  We discuss the possibility to define exact RG equations for a UV regulated
Wilsonian action based on a proper time (PT) regulator function. We start from
a functional mapping which shows how each particular flow equation (and RG
scheme) is associated to infinitely many scale dependent field redefinitions,
which are related to specific coarse-graining procedures. On specializing to a
sub-family of one parameter PT regulators we briefly analyze few results for
the Ising Universality class in three dimensions, obtained within a second
order truncation in the derivative expansion of the Wilsonian action.
