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.

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 Financial’s application to acquire Discover Financial Services in a $35.3 billion all-stock deal has officially been approved by the Federal Reserve and the Office of the Comptroller of the Currency,