Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve have proposed a draft rule requiring banks to submit ‘living wills’ to regulators with updates and reports on their credit exposures, The Wall Street Journal reports. The U.S. banking regulators are seeking a plan, including information of the firm’s business lines, corporate structure and exposures, which will be used in case the firms face a crisis.

FDIC has identified 124 banks, which will be subject to the rule, including 26 U.S. bank holding companies and the remaining are subsidiaries of foreign-owned banks. Bank holding companies, such as Band of America, JP Morgan Chase and Citigroup, will have to submit the plans annually to the FDIC, the Fed and the new Financial Stability Oversight Council.

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