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.

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.

The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion.