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Hispanic American-owned banks and Credit Unions owned by State
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Hispanic American-owned Banks and Credit Unions by State
Written by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finance since 2013, with a particular focus on certificates of deposit and other banking-related subjects. His work has been featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.
And Ruth Sarreal Content Management Specialist and Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in the management of content covering banking for consumers at NerdWallet. She has over a decade of experience writing and editing for websites for consumers. She previously edited articles on personal finance topics at GOBankingRates. Her work has been featured on Nasdaq, MSN, TheStreet and Yahoo Finance.
Updated 10 Jun 2022
Edited by Yuliya Goldshteyn Assistant Bank Yuliya Goldshteyn is a bank editor for NerdWallet. She has previously worked as an editor, a writer and a research analyst across a range of industries from health care to market research. She received a bachelor's diploma in the field of history at the University of California, Berkeley and a master's of social science from the University of Chicago, with the focus on Soviet cultural history. She lives at Portland, Oregon.
The majority or all of the products featured here are provided by our partners who compensate us. This affects the products we feature and where and how the product is featured on the page. However, this doesn't affect our opinions. Our views are our own. Here is a list of and .
Latino-led banks and credit unions aim to help people who have been traditionally neglected through their traditional U.S. banking system. It is the case for Hispanic or Latino households that, at 12.2 percent, are not banked at more than double the national average as per federal deposit insurance Corp.'s survey of the unbanked households . Federal Deposit Insurance Corp . . Accessed on June 9, 2022.
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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 such as check cashers, payday lenders or remittance transfer providers [01 Federal Reserve . . Accessed on Jun 9, 2022.
. However, having the term "bank account" bank account means access to an enclave for safekeeping money and to pay your bills (regardless of status or citizenship).
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Why Hispanic American banks and credit unions are different
These Hispanic American banks and credit unions on this list are committed to helping their communities. The list is made up of banks and credit unions that are classified in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they're minority-owned, minority-led , or have members of the minority community as a majority of their members or board members, and they serve a community with a majority of minority members [0The FDIC is the 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 also known as CDFIs. This means they serve communities with low incomes and those who were previously excluded from finance. (Learn about CDFIs here .)
Find out more about what it is being an MDI
Aside from that, the FDIC determines an MDI as being either minority-owned (meaning that members of a particular minority group hold at least 51 percent of the bank's voting share) as well as minority-led (meaning that at minimum 51% of the board of directors recognizes as being part of a certain minority group and the bank's primary focus is on the minority particular group). As credit unions are member-owned and are not profit-driven The NCUA determines as an MDI in a different way. According to the NCUA the credit union must self-report its status as an MDI and more than 50 percent of its members and the board members must be members of color. Read for more information about .
Frequently asked questions What is a Hispanic American-owned bank?
A is a for-profit financial institution in which the majority of shareholders or board members are Hispanic or Latino. The bank is geared towards serving an mainly Hispanic community, but that does not mean that non-Hispanic individuals or firms can't open accounts.
What is a Hispanic American-owned credit union?
A credit union owned by Hispanic Americans is a non-profit bank in which a majority of its current members, the board of directors and the community they serve is Hispanic American. The membership can be restricted to a certain area or group, like 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 credit union or bank?
It's true that joining a Hispanic American-owned bank is a good method to help its mission. If you're interested in a Hispanic American-owned credit union take a look at the requirements for membership. Similar to the other financial institutions, certain Hispanic American-owned credit unions restrict membership by geographic location or other criteria.
What is a Hispanic American-owned financial institution?
A is a non-profit bank that has the majority of stockholders or board members are Hispanic or Latino. The bank serves the majority of the Hispanic community, however, this doesn't mean that non-Hispanics 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 members as well as its board of directors, and the people it serves is Hispanic American. The membership can be restricted to a specific area or particular group, like members of a majority Hispanic American church or employees or students of a historically Hispanic American school district.
Can allies join a credit union owned by Hispanic Americans or bank?
Yes, the joining of a bank owned by Hispanic Americans can be a meaningful way to support its mission. If you're interested in an American-owned credit union take a look at the membership requirements. As with other credit unions, there are Hispanic American-owned credit unions restrict membership by geographic location or other criteria.
A list of Hispanic-American-led and owned credit unions and banks sorted in each state.
None of these credit unions and banks are online, but financial 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 Unit
Reeves County Teachers Credit Union
Are you interested in an institution that is owned by a black person located in the U.S.?
Other options to find the Hispanic-American owned credit unions
More than 110 credit unions belong to a nationwide program called (Together We Advance), which requires participating credit unions to provide affordable and accessible banking products to Latinos. The procedures vary from one credit union, but these are generally the norm:
The program allows applicants to present an identification document from outside the country, for example a foreign passport and a "matricula consular" - identity cards that are issued by Mexican as well as other government agencies for citizens living outside of their country of residence.
Providing affordable banking services, like cashing checks, money orders, credit-building loans and second-chance checks, among other products.
Accepting loan applicants based on different credit histories, such as the records of utility payments, and allowing identification to be provided in form of Individual Taxpayer Identification Numbers that are issued to foreign nationals who work within the U.S. and don't have Social Security numbers.
The facility has English and Spanish materials as in addition to bilingual staff.
The inclusion of Latinos on the bank's board of directors or executive team.
Offering financial education through classes and financial coaching (for creating savings, credit building, buying homes, starting a business or other topics).
The banks owned by minorities are important:
About the authors: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been 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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