Capital One recorded a higher first-quarter profit and is prepared to complete its acquisition of Discover on May 18.

Capital One cleared the final hurdle in acquiring Discover, which would merge the two US credit card giants. Federal regulators approved the deal, which is expected to close on May 18, Capital One announced Friday in a press release.

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.