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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.
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).
» Skip ahead to the list of Hispanic American-owned banks and credit unions
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,. 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.)
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.
» 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).
» Minority-owned banks matter: Learn the ways minority-owned banks make a difference