U.S. regulators said on Friday that they were postponing a significant part of the financial regulatory overhaul after banks said they would not be ready for the new rules, the New York Times DealBook blog reported. The regulators proposed the rules in June as part of an international effort to harmonize the global financial system. Smaller banks immediately objected to the proposals, saying that they would be too costly and might deter them from making loans. Some of the rules were supposed to take effect at the beginning of next year, but regulators have decided a delay makes sense. "In light of the volume of comments received and the wide range of views expressed during the comment period, the agencies do not expect that any of the proposed rules would become effective on January 1, 2013," according to a statement from the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.
