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

Capital One's acquistion of Discover will combine two of the industry's best-known names, making it the biggest credit card company when customers’ outstanding balances are combined.