Bank of America and JPMorgan are set to lobby the White House and Congress about allegations of selectively closing customer accounts, arguing regulation around assessing customers should be clearer, according to one of the banks and a source familiar with the matter.

President Donald Trump singled out JPMorgan Chase and Bank of America Thursday as not providing banking services to conservatives, a practice known as debanking, echoing Republican complaints about the industry. The two banks on Thursday denied they made banking decisions based on politics.

Wall Street banks have been accused by Republicans of "woke capitalism," as well as debanking gunmakers, fossil-fuel companies and others perceived to be aligned with the political right.

"We take this issue very seriously," a BofA spokesperson said on Friday. "We will be engaging with the administration and Congress regarding the extensive government regulations that sometimes result in requirements to exit relationships."

The spokesperson said the bank serves more than 70 million clients and welcomes conservatives.

"We never close accounts for political reasons and don’t have a political litmus test," the spokesperson said.

The source familiar with the situation said that JPMorgan would also be lobbying for clearer regulation about assessing customers.

Bank lobby groups will also be part of the effort, according to the source familiar with the situation.

They will push the government to clarify anti-money laundering laws, establish a clear federal standard on fair access to financial services and streamline bank supervisory practices on who can be banked, said the source and two separate sources familiar with the matter.