The Federal Reserve is looking at sweeping new standards for home lending, including limiting lenders’ ability to impose fees for early repayment of subprime home loans and requiring lenders to determine if a borrower can afford a mortgage throughout its duration before making the loan, Bloomberg reported.

The Federal Reserve staff will present several proposals to the Board of Governors at a meeting this morning in Washington, D.C., to respond to the collapse in the subprime loan market.

Chairman Ben Bernanke and the Federal Reserve have come under fire from lawmakers for not doing enough to enforce lending rules and create new regulations as subprime borrowing jumped between 2004 and 2006. The Federal Reserve has the power to write rules related to disclosures and preventing abuse by financial institutions, while it shares enforcement authority with other government agencies.

Banks have already tightened their lending standards, causing mortgage borrowing to slow to its weakest pace in nine years in the third quarter, according to government figures.