Big banks say they've done a better job coming up with plans for avoiding a financial crisis if they were to go bankrupt, after the Federal Deposit Insurance Corporation rejected those plans in 2014.

The Federal Reserve and FDIC published the public portions of these plans on Monday. Known as "living wills," the plans provide a glimpse into how the banks have reformulated their plans after the FDIC rejected them last year.

"The firms have taken meaningful, concrete steps to ensure their plans are credible and that no firm is too big to fail," said Rob Nichols, president of the Financial Services Forum, an organization representing large banks. "The living wills process builds on the many improvements that have made the U.S. financial system stronger, safer and more simple, including the doubling of capital and liquidity, and structural changes to reduce risk and streamline business models."

Despite that claim, the last word belongs to the regulators, which will announce their decisions regarding the wills' credibility in the late summer or fall.

Still, JPMorgan Chase said in its public filing that changes it has made since 2009 have made it "dramatically less likely" that the bank would fail, and much more likely that it would be able to go through an orderly restructuring if it did.

It cited the fact that it had raised over $60 billion in capital since 2009, and exited 30 product lines or businesses.

Goldman Sachs said that it has reduced its balance sheet by nearly a quarter, from $1.12 trillion to $856 billion, in addition to raising capital. The bank noted that it has closed its proprietary trading businesses and sold lines of business, including a metals warehouse that had drew scrutiny from Congress and regulators.

Citigroup similarly touted the fact that it has cut down on lines of business and legal entities, and pledged to cut its total number of legal entities by 25 percent by 2017.

Multiple banks cited the impact of two developments over the past year that strengthened their ability to go through bankruptcy rather than a disorderly failure. One is a new rule requiring banks to hold a certain amount of assets that can easily be written off in an emergency, and the other is an agreement between major banks on derivatives contracts to delay collection of collateral in the case of a failure.

The banks' living wills are a tool created by the 2010 Dodd-Frank reform law for ensuring that banks will not create crises or get bailouts if they fail. Each of the 12 big banks is required to spell out each year exactly how they would pay off creditors and resolve complex ownership claims to the regulators' satisfaction.

If the banks fail to demonstrate a credible plan for going through bankruptcy, the regulators are authorized to require them to build up capital levels or even break up the banks after a time, without Congress or the president getting involved.

The full versions of the living wills contain sensitive business information and can run into to tens of thousands of pages, Federal Reserve chairwoman Janet Yellen has said. The versions released Monday for public viewing contain only general information and a high-level description of how the banks would plan to go through bankruptcy.

Expectations for this year's living wills from the big banks were set high after regulators said last August that the 11 biggest banks' plans were missing key features.

The FDIC said outright that the plans were not credible. The Fed stopped short of that determination, and merely asked for changes in the next round of filing, especially in terms of simplifying the firms' legal structures.