Legislation such as the Community Reinvestment Act also helped address the needs of underrepresented communities by requiring banks to meet their needs through services and products. In the late 1960s and early 1970s, the government began to develop programs and policies that could aid minority-owned banks and allow these institutions to continue serving underrepresented communities.įor instance, through Executive Order 11625, the government sought to establish a program that would strengthen minority banks. These financial institutions were able to connect with their local communities and fill the banking gap by addressing areas like language and culture. Hispanic American banks were founded in areas where minority communities lived. Historically, Hispanic Americans have been affected by discriminatory lending practices like redlining and experienced limited economic opportunities to build wealth. Hispanic American financial institutions were created to provide services to low-income and minority communities, particularly Hispanic American communities. The first Hispanic American-owned banks in the mainland US were established in the 1960s, one of the first being Centinel Bank of Taos. Puerto Rico History of Hispanic American-owned banks
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Hispanic American-owned institutions by state, plus Puerto Rico and the US Virgin Islands Terms apply to offers listed on this page. In some cases, we receive a commission from our partners however, our opinions are our own. Our experts answer readers' banking questions and write unbiased product reviews ( here's how we assess banking products).
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