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Hispanic American-owned Banks and Credit Unions owned by States
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Hispanic American-owned Banks and Credit Unions owned by States
by Spencer Tierney Senior Writer | Certificates of Deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has written about finances for individuals since the year 2013, with a focus on certificates of deposit and other banking-related topics. The work he has written for him was featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.
as well as Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in content management covering topics related to consumer banking at NerdWallet. She has more than 10 years of experience in writing and editing for consumer websites. She was previously editor of articles on personal finance topics at GOBankingRates. Her work has been highlighted on Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated 10 Jun 2022
Written by Yuliya Goldshteyn Assistant Banking Yuliya Goldshteyn is a bank editor with NerdWallet. She was previously an editor, a researcher and writer in industries ranging from medical care and market research. She graduated with a bachelor's degree in history from the University of California, Berkeley and a master's degree of social science from the University of Chicago, with the focus on Soviet culture and history. She is based at Portland, Oregon.
A majority of the products featured here are provided by our partners who pay us. This influences which products we write about and where and how the product appears on the page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .
Latino-led banks and credit unions are aiming to assist people who are traditionally left out through banks and credit unions in the U.S. banking system. That includes Hispanic or Latino households, which are, at 12.2%, are unbanked by more than a third of the national average, according to the Federal Deposit Insurance Corp.'s 2019 survey of households that are not banked [0] Federal Deposit Insurance Corp . . Accessed Jun 9, 2022.
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And according to a 2019 survey from the Federal Reserve, nearly 22% of Latino households are underbanked, meaning they have bank accounts , but are also using alternative financial services such as check cashers, payday lenders or remittance transfer providers [0] Federal Reserve . . Accessed on Jun 9, 2022.
. But having a bank account means access to an area of safety for keeping cash as well as a method to pay for bills (regardless of your citizenship or status).
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What is the reason Hispanic American banks and credit unions stand out
The Hispanic American banks and credit unions on this list are committed to supporting their communities. The list is made up of banks and credit unions categorized as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are owned by minorities, have minority leadership or persons of color as the majority of its board members or members and they serve a group which is dominated by minorities.] Federal Deposit Insurance Corp . . Accessed Jun 9 2022.
", "0" National Credit Union Administration . . Accessed Jun 9, 2022.
. A few of them have also been referred to as Community Development Financial Institutions or CDFIs, meaning that they focus on serving communities of low income and people who have historically been left out of the financial system. (Learn about CDFIs here .)
Learn more about what it is being an MDI
The FDIC determines an MDI as one that is minority-owned (meaning people belonging to a certain minority group hold a minimum of 51 percent of the bank's voting shares) as well as minority-led (meaning that at least 51% of bank's board of directors identifies as being part of a certain minority group, and the bank mainly serves the minority group). As credit unions are member-owned and are not profit-driven The NCUA defines the term MDI differently manner. According to NCUA, the credit union is required to self-report as an MDI and at least 50 percent of its members and board members must be people of people of color. Find out more about the .
Most frequently asked questions What exactly is a Hispanic American-owned bank?
A is a financial institution in which the majority of stockholders or the board of directors are Hispanic or Latino. The bank serves an mainly Hispanic community, however 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 Hispanic Americans is a bank that is not for profit with a large majority of its current members and its board of directors and the community it serves are Hispanic American. Membership is limited to a specific area or group of people, for example members of the majority Hispanic American church or employees or students in a historically Hispanic American school district.
Can allies be part of a credit union owned by Hispanic Americans or bank?
It's true that joining a Hispanic American-owned bank is a good way to support its mission. If you're looking to join an American-owned credit union, look into the requirements for membership. Like other credit unions, some Hispanic American-owned credit unions restrict membership by geographical location or other aspects.
What is a Hispanic-American-owned bank?
A is a for-profit financial institution where the majority of stockholders or board members are Hispanic or Latino. The bank is geared towards serving a mostly Hispanic community, however this doesn't mean that non-Hispanics or companies can't open accounts.
What is a Hispanic American-owned credit union?
A credit union that is owned by a Hispanic American is a non-profit bank with a large majority of its members as well as their board of directors and the people that it serves are Hispanic American. The membership of a credit union is limited to a particular community or even a specific certain group of people, for example, members of a majority Hispanic American church or employees or students in a historically Hispanic American school district.
Can allies be part of a credit union owned by Hispanic Americans or bank?
If you're interested, joining a Hispanic American-owned bank is a good method to help its mission. If you're looking to join an American-owned credit union check out the membership requirements. Like many other credit unions some Hispanic American-owned credit unions limit membership based on geographic location or other criteria.
A list of Hispanic-American-led and Hispanic American-owned credit unions and banks in each state.
None of these credit unions and banks are accessible online; 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 Federal Credit Union, Texas
Reeves County Teachers Credit Union
Are you interested in joining a Black-owned financial institution located in the U.S.?
Other ways to find Credit unions owned by Hispanic Americans
More than 110 credit unions are part of to a national program known as (Together We Advance), which obliges participating credit unions to offer affordable and accessible banking services to Latinos. The practices vary by credit union, but the following are generally the norm:
Accepting applicants with evidence of identity from abroad, like an international passport or "matricula consular" -- identification cards provided by Mexican or other authorities for citizens who reside outside their country of residence.
Provides affordable banking services such as cashing in checks, money orders as well as credit-building loans and second-chance checks, among other products.
Accepting loan applicants on the basis of alternative credit scores, such as documents of utility or rent payments, and allowing identification to be in the form of individual taxpayer identification numbers, given to foreign nationals who are employed in the U.S. and don't have Social Security numbers.
Having English and Spanish documents as well as bilingual staff.
Having Latinos on the credit union's board of directors as well as the executive team.
Offering financial education through courses and financial guidance (for building credit, saving, purchasing homes and starting a business, among other subjects).
Minority-owned banks are important:
About the authors: Spencer Tierney is a writer, and NerdWallet's official authority for certificates of deposit. 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 edited and written articles on topics related to personal finance for over five years.
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