Banks and insurers are resisting new U.S. rules requiring large financial firms to submit "living wills" detailing how they could be dismantled during a crisis. Industry groups argue that breaking up companies would hurt them by imposing inefficient management structures. Regulators counter that they need an orderly mechanism to avoid panic, and that developing living wills would help firms and authorities be better prepared for resolving future failures. Discussions are ongoing between regulators and financial firms over how stringent the new rules should be.