TD Ameritrade has received approval from the Federal Reserve System to proceed with the merger with Schwab, according to Business Wire.

Though the merger makes sense for both parties, these acquisitions are typically subject to close scrutiny by regulatory bodies. With the stockholders agreeing to the merger back in July, the final merger is scheduled for early October. 

Over the past few months, the merger has gone through several audits and approval processes designed to ensure that the merger will not form a monopoly or create a predatory environment for consumers. Both organizations have found to be compliant with all relevant regulations, and this final step in the approval process gives them the go-ahead to finalize the merger. 

“On behalf of our management team, I want to thank all of our valued clients for placing their trust in us and finding value in our vision of what financial services could be. We have spent the better part of the last year planning an integration with Schwab that will be executed with the utmost care, attention to detail and communication every step of the way," said Steve Boyle, interim president and chief executive officer.

TD Ameritrade was founded in 1975 in Omaha, Nebraska, and in that time they have been providing investment guidance and services to their customers.