WASHINGTON (AP) -- The Federal Reserve is expected to vote this afternoon on proposed rules designed to stop credit card companies from unfairly raising interest rates and to make sure they give people enough time to pay their bills.

The central bank and two federal agencies are proposing new rules that would prohibit companies from placing unfair time constraints on payments. A payment could not be deemed late unless the borrower is given a reasonable period of time, such as 21 days, to pay.

Among the other proposals are not allowing companies to unfairly allocate payments among balances with different interest rates or unfairly raise annual percentage rates on outstanding balances.

The agencies say the new regulations could be finalized by the end of the year. However, the banking industry is expected to fight the new rules.