WASHINGTON — Five Senate Democrats are urging regulators to stop several large banks from offering high-interest, short-term loans, warning that the products, which they say resemble payday loans, are "unsafe and unsound."

The lawmakers praise recent statements by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency addressing concerns about nonbank payday lending and similar deposit advance products offered by banks including Wells Fargo (WFC), U.S. Bank (USB), Fifth Third Bancorp (FITB) and Regions Financial (RF). But they argue that more must be done.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.