Warren: no more "tricks and traps" under US watchdog

WASHINGTON, Sept 17 (Reuters) - Wall Street critic Elizabeth Warren accepted a job to set up a consumer financial watchdog for President Barack Obama and warned on Friday that the time for financial "tricks and traps" was over.

Obama is expected to announce his choice of Warren, a Harvard University professor and hero to liberal activists, at 1:30 p.m. EDT/1730 GMT, taking a step forward in enacting the financial reform law that is a signature achievement of his presidency.

"The new law creates a chance to put a tough cop on the beat and provide real accountability and oversight of the consumer credit market," Warren said in a blog published on the White House website. "The time for hiding tricks and traps in the fine print is over."

Warren has called for a crackdown on abusive lending practices by financial firms and Wall Street fears she will be too heavy-handed.

By taking a special advisory role to set up the agency rather than becoming head of it, Warren does not have to go through a congressional confirmation process, during which Republicans could have blocked her.

Warren will not be in charge of directing the agency once it is formally set up. (Reporting by Jeff Mason; Editing by Bill Trott)