McKernan's prior roles include senior financial policy advisor for Sen. Bob Corker and posts with the Senate Committee on Banking, Housing, and Urban Affairs and the US Treasury
Although the agency was created by Democrats in an effort to protect consumers from abusive financial practices, it has continued to be viewed by Republicans as an unchecked power
Responding to appraisal bias lawsuit, Rocket claims the government requires lenders to grant appraisers independence, then holds them liable if those appraisers engage in discrimination
It's unlikely to be overturned entirely or prompt a subprime lending surge
What the experts are saying
Final interpretive rule provides guidance on Dodd-Frank requirements