UPDATE 1-No decision imminent on US consumer chief-W.House

(Recasts White House comment on timing of nomination)

WASHINGTON, Sept 9 (BestGrowthStock) – The White House said on
Thursday that a decision on the nomination of the new head of
the consumer financial protection bureau was approaching but
not imminent.

“I don’t anticipate an announcement in the next couple of
days but probably in the not too distant future,” said White
House spokesman Robert Gibbs.

The administration earlier confirmed that Elizabeth Warren,
a leading candidate to become the top U.S. consumer financial
regulator, had visited the White House on Tuesday. It was the
second time within month that Warren has met at the White House
with senior officials.

President Barack Obama will make the decision on who will
be director of the Consumer Financial Protection Bureau.

Gibbs said Warren, a Harvard University law professor
credited with conceiving the idea for the agency, “would be a
highly qualified candidate to join this administration.” He
also said one or two other candidates were being considered.

Known as a strong advocate for consumer protection, Warren
is a hero to liberal activists and consumer groups but is
opposed by many on Wall Street, who fear she could hurt profits
on products like credit cards and stifle competitiveness.

The director of the new CFPB, seen as a powerful watchdog
to oversee consumer issues from mortgages to credit cards, must
be confirmed by the U.S. Senate.

That could be difficult to achieve soon, with Congress
expected to be in session only for about a month starting next
week before members head home to campaign ahead of the Nov. 2
congressional elections.

(Reporting by Caren Bohan, writing by Patricia Zengerle and
Alister Bull; editing by Bill Trott)

UPDATE 1-No decision imminent on US consumer chief-W.House