The U.S. regulator of credit unions said on Monday that it has negotiated settlements totaling just over $165 million with Citigroup and Deutsche Bank Securities for mortgage-backed securities sold to wholesale credit unions.

The National Credit Union Administration said Deutsche Bank Securities has agreed to pay $145 million, while Citigroup has agreed to pay $20.5 million.

The regulator alleged that banks made misrepresentations in the offering documents for the securities sold to the five institutions that were seized during the financial crisis.

The settlements were pursued to help recover losses related to the failures of the wholesale credit unions that provided services to retail credit unions.

In a statement issued on Monday, the NCUA said neither Citigroup nor Deutsche Bank Securities were admitting fault as part of the settlement.

We are fulfilling our statutory responsibility to secure maximum recoveries for credit unions and ensure that consumers remain protected, NCUA Chairman Debbie Matz said in a statement.

Deutsche Bank said it was pleased to have resolved the claims without litigation. Citi is pleased to have resolved this matter, said spokeswoman Danielle Romero-Apsilos.

Corporate, or wholesale, credit unions provide services to retail credit unions including lending, as well as check and payment clearance services.

Wholesale credit unions have experienced more troubles than their retail counterparts because they did not face the same restrictions on permitted investments, leading to big losses during the financial crisis.

The NCUA seized three large corporate credit unions in 2010 after seizing two in 2009.

The five institutions are Members United Corporate Federal Credit Union of Warrenville, Illinois; Southwest Corporate Federal Credit Union of Plano, Texas; Constitution Corporate Federal Credit Union of Wallingford, Connecticut; U.S. Central Corporate Federal Credit Union of Kansas; and Western Corporate Federal Credit Union of California.

The NCUA has been collecting from the credit union industry to recover the costs of seizing the five institutions and the settlements will offset what the industry will have to pay.

On Monday the agency said so far it has assessed credit unions $3.3 billion since 2009 and could have to charge them between $1.8 billion and $6.1 billion more.