Hispanic American-Owned Banks and Credit Unions owned by the State Advertiser disclosure: You’re our number one priority. Each day. We believe that everyone should be able make financial decisions without hesitation. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer as well as the advice we offer and the tools we develop are impartial, independent easy to use and completely free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and where those products appear on our website) However, it doesn’t affect our advice or suggestions which are based on thousands of hours of study. Our partners do not 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 banker at NerdWallet. He has been writing about personal finances since 2013, with an emphasis on deposits and certificates as well as other topics related to banking. 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 in Berkeley, California. and Ruth Sarreal Content Management Specialist Bank accounts bonus bank accounts Ruth Sarreal is a content specialist in management covering consumer banking topics at NerdWallet. She has more than 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 by Nasdaq, MSN, TheStreet and Yahoo Finance. Jun 10, 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 various industries that range from healthcare as well as market research. She graduated with a bachelor’s degree in history at the University of California, Berkeley and a master’s degree of social science from University of Chicago. She can be reached via
. A majority or all of the products featured here are from our partners, who pay us. This affects the products we write about and the location and manner in which the product is displayed on the page. But, it doesn’t affect our assessments. Our opinions are our own. Here is a list of and . Latino-led banks and credit unions aim to help people who are traditionally left out in banks in the U.S. banking system. It is the case for Hispanic and Latino households that are, at 12.2%, are unbanked more than twice the national average according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [0] Federal Deposit Insurance Corp . . Accessed Jun 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 additionally use other financial institutions such as check cashers payday lenders or remittance transfer providers [0] Federal Reserve . . Accessed Jun 9th 2022. . However, having a bank account is an area of safety for keeping cash and a way to pay for bills (regardless whether you are a citizen or not). >> Skip ahead to the Bank for a brighter future. Find an institution that provides excellent service for you , and a mission to improve the world for us all. What makes Hispanic American banks and credit unions stand out Hispanic American banks and credit unions below are committed to helping their communities. The list is comprised of banks and credit unions classified by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively, which means they are either minority-owned, minority-led or have members of the minority community as a majority of its board members or members, and they serve a community which is dominated by minorities.The FDIC is the Federal Deposit Insurance Corp . . Accessed on June 9 2022. , (0) National Credit Union Administration . . Accessed Jun 9 2022. . Some of the banks are community-based financial institutions, also known as CDFIs. This means that they serve low-income communities and the people who have historically been excluded from banking. (Learn more .) Find out more about what it is to be MDI. MDI An MDI is defined by the FDIC defines an MDI as either minority-owned (meaning that members of a particular minority group must hold a minimum of 51 percent of the bank’s vote shares) as well as minority-led (meaning that at minimum 51% of the bank’s board of directors is a member of a certain minority group, and the bank mainly serves that group). Because credit unions are member-owned and not for profit and not for profit, the NCUA defines an MDI differently manner. According to the NCUA, the credit union must self-report as MDI and more than 50 percent of its members as well as the board members must be members of color. Learn more about the . Most frequently asked questions What is a Hispanic-American-owned bank? A is a for-profit financial institution in which the majority of shareholders and board members happen to be Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, however 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 owned by a Hispanic American is a non-profit bank where the majority of its current members, its board of directors, and the communities it serves are Hispanic American. Membership can be limited to a specific area or group, like members of the majority Hispanic American church or employees or students of a Hispanic American school district. Can allies be part of a Hispanic American-owned bank or credit union? Yes, joining a Hispanic American-owned bank could be a beneficial option to help its mission. If you’re considering joining a credit union owned by a Hispanic American check out the requirements for membership. Like the other financial institutions, certain Hispanic American-owned credit institutions restrict membership by geographical location or other criteria. What is a Hispanic-American-owned bank? A is a non-profit financial institution where the majority of stockholders and board members are Hispanic or Latino. The bank is geared towards serving an overwhelmingly Hispanic community, however this doesn’t mean non-Hispanic people or companies can’t open accounts. What exactly is a Hispanic-owned credit union? A credit union owned by a Hispanic American is a non-profit bank with a large proportion of its current members, their board of directors and the people they serve are Hispanic American. It is possible to limit membership to a particular community or group, such as members of the majority Hispanic American church or employees or students in a historically Hispanic American school district. Can allies join a Hispanic American-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, look into the membership requirements. Similar to other credit unions Hispanic American-owned credit institutions restrict membership to members based on geographic or other criteria. A list of Hispanic-American-led and Hispanic American-owned banks as well as credit unions according to state. Not all of these credit unions are via the internet; institutions that have 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 interested in a Black-owned financial institution in the U.S.? Other ways to find Hispanic American-owned credit institutions More than 110 credit unions are part of to a broader program called (Together We Advance), which will require participating credit unions to offer an affordable and accessible banking service to Latinos. The practices vary by credit union, however these are the most common: Allowing customers to present a foreign identity for example, an international passport or “matricula consular” — ID cards that are issued by Mexican as well as other government agencies to citizens who are not citizens of their home countries. The credit union offers affordable banking services like money orders, check cashing as well as credit-building loans and second-chance checks, among other services. Accepting loan applicants based on different credit histories, such as documents of utility or rent payments. Providing identification in the form of individual taxpayer identification numbers which are given to foreign citizens who work within the U.S. and don’t have Social Security numbers. Having English and Spanish materials , as and bilingual staff. Having Latinos on the bank’s Board of Directors and executive team. Offering financial education through workshops and coaching for financial issues (for building credit, saving, buying homes and starting a business, among other topics). The importance of minority-owned banks The authors are 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 management specialist at NerdWallet. She has edited and written articles on topics related to personal finance for over five years. Similar to… Discover a better savings account See NerdWallet’s picks for the best high-yielding account for savings online. 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