Big banks that have been deemed bailout risks will receive a “full and fair” hearing before an October deadline to put their affairs in order, a top financial regulator said Wednesday.

At a press conference, Federal Deposit Insurance Corporation Chairman Martin Gruenberg addressed the banks’ “living wills,” documents spelling out the banks’ plans for going bankrupt without sparking a crisis or necessitating a bailout, and said that the megabanks that had their living wills rejected by regulators in April would have a chance to right the situation.

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