more about what it means that you are MDI. MDI The FDIC defines an MDI as either minority-owned (meaning that members of a particular minority group hold at least 51% of the bank’s voting stock) as well as minority-led (meaning that at minimum 51% of the bank’s board of directors is a member of a specific minority group and that the bank mainly serves that group). Because credit unions are member-owned and are not profit-driven, the NCUA define MDIs MDI differently way. According to NCUA, the credit union has to self-report as an MDI and more than 50% of its members and board members must be people of people of color. Read more about the . Commonly asked questions What exactly is a Hispanic American-owned bank? A is a non-profit financial institution that has 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 exactly is a Hispanic-owned credit union? A credit union that is owned by Hispanic Americans is a bank that is not for profit in which a majority of its current members, their board of directors, and the community it serves are Hispanic American. Membership can be limited to a specific area or group of people, for example, 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 the joining of a Hispanic-American-owned bank could be a beneficial way to support its mission. If you’re looking to join an American-owned credit union check out its membership requirements. Like many other credit unions some Hispanic American-owned credit unions restrict membership due to geography or other factors. What is a Hispanic-American-owned bank? A is a non-profit financial institution in which the majority of stockholders or Board members happen to be Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, however this doesn’t mean non-Hispanic people or businesses can’t get 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 members as well as their board of directors, and the community they serve comprise Hispanic American. The membership can be restricted to a specific community or group, such as members of an overwhelmingly Hispanic American church or employees or students of a Hispanic American school district. Can allies be a part of a Hispanic-owned bank or credit union? Yes the joining of a Hispanic-American-owned bank is a worthwhile option to help its mission. If you’re looking to join a Hispanic American-owned credit union take a look at its membership requirements. Similar to other credit unions, some Hispanic American-owned credit unions restrict membership to members based on geographic or other criteria. A list of Hispanic-American-led and 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 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 the existence of a black-owned financial institution located in the U.S.? Other ways to find Hispanic-owned credit unions over 110 credit institutions are part of to a broader program called (Together We Advance), which requires participants to offer affordable and accessible banking products to Latinos. The practices vary by credit union, but these are the most common: Allowing customers to show proof of identity from abroad, such as an international passport or “matricula consular” — ID cards that are issued from Mexican and other governments to citizens who are not citizens of their country of residence. Offering affordable banking services, like money orders, check cashing and credit-building loans and second-chance checks, among other services. Accepting loan applicants with other credit history, such as records of rent or utility payments and letting identification be provided in form of individual taxpayer identification numbers that are issued to foreign nationals who work in the U.S. and don’t have Social Security numbers. It is essential to have English and Spanish materials as well as staff who are bilingual. The presence of Latinos on a bank’s Board of Directors and the executive team. Offering financial education through classes and financial coaching (for building credit, saving, buying homes and starting a business, among other issues). >> Minority-owned banks matter about the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. He has had his work featured by USA Today and the Los Angeles Times. Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited material on personal finance topics for more than five years. In a similar vein… Discover the best savings account NerdWallet’s picks for the best high-yield account for savings online. Go deeper into Banking Get more smart money moves – straight to your inbox. Sign up and we’ll email you Nerdy content about money-related topics that matter most to you as well as other methods to get more value from your money.

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