Native American-Owned Banks, Credit Unions: Where to Find Them

Per the definition of a minority depository institution from the Federal Deposit Insurance Corp., a Native American-owned bank is one where the majority of voting stock is owned by Native Americans or the majority of the bank’s board of directors and the community it serves is predominantly Native American. Banks, whether minority-owned or not, are usually for-profit institutions, unlike credit unions.

Like a Native American-owned bank, a Native American-owned credit union has Native Americans as a majority of its current members, board members and/or the community it serves. Credit unions are typically not-for-profit. To open an account at a credit union, you might need to meet membership requirements, such as living in a particular area or working for a particular employer.

Minority depository institutions, or MDIs, are federally insured depository institutions like banks and credit unions where minorities hold at least 51% of the voting stock, or where the majority of the board of directors is made up of minorities and where the institution's target community is primarily made up of minorities.

Community development financial institutions, or CDFIs, are financial institutions — typically banks and credit unions — that are mission-driven to support communities that have traditionally been shut out of mainstream banking services.

Yes, minority depository institutions are available to all. Keep in mind, however, that credit unions sometimes have membership requirements such as geographic location or working for a particular employer, so you’ll want to check whether you qualify before joining. Banking with an MDI can be a valuable way to show your support to the community it serves.