[apizzimenti]

Yep, this is exactly it. "Hispanic or Latino" is a question of ethnicity according to the Census Bureau:

> "People may choose to report more than one race to indicate their racial mixture, such as “American Indian” and “White.” People who identify their origin as Hispanic, Latino, or Spanish may be of any race."

Basically it boils down to "Hispanic" or "Latino" being designations for country of origin, where Hispanic refers to anyone from a Spanish-speaking country, and Latino refers to anyone from Mexico or a Central- or South-American country. They're often used interchangeably in the US, though.