The Association for Financial Professionals has put its support behind an effort to promote a tighter set of capital standards to promote stability throughout the financial services marketplace.

Because many AFP members are involved with foreign and U.S. banks, members want bank capital regulation because a standard not only helps facilitate economic and financial stability, but also affects the cost of financial services.

Formerly known as the Treasury Management Association, the AFP changed its name last year to more accurately reflect the activities of its 15,000 members who work within financial arenas.

AFP officials says that the call for standards, outlined in paper called 'The New Capital Adequacy Framework,' must address minimum capital requirements along with levels of risk incurred by the bank of financial institution.