WASHINGTON, July 17 (Xinhua) -- The Federal Reserve will likely become more assertive toward the lending and marketing practices of the nation's more than 35,000 banks, credit unions, finance companies and mortgage brokers, The Wall Street Journal reported on Tuesday.

    The form that any changes in the Fed's regulatory approach might take is not clear, but they could affect anything from credit-card payments to mortgage penalties, said the report.

    The central bank has broad authority to prohibit banking practices it deems unfair and deceptive, an important role that receives far less attention than the setting of monetary policy, the report added.

    The Federal Reserve has been under fire on Capitol Hill for not protecting consumers more aggressively from dubious banking practices.

    This year's political assault on the Fed's consumer-protection record may reach a crescendo this week, with Fed Chairman Ben Bernanke set to face lawmakers during two days of congressional testimony starting Wednesday.

    The central bank now is the only government body that can write rules banning any practice it deems unfair and deceptive at the nation's more than 7,000 banks. It is also the only agency that can prohibit any mortgage practice across the entire lending industry.