Capital One’s proposed $35.3 billion purchase of Discover is far from settled as federal banking agencies in conjunction with the U.S. Department of Justice will review how the merger would affect competition, consumers and financial stability.

The merger’s review by banking regulators will occur at a time when the Biden administration has been tough on deals that could harm competition and consumers within an industrial market. Capital One says the acquisition would improve its ability to compete with larger banks and benefit consumers.