Nine global banks operating in the US have produced road maps for what should happen if one of them is nearing financial peril.
The move is designed to avoid a repeat of the taxpayer-funded bailouts that were seen at the height of the recession and are part of the recommendations made by the 2010 Dodd-Frank report into the sector.
JP Morgan Chase, Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS have all put their living wills forward.
It is hoped by producing these documents people will no longer think that any lenders are too big to fail.
Guggenheim Partners financial policy analyst Jaret Seiberg stated: "Our initial review suggests there is little real risk that regulators could reject one of these plans".
The watchdog is expected to provide the banks with feedback on their plans before the end of September, while up to 125 lenders are eventually expected to make a submission.
By Gary Cooper