The Federal Deposit Insurance Corp. is looking into payday loan-like products offered by U.S. Bank, Wells Fargo and other lenders. The inquiry, according to the Portland (Ore.) Business Journal grew out of a February letter in which Americans for Financial Reform and more than 200 co-signing groups urged the FDIC to launch an investigation.

In May, Acting FDIC Chairman Martin Gruenberg responded with a statement declaring that his regulators would “make it a priority to investigate reports of banks engaging in payday lending.”