U.S. financial institutions will not be required to start complying with Basel III capital and liquidity requirements by Jan. 1, according to a joint statement issued by regulators on Friday.

More than the 2,000 comment letters have been filed with the three banking agencies – the Federal Reserve Board, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency – raising issues with a June proposal to adopt Basel III in the United States.

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