The phrase "a rate cap" is correct and usable in written English.
It is typically used in financial contexts to refer to a limit on the interest rate that can be charged on a loan or financial product.
Example: "The loan agreement includes a rate cap to protect borrowers from excessive interest charges."
Alternatives: "interest rate limit" or "rate ceiling".
Also on Thursday, the Office of the Comptroller of the Currency fined Wells Fargo $20 million for violating rules on lending to members of the military, including a rate cap on how much interest can be charged to service members on active duty.
Because of the May increases, which took prices from a normal level of $30 per megawatt-hour to $3,900 per megawatt-hour, the New York State Public Service Commission has proposed a rate cap of $1,000 a megawatt-hour.
The details of the cap are so far unclear, but the chancellor, George Osborne, has said it "will not just be an interest rate cap", but a cap on the cost of credit.
This week's YouGov omnibus survey for Compass appeared to find overwhelming public support for a cap on interest rates as a solution: 68% of respondents believe there should be a lending rate cap to cover all forms of consumer credit, including the unsecured credit sector.
On August 11th, for example, utility regulators imposed a partial rate cap on bills for San Diegans: residential customers who use only a small amount of electricity (up to 500 kW-hours) can now be charged no more than $68 a month.
If, however, a stimulus package is embedded in the generation of a different type of economy, characterised by strong firms, embedded regional banks, vocational institutions and land trusts, a living wage and an interest rate cap – then value can be generated in areas other than rationalization and financialisation.
The new ARM has a 7percentt rate cap for 10 years.
An Edison spokesman, Gil Alexander, said the utility did not hire Mr. Backus or Perot Systems because it had an incentive to keep wholesale prices lower, because it was selling power under a retail rate cap.
Senator Bernie Sanders has called for a 15percentt rate cap on all consumer loans and for post offices to become basic banking centers, a change that could "stop payday lenders from ripping off millions of Americans," he said in a January speech.
The state utility commission narrowly approved a partial rate cap on Monday for San Diego, the first city in California to be deregulated, but many people said they believed it was too little to help people hit with bills that have doubled or tripled in just a few months.
The whole package comes as an adjustable-rate mortgage, with the start rate as low as 3.75% and a lifetime rate cap of 11.95%.
