Capital One Financial Corp. received approval from US regulators to buy Discover Financial Services, a deal that creates the nation’s biggest credit-card issuer by loan volume.

The Federal Reserve and the Office of the Comptroller of the Currency, regulators responsible for approving the deal, announced their decisions in separate statements Friday. In giving its nod, the Fed said it evaluated “the financial and managerial resources of the companies, the convenience and needs of the communities to be served by the combined organization, and the competitive and financial stability impacts of the proposal.”