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The Federal Reserve announced Friday an $8.6 million fine against Citigroup over its handling of residential mortgage-related documents, specifically the way the entity executed and notarized certain mortgage-related affidavits prepared by the subsidiary CitiFinancial.
 
These practices occurred in 2015 and have since been corrected, the Fed said. CitiFinancial exited the mortgage servicing business in 2017.

Also on Friday, the Fed announced the termination of a 2011 enforcement action against Citigroup and CitiFinancial since practices related to residential mortgage loan servicing were improved.

Relatedly, the NCUA, at NAFCU's urging, has also pressed to receive legal recoveries on behalf of five failed corporate credit unions that purchased faulty RMBS ahead of the crisis. The recoveries have reached more than $5 billion. The NCUA's recoveries in these suits offset the total costs to credit unions of the corporate stabilization program. As a result of the merging of the stabilization fund into the National Credit Union Share Insurance Fund, eligible credit unions received $735.7 million in distributions last month. NAFCU continues to fight for credit unions to realize the fullest distribution possible.

The NCUA still has pending litigation against various RMBS trustees and LIBOR banks related to corporate credit union losses.