Consumer advocate Warren visits W.House again

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Thursday September 09, 2010 01:42:14 AM GMT

WASHINGTON, Sept 9 (Reuters) - Elizabeth Warren, a leading candidate to become the top U.S. consumer financial regulator, paid a visit to the White House on Tuesday, an administration official said on Thursday.

It was the second time within a few weeks that Warren has met at the White House with senior officials but President Barack Obama still has made no decision on who to name as director of the Consumer Financial Protection Bureau.

The White House has said Warren, a Harvard University law professor who is credited with conceiving the idea for the agency, is a strong candidate, although others also are under consideration. 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 their competitiveness.

"Elizabeth Warren is a respected advocate and she was meeting at the White House Tuesday but no decision has been made about the consumer agency," White House spokeswoman Amy Brundage said.

Obama is expected to announce his choice as early as this week.

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 only expected to be in session for about a month starting next week before members head home for the Nov. 2 elections. (Reporting by Caren Bohan, writing by Patricia Zengerle; editing by Bill Trott)

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