Momentum may be gathering regarding a delay in banking regulation reforms, with a planned inquiry into the financial system by an incoming Coalition government of the means of shepherding through any changes to policies that have already been adopted by the industry regulator, APRA.On Saturday, The Australian newspaper reported talk within the industry that a Liberal and National government "would protect the nation's banks… by linking up with other countries that enjoy the benefits of robust banking systems."In the past, industry representatives have voiced their angst over APRA's diligent actions in implementing Basel rules quickly. Mike Smith, chief executive of ANZ (who is also chair of the Australian Bankers Association), has been the most prominent critic.Coalition representatives, through the Senate's "estimates" hearings, have previously voiced industry discontent over the direction of APRA policy.They may be doing so again. The Australian reports that "senior Coalition figures have broached the idea of closer co-operation with Canada".The Australian Prudential Regulation Authority requires banks to meet more stringent capital ratios from 2013, or two years earlier than the notional requirement for banks to meet these ratios under the framework devised by the Basel Committee (which drives global reform of banking regulation).The Bank of Canada plans to follow a similar path to APRA. The latest Financial System Review, published by the BoC in June, noted that "Canadian banks, along with banks in some other jurisdictions, plan to implement the Basel III rules in 2013, the first year of the agreed-upon phase-in period."While the newspaper's sources may have misunderstood the reform agenda in Canada, the report suggests that some in the industry, via the agency of the Coalition, may be looking for a reference point through which to rationalise a watering down of APRA's present policy. This may even amount to a reversal of established policy some time in 2014, or later, given the general election in Australia is not due until November 2013.Joe Hockey, the shadow treasurer, first outlined plans for a "full inquiry into Australia's financial system" in late 2010.Voices supporting such an inquiry are emerging. Two weekends ago, Abacus, the lobby group for mutual banks, building societies and credit unions, released a report by Deloitte Access Economics that made the case for an inquiry on the grounds that measures taken over the past couple of years to promote competition have not been effective.Bruce Munro, chief risk officer of National Australia Bank, told the Senate's economics committee on Friday that the bank would be "conceptually supportive" of such an inquiry.