A dozen of Wall Street's largest banks released a detailed plan on Monday, explaining how they would anticipate business closure without the help of taxpayers' money. The program is seen as a crucial step to prevent banks from being broken up by regulators, Reuters reported.

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The banks are the Bank of America (BAC.N), the Bank of New York Mellon (BK.N), Barclays (BARC.L), Citigroup (C.N), Credit Suisse (CSGN.VX), Deutsche Bank (DBKGn.DE), Goldman Sachs (GS.N), JPMorgan Chase (JPM.N), Morgan Stanley (MS.N), State Street (STT.N), UBS (UBSG.VX) and Wells Fargo (WFC.N), according to MSN.

The plans contain more details than those in similar documents released last year. Citigroup (CN) for example, submitted a 102-page proposal - more than three times the size of the company's 2014 paper. However, only a small portion of the plan has been published on the regulator's website. The document consists of thousands of pages spelling out detailed instructions on the steps to be taken in times of crisis. The plans particularly states which line of business should be sold through the public offering in case of a crisis.

JP Morgan spokesman said the new system would enable the organization to resolve the firm effectively without a disruption and without putting taxpayers at risk. 

After the 2007-2009 crisis, banks were ordered to submit plans called "living wills," which explains how they would survive bankruptcy without being dependent on government support.

However, the Federal Reserves and the Federal Deposit Insurance Corporation (FDIC) did not feel satisfied with the quality of the plans submitted. Therefore, they urged the banks to provide detailed information and use more realistic assumptions before their plans would be sanctioned.

Under the 2010 Dodd-Frank Act, regulators have full authority to shut down banks if they do not have "credible" living wills.

This move is only a starting point of a complicated procedure giving some banks time to improve.

There was no joint determination last year as the FDIC and the Fed did not agree with the plans of the banks. It is still not clear when the regulators will drop the verdict on this year's round of submission.

TagsU.S. banks, Federal Deposit Insurance Corporation (FDIC), Federal Reserve, U.S. Banks Living Wills