Hispanic American-Owned Banks and Credit Unions by State

Jun 10, 2022

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Latino-led banks and credit unions aim to help people who have traditionally been underserved by the U.S. banking system. This includes Hispanic or Latino households who, at 12.2%, are unbanked at more than double the national rate, according to the Federal Deposit Insurance Corp.’s 2019 survey of unbanked households

Federal Deposit Insurance Corp. How America Banks: Household Use of Banking and Financial Services. 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 also use alternative financial providers such as check cashers, payday lenders or remittance transfer providers

. But using a bank account means access to a safe place for keeping cash and a way to pay bills (regardless of your citizenship or immigration status).

Why Hispanic American banks and credit unions stand out

The Hispanic American banks and credit unions listed below are committed to helping 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, which means 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 that’s predominantly minority individuals

Federal Deposit Insurance Corp. Minority Depository Institutions List. Accessed Jun 9, 2022.
,. Some of the institutions are also community development financial institutions, or CDFIs, meaning that they focus on serving low-income communities and the people who have historically been excluded from the financial system. (Learn more about CDFIs.)

Learn more about what it means to be an MDI

The FDIC defines an MDI as either minority-owned (meaning individuals of a specific minority group have a minimum of 51% of the bank’s voting stock) or minority-led (meaning that at least 51% of the bank’s board of directors identifies as part of a specific minority group and the bank mainly serves that group). As credit unions are member-owned and not for profit, the NCUA defines an MDI in a different way. According to the NCUA, the credit union must self-report as MDI and more than 50% of its members and board members must be people of color. Read more about the differences between minority-owned and minority-led institutions here.

Frequently asked questions
What is a Hispanic American-owned bank?

A Hispanic American-owned bank is a for-profit financial institution in which the majority of stockholders or board members are Hispanic or Latino. The bank tends to serve a mostly Hispanic community, but this doesn’t mean non-Hispanic people or firms can’t open accounts.

What is a Hispanic American-owned credit union?

A Hispanic American-owned credit union is a not-for-profit banking institution in which a majority of its current members, its board of directors and the community it serves are Hispanic American. Membership can be limited to a certain city or group, such as members of a predominantly Hispanic American church or employees or students of a historically Hispanic American school district.

Can allies join a Hispanic American-owned credit union or bank?

Yes, joining a Hispanic American-owned bank can be a meaningful way to support its mission. If you’re interested in a Hispanic American-owned credit union, look into its membership requirements. As with other credit unions, some Hispanic American-owned credit unions restrict membership by geography or other factors.

List of Hispanic American-led and Hispanic American-owned banks and credit unions by state

Not all of these banks and credit unions are accessible online; financial institutions with websites are linked.

New Jersey
  • Goya Foods Employees Federal Credit Union

  • Passaic Police Federal Credit Union

» Interested in a Black-owned financial institution in the U.S.? See our list of Black-owned banks and credit unions

Other ways to find Hispanic American-owned credit unions 

More than 110 credit unions belong to a nationwide program called Juntos Avanzamos (Together We Advance), which requires participating credit unions to provide affordable and accessible banking products to Latinos. The practices vary by credit union, but these are common:

  • Allowing applicants to provide foreign identification, such as a foreign passport and a "matrícula consular"ID cards issued by Mexican and other governments for citizens who reside outside their home countries.

  • Providing affordable banking services, such as money orders, check cashing, credit-building loans, second-chance checking or other products.

  • Accepting loan applicants based on alternative credit histories, such as records of rent or utility payments and letting identification be in the form of Individual Taxpayer Identification Numbers, given to foreign nationals who work in the U.S. and don’t have Social Security numbers.

  • Having English and Spanish materials as well as bilingual staff.

  • Having Latinos on a credit union’s board of directors and executive team.

  • Offering financial education through classes and financial coaching (for building credit, saving, buying a home, starting a business or other topics).

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