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Hispanic American-owned banks and Credit Unions owned by the State Advertiser disclosure You’re our first priority. Each time. We believe everyone should be able make financial decisions with confidence. Although our site does not include every company or financial product that is available in the marketplace We’re pleased that the advice we provide as well as the advice we offer as well as the tools we design are impartial, independent easy to use and 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 our website) However, it doesn’t affect our recommendations or advice which are based on many hours of study. Our partners do not 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, ethical banking, banking deposit accounts 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 banking-related subjects. He has had his work highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He’s based within Berkeley, California. And Ruth Sarreal Content Management Specialist Accounts with banks and bank account bonuses Ruth Sarreal is a content manager who covers the topics of banking for consumers at NerdWallet. She has over a decade of experience editing and writing for websites for consumers. She previously edited content on personal finance topics at GOBankingRates. The work she has done was highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance. June 10 2022 Edited by Yuliya Goldshteyn Assistant editor Yuliya Goldshteyn is a bank editor for NerdWallet. She has previously worked as an editor, writer and research analyst in industries ranging from healthcare and market research. She received a bachelor’s level degree in the field of 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 we feature are made by our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on a page. But this doesn’t influence our evaluations. Our opinions are our own. Here is a list of and . Latino-led banks and credit unions are aiming to assist people who have been traditionally neglected by their U.S. banking system. It comprises Hispanic as well as Latino households who have a rate of 12.2%, are unbanked at a rate that is more than double the national rate, according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households [0- 0 Federal Deposit Insurance Corp . . Accessed Jun 9th 2022. . According to a survey conducted by the Federal Reserve, nearly 22% of Latino households are not banked which means they have accounts with banks but are also using alternative financial services like check cashers, payday lenders, or remittance transfers providers [0] Federal Reserve . . Accessed on June 9 2022. . But using a bank account means access to an area of safety for keeping cash and a way to pay your bills (regardless of your citizenship or status). Click here to go to the Bank for a brighter future. Learn how to locate the best bank that has great service for you and a mission to make the world better for us all. What makes Hispanic American banks and credit unions stand out 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 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 people of color as a majority of its members or board members, and they serve a community with a majority of minority members [0* Federal Deposit Insurance Corp . . Accessed Jun 9, 2022. , [0] National Credit Union Administration . . Accessed Jun 9, 2022. . Some of the institutions are also community development financial institutions, also known as CDFIs. This means they are geared towards serving low-income communities and the people who have been historically exclusion from the financial system. (Learn more .) Find out more about what it is being MDI. MDI The FDIC determines an MDI as one that is minority-owned (meaning that members of a particular minority group have a minimum of 51 percent of the bank’s voting stock) as well as minority-led (meaning that at minimum 51% of the bank’s board of directors recognizes itself as being part of a specific minority group and that the bank mainly serves that segment). Since credit unions are owned by members and are not profit-driven The NCUA define an MDI with a distinct way. 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 people of color. Find out more about . Most 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 serves an overwhelmingly Hispanic community, however this does not mean that non-Hispanic individuals or businesses can’t get accounts. What exactly is a Hispanic-owned credit union? A Hispanic American-owned credit union is a non-profit bank with a large proportion of its members as well as their board of directors, and the community that it serves is Hispanic American. Membership can be limited to a specific area or group of people, for example, 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-American-owned bank or credit union? Yes, joining a Hispanic American-owned bank is a worthwhile option to help its mission. If you’re interested in a credit union owned by a Hispanic American take a look at its membership requirements. Like other credit unions, some Hispanic American-owned credit institutions restrict membership based on geographical location or other criteria. What is a Hispanic American-owned bank? A is a for-profit financial institution that has the majority of shareholders or board members are Hispanic or Latino. The bank tends to serve the majority of the Hispanic community, but it doesn’t mean that non-Hispanic individuals or businesses can’t get accounts. What is a Hispanic American-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 members, their board of directors and the community it serves comprise Hispanic American. The membership can be restricted to a specific city or group, such as members of an overwhelmingly 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 could be a beneficial way to support its mission. If you’re interested in a Hispanic American-owned credit union check out the membership requirements. Like other credit unions Hispanic American-owned credit institutions restrict membership by geography or other factors. A list of Hispanic-American-led and owned banks and credit unions by state all of these banks and 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 a Black-owned financial institution within the U.S.? Another way to locate Hispanic American-owned credit unions More than 110 credit unions have joined to a broader program called (Together We Advance), which requires the participating institutions to offer low-cost and affordable banking services to Latinos. The practices vary by credit union, however these are the most common: Allowing customers to provide foreign identification for example, a foreign passport and a “matricula consular” ID card that are issued through Mexican and other governments to citizens who live outside their home countries. Offering affordable banking services, like cashing out checks, money orders, credit-building loans and second-chance checks, among other services. Accepting loan applicants who have other credit histories, like records of rent or utility payments, and allowing identification to be provided in form 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 materials , as well as staff who are bilingual. Having Latinos on the director’s panel of directors as well as an the executive team. The credit union offers financial education in the form of courses and financial guidance (for creating credit, savings, buying a home or starting a business, among other subjects). Minority-owned banks are important: About the authors: Spencer Tierney is an expert on certificates of deposit at NerdWallet. The work he has done was highlighted on USA Today and the Los Angeles Times. Ruth Sarreal is a content manager at NerdWallet. She has been writing and editing content on personal finance topics for more than five years. On a similar note… Choose a better savings account See NerdWallet’s picks for the best high-yield online savings accounts. 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 matter most to you along with other ways to help you make more value from your money.

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