Capital One's planned $35.3 billion acquisition of a rival credit card company, Discover, was approved by two regulators, Federal Reserve and the Office of the Comptroller of the Currency, on Friday.

Key Points ・The Federal Reserve has approved Capital One’s acquisition of Discover Financial Services, uniting two major players in credit cards and online banking. ・The merger comes with a federal consent order fining Discover $100 million for overcharging merchants,

Two regulators signed off on the $35 billion deal, which the banks say will create a competitor to Visa and Mastercard. But consumer advocates warn that the deal may raise costs.