Hispanic American-Owned Banks and Credit Unions by State Advertiser disclosure We make you our top priority. Each day. We believe that everyone should be able make financial decisions with confidence. Although our site does not include every company or financial product available in the marketplace however, we’re confident that the guidance we offer, the information we provide as well as the tools we design are independent, objective simple, and cost-free. How do we earn money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on our website), but it doesn’t affect our advice or suggestions, which are grounded in hundreds of hours of research. Our partners cannot promise us favorable ratings of their goods or services. . Hispanic American-Owned Banks and Credit Unions run by State by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about personal financial matters since 2013, with a a focus on deposits and certificates as well as other banking-related topics. His work has been featured in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located at Berkeley, California. And Ruth Sarreal Content Management Specialist Bank accounts and bank account bonuses Ruth Sarreal is a content manager who covers consumer banking topics at NerdWallet. She has over 10 years of experience in writing and editing content for consumer websites. She has previously edited content on personal finance issues at GOBankingRates. The work she has done was highlighted in Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10, 2022 Edited by Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She was previously editor, writer and research analyst in a variety of industries, ranging from health care as well as market research. She graduated with a bachelor’s degree in the field of history from University of California, Berkeley. University of California, Berkeley and a master’s in social sciences from the University of Chicago. She can be reached by email at
. The majority of products featured here are from our partners, who we pay. This affects the products we write about as well as the place and way the product is displayed 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 that are led by Latinos aim to help people who have been traditionally neglected by banks in the U.S. banking system. It is the case for Hispanic or Latino households who, at 12.2 percent, are not banked more than twice the national rate as per the Federal Deposit Insurance Corp.’s 2019 survey of households without banks [0- 0 Federal Deposit Insurance Corp . . Accessed June 9th, 2022. . And according to a 2019 survey from the Federal Reserve, nearly 22% of Latino households are not banked, meaning they have accounts with banks but are also using alternative financial services such as check cashers payday lenders, or remittance transfers providers [0] Federal Reserve . . Accessed Jun 9 2022. . But using a bank account means access to a safe place for keeping money and to pay your bills (regardless whether you are a citizen or not). >> Skip ahead to the Bank on a brighter future Learn how to locate an institution that provides excellent customer service and an aim to improve the world for us all. The reasons Hispanic American banks and credit unions stand out Hispanic American banks and credit unions listed below are committed to serving their communities. The list consists of banks and credit unions categorized in the category of 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 persons of color as the majority of its members or board members and serve a group that’s predominantly minority individuals [0] Federal Deposit Insurance Corp . . Accessed Jun 9 2022. (0) National Credit Union Administration . . Accessed on Jun 9, 2022. . Some of the banks are community-based financial institutions or CDFIs, meaning they are geared towards serving communities of low-income and people who have historically been left out of banking. (Learn about .) Learn more about what it means being MDI. MDI An MDI is defined by the FDIC defines an MDI as either minority-owned (meaning people belonging to a certain minority group have at least 51% of the bank’s voting stock) and minority-led (meaning that at minimum 51 percent of the bank’s Board of directors recognizes itself as being part of a certain minority group, and the bank mainly serves that group). Since credit unions are owned by members and are not profit-driven, the NCUA defines an MDI differently way. According to the NCUA, the credit union must self-report as MDI and have more than 50% of its members and the board members must be members of color. Learn more about the . Commonly asked questions What exactly is a Hispanic American-owned bank? A is a for-profit financial institution where the majority of stockholders and board members happen to be Hispanic or Latino. The bank serves the majority of the Hispanic community, however this does not mean that non-Hispanic individuals or businesses can’t get accounts. What is a Hispanic American-owned credit union? A Hispanic American-owned credit union is a non-profit bank in which a majority of its current members and their board of directors, and the communities that it serves comprise Hispanic American. Membership can be limited to a certain community or group, such as members of a predominantly Hispanic American church or employees or students of a 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 considering joining a credit union owned by a Hispanic American, look into its membership requirements. Similar to the other financial institutions, certain Hispanic American-owned credit unions restrict membership due to geography or other factors. What is a Hispanic-American-owned bank? A is a financial institution in which the majority of stockholders or board members are Hispanic or Latino. The bank is geared towards serving the majority of the Hispanic community, but it doesn’t mean that non-Hispanic individuals or companies can’t open accounts. What exactly is a Hispanic-owned credit union? A Hispanic American-owned credit union is a non-profit bank where the majority of its current members as well as the board of directors, and the communities it serves is 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 of a Hispanic American school district. Can allies 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. As with other credit unions, certain Hispanic American-owned credit institutions restrict membership based on geography or other factors. List of Hispanic American-led and owned banks and credit unions according to state. Not all of these banks and credit unions can be accessed via the internet; institutions that have 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 interested in a Black-owned financial institution within the U.S.? Other ways to find Hispanic-owned credit unions over 110 credit institutions are part of to a nationwide program called (Together We Advance), which obliges participants to offer low-cost and affordable banking services to Latinos. The practices vary by credit union, but they are common: Allowing applicants to show proof of identity from abroad for example, a foreign passport and a “matricula consular” — ID cards issued from Mexican and other governments for those who reside outside their home country. The credit union offers affordable banking services such as money orders, check cashing, credit-building loans and second-chance checks, among other products. Accepting loan applicants who have alternative credit history, such as proof of rent or utility payments and letting identification be by way of Individual Taxpayer Identification Numbers that are issued to foreign nationals who are employed within the U.S. and don’t have Social Security numbers. The credit union should have English and Spanish documents as well as staff who are bilingual. The presence of Latinos on a director’s panel of directors as well as an the executive team. Financial education classes are offered through courses and financial guidance (for building credit, saving, purchasing homes 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. He has had his work highlighted on USA Today and the Los Angeles Times. Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for over five years. On a similar note… Find the best savings account NerdWallet’s top picks for high-yielding account for savings online. 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