On August 19, 2025, the Consumer Financial Protection Bureau (CFPB) made headlines by formally closing its long-running investigation into Credova Financial, LLC, a subsidiary of PublicSquare (traded as PSQ Holdings, Inc.). The decision marks the end of a politically charged probe that had stretched for more than four years, drawing in high-profile figures, constitutional arguments, and sharply contrasting views on the role of government oversight in American commerce.
The CFPB’s investigation, which began in February 2021 during the Biden administration, focused on Credova’s business model. Credova specializes in “buy now, pay later” financing—particularly for consumers purchasing firearms and outdoor recreation products. According to PublicSquare’s own statements and a letter from CFPB Chief Legal Officer Mark Paoletta, over 90% of Credova’s business comes from the shooting-sports sector, including firearms sales.
PublicSquare, which describes itself as a "non-woke" online marketplace, acquired Credova to strengthen its position in what it calls the "parallel economy." In an August 2024 filing with the Securities and Exchange Commission, the company revealed that the CFPB was authorized to pursue enforcement actions against Credova’s lease products and had even suggested “injunctive relief.” The investigation, according to PublicSquare, was not merely regulatory but carried a deeper, more contentious undercurrent.
In a letter obtained by Breitbart News, Paoletta wrote to Credova’s legal counsel, "The Bureau is closing its investigation into Credova Financial, LLC that has been going on since February 2021. After reviewing the case, the Bureau has determined that this investigation exemplifies the type of weaponization against disfavored industries and individuals that President Trump and Acting Director Vought are committed to ending." Paoletta went on to state, "The record of this investigation clearly demonstrates that it was conducted in a biased manner that targeted Credova’s exercise of its constitutional rights and facilitation of others’ exercise of their constitutional rights."
The closure of the investigation was met with public gratitude from PublicSquare’s leadership. Michael Seifert, Chairman and CEO, said in a press release, "The conclusion of the CFPB’s investigation confirms the strength and integrity of our company and validates the trust our merchants and consumers place in us. This outcome is a win for our entire company, our board, our customers, and a 2nd Amendment community that has seen years of government attempts to regulate businesses like ours out of existence." Seifert also thanked President Trump, Acting Director Russ Vought, and CFPB staff for “their internal review of this investigation and commitment to ensuring the Bureau operates free from political bias and suppression of constitutional rights.”
Dusty Wunderlich, Chief Strategy Officer and Board Member of PublicSquare and former President of Credova, echoed these sentiments, stating, "For more than four years, Credova was forced to defend itself from what we always believed was a politically motivated investigation that was less about consumer protection and more about targeting lawful commerce tied to the Second Amendment." Wunderlich added, "We did not yield. We stood firm in defense of our mission, our merchants, and the constitutional rights of the Americans we serve. The conclusion of this investigation is a victory not just for our company, but for every business and citizen who believes that freedom must never be compromised."
Board Member Blake Masters, a notable figure in the Second Amendment community, commented, "The closure of this investigation is a strong reminder that when businesses stand firm against government intimidation, freedom wins. This victory affirms that the right to commerce, like the right to self-defense, is fundamental to our liberty."
The investigation itself was not without controversy. According to Paoletta’s letter, the CFPB’s staff at one point suggested that Credova should cease leasing firearms as part of any settlement agreement. The letter also alleged that the Bureau increased its settlement demands on the same day Donald Trump Jr. joined PublicSquare’s Board of Directors. Trump Jr. himself declared in March 2024, "I’m proud to be an investor in the company that is leading the way in the parallel economy. The acquisition of the leading buy now pay later company that services the 2A industry, Credova, will help $PSQH in building the pro-freedom marketplace."
Adding to the intrigue, Paoletta’s letter accused New York Attorney General Letitia James of exerting “utterly inappropriate influence” over the CFPB investigation, even though Credova does not do business in New York. Paoletta concluded, "This investigation was not aimed at protecting consumers, but at suppressing activities protected by the First and Second Amendment. This investigation also represents precisely the kind of unconstitutional targeting that President Trump prohibited in his Executive Order on debanking."
For PublicSquare and its supporters, the closure of the CFPB investigation is more than a legal victory—it’s a symbolic win in the ongoing culture war over the role of government, business, and individual rights. The company, currently valued at around $75.5 million and trading near its 52-week lows, has nonetheless posted impressive revenue growth. Recent Q2 2025 earnings showed net revenue of $7.1 million, up 18% from the previous year, though the company still reported a net loss of $8.4 million, or $0.18 per share. The company’s strategic focus now includes financial technology and cryptocurrency solutions, as well as efforts to reduce operational costs.
PublicSquare operates through three main segments: Financial Technology (including Credova and PSQ Payments, which is marketed as a “cancel-proof” payments company), Marketplace (which encourages consumers to “shop their values”), and Brands (notably EveryLife, a direct-to-consumer baby products company). The company positions itself as a champion for businesses and consumers in sectors underserved by traditional financial services, particularly those that align with conservative or libertarian values.
Despite the investigation’s closure, PublicSquare faces significant market challenges. Analysts, according to InvestingPro, maintain a positive outlook on the company’s prospects, citing strong liquidity—a current ratio of 2.97—and 94% revenue growth in the last twelve months. However, profitability remains elusive, and the company’s stock continues to reflect investor caution.
The closure of the CFPB’s investigation has been hailed by PublicSquare’s leadership and supporters as a turning point. Yet, for critics of the company or those concerned about the intersection of commerce and constitutional rights, the story is likely far from over. As PublicSquare and Credova move forward, they do so with renewed confidence—and with the eyes of both supporters and skeptics firmly fixed on their next steps.
For now, the end of the CFPB investigation stands as a vivid example of how regulatory scrutiny, political influence, and constitutional debate can collide in the world of American business. Whether it’s a harbinger of further deregulatory moves or simply a pause in a broader struggle, only time will tell.
