There are three areas of change to be completed by the FRB:
1. Reg CC Part D - Check 21 Regulation - expected to be completed by late June, early July.
2. Reg J changes in conjunction with Check 21 and Operating Circular #3. Expected comments to be relased in early June.
3. Operating Circular #3 to be revised to accomodate FRB Check 21 Product Offerings related to acceptance of Image Cash Letters. These changes will follow Reg CC and J and are expected in August.