Catholic
The Catholic Church teaches penance in two senses: the interior virtue of repentance by which the sinner turns from sin, and the sacrament of Penance (Reconciliation) in which sins committed after baptism are forgiven through the priest's absolution. It holds that the sacrament requires contrition, confession, and satisfaction.
Source: CCC 1422–1433; 1440–1449 ↗
Orthodox
The Orthodox Church teaches penance as the ongoing life of repentance, expressed sacramentally in the mystery of confession, where the priest witnesses the believer's reconciliation with God. It holds that penance is therapeutic — medicine for the soul — rather than a juridical satisfaction of punishment.
Source: The Orthodox Faith, Vol. II — Penance ↗
Lutheran
Lutherans teach that penance — repentance — consists of contrition and faith, and that private absolution, the application of the gospel to the troubled conscience, should be retained in the Church. They hold that the sacramental rites surrounding penance are useful but that forgiveness rests on Christ's promise alone.
Source: Augsburg Confession, Art. XI–XII ↗
Reformed
The Reformed tradition rejects penance as a sacrament, teaching that repentance is a lifelong grace of turning from sin to God, and that forgiveness is received directly from God through faith in Christ. It holds that confession of sin may be made to God, and where appropriate to those offended, without priestly absolution.
Source: Westminster Confession 15.5–15.6 ↗
Baptist
Baptists do not practice sacramental penance; they teach that the repentant sinner confesses directly to God, who forgives freely through Christ. They hold that repentance is a genuine turning from sin toward God, evidenced by a changed life rather than by prescribed acts of satisfaction.
Source: BFM 2000, IV.A ↗
Methodist
Methodists do not practice sacramental penance; they teach repentance toward God as the sinner's turning from sin in response to grace. They hold that confession is made to God in prayer and in the Church's general confession, with pastoral counsel available but no required auricular confession.
Source: Articles of Religion, Art. XVI; UMC What We Believe ↗