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Friday, February 14, 2014

EU regulator to accept Visa Europe's fee cap offer - sources, (NASDAQ: FISI)

The European Union's antitrust regulator will accept Visa Europe's offer to cap its credit card fees for retailers, two people familiar with the matter said, as the EU strives to cut the cost of paying with plastic and boost online commerce.The European Commission says such fees for using credit and debit cards cost businesses across Europe 10 billion euros ($13.7 billion) a year. The charges are an important money spinner for banks.Visa Europe, Europe's largest card payments company which is owned and operated by more than 3,000 European financial institutions, proposed last year cutting the charges levied on retailers to 0.3 percent of the value of each transaction.The reduction ranges from 40 to 60 percent depending on the types of cards used by the consumer and other conditions.

Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI remained unchanged at $21.77. In the past year, the shares have traded as low as $17.92 and as high as $26.59. On average, 30213 shares of FISI exchange hands on a given day and today's volume is recorded at 0.