The Vanguard Emerging Market ETF became the third-largest U.S. exchange-traded fund last week, surpassing a rival BlackRock Inc. fund that just a year ago was twice as big and adding to evidence that investors are migrating to the cheapest offerings.

Private wealth investors in retail municipal bonds have remained calm the past few months even as mutual funds have dumped state and local government debt by the truckload.

Morgan Stanley reported a 35% rise in fourth-quarter earnings on record revenue from its brokerage operations. Fixed-income trading revenue was the lowest in two years.

The Portland, Ore, company also benefited from lower expenses and an improved efficiency ratio.

Federal regulators have issued answers to frequently asked questions on appraisal regulations.

The Federal Housing Administration is looking to streamline its single-family loan servicing requirements to align them with industry standards and upgrade outdated technology.

Research shows that unbanked recipients of the Advance Child Tax Credit want bank accounts, while those with banking relationships are eager for advice on how to use the money.

Despite clear evidence to the contrary, the mortgage insurer continues to insist that credit unions have the same risk profile as nonbank lenders. It’s now threatening to exclude nearly a quarter of credit unions from being qualified issuers of the securities it backs.

This is not a world for small ideas, and the sooner many narrowly focused upstart financial technology companies come to grips with that reality, the better.