CFPB to focus less on imposing penalties on companies, WSJ reports

(In first sentence, corrects name and title to Chief Legal Officer Mark Paoletta, not Acting Director Russ Vought)

WASHINGTON (Reuters) – Consumer Financial Protection Bureau Chief Legal Officer Mark Paoletta said on Wednesday the bureau will focus on redressing “tangible harm” by getting money back directly to consumers rather than imposing penalties on companies, according to a memo posted by a Wall Street Journal reporter on X.

(This story has been corrected to fix the name and title to Chief Legal Officer Mark Paoletta, not Acting Director Russ Vought, in paragraph 1)

(Reporting by Jasper Ward)