WASHINGTON-The Federal Reserve Board recently proposed changes to Regulation J to bring the entire range of the its check processing services in line with the Check Clearing for the 21st Century Act. Check 21, which becomes effective Oct. 28, allows banks to substitute original checks with electronic versions for greater efficiency while maintaining the legal equivalency of the instruments. The law facilitates the electronic transmission of checks but does not require financial institutions to accept checks electronically. The Fed plans to offer a wider array of electronic processing services in light of the new law. The proposed amendments would bring electronic items under Reg J, which currently only applies to paper instruments, establish new warranties, and create an indemnity to apply to electronic items for which there is no current warranty or indemnity. July 26 is the deadline for comments on the proposed changes.