The merger, announced last year, would mark the establishment of the largest U.S. credit card company by balances if it goes through successfully.

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.

To get full approval, Capital One must provide the OCC with a plan “to address the underlying root causes of any outstanding enforcement actions against Discover Bank and plans