"It's stronger than what has been issued in the past," spokesman William Ruberry told The Washington Post (NYSE:WPO).

The rules include mandating payments apply to the higher interest rate debt on balances where two interest rates apply and disallowing late fees unless the issuer provides at least 21 days notice, the Post reported Friday.

Rules changes would also limit fees on bills paid by phone and ban the practice of charging fees on overdrafts if the credit card company approved the charge, The New York Times (NYSE:NYT) reported.

The U.S. Federal Reserve is expected to announce the changes -- also endorsed by the National Credit Union Administration -- Friday afternoon.

American Bankers Association Senior Vice President Ken Clayton called the proposals "very aggressive regulatory intervention … that will lead to higher prices and less credit options."