Regulators are taking steps to ease requirements for banks to submit “living will” plans for winding themselves down in a crisis without a taxpayer-funded bailout, the latest step to soften postcrisis rules on the banking industry.

Federal Deposit Insurance Corp chair Jelena McWilliams, in a speech to a banking industry group, said her agency and the Federal Reserve are reviewing how to make the tests less burdensome on the nation’s largest banks and regional firms.