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

(Recasts White House comment on timing of nomination)

WASHINGTON, Sept 9 (Reuters) - 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)