Do you ever have that recurring dream that it's almost the end of the semester and you have yet to write a 2,000-page essay about your death? Or is that just me and maybe a handful bank officers?

The first round of "living wills," plans required by the Dodd-Frank Act that detail how behemoth financial institutions would unwind themselves, are due on July 1. The great promise is that having these road maps in place will prevent future government bailouts, and yes, end "too big to fail."

"I want it to have good results, but it will not be the cure-all," Federal Deposit Insurance Corp. vice chairman Thomas Hoenig told the Wall Street Journal. Despite plans in place for liquidation, he thinks these institutions will still be too big and complex and have too much sway on the health of the economy.

Why do bankers especially care about Hoenig's views on the matter? "He is one of the highest-ranking officials to back breaking up big banks," explains the WSJ piece. And "the FDIC, in concert with the Federal Reserve, has the power to force a bank to sell off parts if it can't craft a 'credible' plan."

For the full piece see "Banks Preparing for the End" (may require subscription)