"As we wind down the remaining asset management estates, we will continue to minimize costs and maximize returns," Harper said. "In doing so, we will fulfill our fiduciary responsibilities as both the conservator and liquidator of the failed corporate credit unions and return additional funds to capital holders."

As liquidating agent of the former corporate credit unions' estates, the NCUA has previously made three rounds of distributions. With this fourth distribution, the NCUA will have returned over $1.8 billion to former membership capital shareholders and $209.8 million in dividends to shareholders.

The Corporate System Resolution Program was established by the NCUA board in the wake of the 2008 financial crisis "to stabilize, resolve and reform the corporate credit union system," according to the NCUA's news release. "The program allowed the credit union system to absorb the failures of U.S. Central, Western, Southwest, Members United and Constitution corporate credit unions over time."

Chip Filson, a former NCUA official who blogs on credit union issues, has criticized the wisdom of the NCUA's liquidation of those corporates.

In a Feb. 2 blog, he said the NCUA initially projected losses of $13.5 billion to $16.5 billion from the liquidated corporates, while he said the NCUA books now show a $6 billion surplus.

"As credit unions receive these final payments, it will be tempting to close the books, move on and let bygones be gone," he wrote. "The crisis was over 12 years ago. But it is still referenced today by (the) NCUA as a reason for challenging the adequacy of the NCUSIF's design, setting the NOL, or even when imposing the new CCULR/RBC capital requirements."

Some of the recoveries were from suits the NCUA brought against major banks that participated in the sale of residential mortgage-backed securities that were a major contributor to the financial crisis. The NCUA said those securities also contributed to its liquidation of five corporate credit unions.