On August 19, 2025, the Consumer Financial Protection Bureau (CFPB) formally closed its high-profile investigation into Credova Financial, LLC, a company at the center of the firearms financing industry and a wholly owned subsidiary of PublicSquare Holdings, Inc. (NYSE: PSQH). The decision marked the end of a four-year probe that, according to the CFPB and company officials, had become emblematic of political bias and the so-called weaponization of government against disfavored industries. The closure was celebrated by PublicSquare executives and board members as a significant victory for constitutional rights, business freedom, and the broader Second Amendment community.
The investigation, launched during the Biden administration, scrutinized Credova’s business practices, especially its provision of point-of-sale financing for firearms and outdoor recreation purchases. But as detailed in a letter sent by CFPB chief legal officer Mark Paoletta, the Bureau determined that the probe “exemplifies the type of weaponization against disfavored industries and individuals that President Donald Trump is committed to ending.” Paoletta went further, alleging that under the previous administration, CFPB staff pressured Credova to halt firearms leasing entirely and ramped up scrutiny after Donald Trump Jr. — a vocal proponent of conservative business ventures — joined PublicSquare’s board in December 2024.
"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 Bureau stated, as reported by BusinessWire and Benzinga. Ultimately, the CFPB concluded that the investigation was “not aimed at protecting consumers, but at suppressing activities protected by the First and Second Amendment.”
For Credova and PublicSquare, the Bureau’s findings and the formal closure of the case were more than just a legal win. Michael Seifert, Chairman and CEO of PublicSquare, described the outcome as a validation of the company’s mission, stating, “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 extended thanks to President Trump, Acting Director Vought, and key CFPB staff for their efforts to ensure 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. “From our view, this was the most recent in a line of attempts to weaponize government against businesses that refuse to conform to a specific political agenda. We did not yield. We stood firm in defense of our mission, our merchants, and the constitutional rights of the Americans we serve,” Wunderlich said, according to BusinessWire. He emphasized that Credova had spent more than four years defending itself from what the company always believed was a politically motivated investigation.
The probe’s closure also drew commentary from Blake Masters, a PublicSquare Board Member and prominent voice in the Second Amendment community. “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,” Masters observed.
PublicSquare, which bills itself as a financial technology company that “protects life, family, and liberty,” operates under three primary segments: Financial Technology (including Credova and PSQ Payments, a "cancel-proof" payments company), Marketplace (helping consumers “shop their values”), and Brands (featuring EveryLife, a premium D2C baby products company). Credova, in particular, was founded to fill a gap in the marketplace, providing modern financing solutions to merchants and consumers in sectors often underserved by traditional banks — notably outdoor recreation and the firearms industry. For many merchants, Credova and PublicSquare offer the only access to financial tools that other industries take for granted.
The political undertones of the CFPB investigation — and its subsequent closure — have not gone unnoticed. As reported by Benzinga, the Bureau’s letter accused the Biden-era staff of targeting Credova because of its ties to firearms and conservative investors, especially after Trump Jr. joined the board. In the wake of the announcement, PublicSquare’s stock soared nearly 20%, reflecting investor enthusiasm for the company’s vindication and its positioning within the so-called “parallel economy.”
Donald Trump Jr., who owns about $1.5 million in PublicSquare stock and sits on its board, has been outspoken about building conservative-aligned businesses. He recently helped launch the IPO of GrabAGun, an online firearms retailer, as part of a broader push to expand what he calls the “parallel economy.” Trump Jr. described Credova as “the company that is leading the way in the parallel economy,” according to Benzinga. His efforts, alongside financier Omeed Malik, have focused on bringing right-leaning companies to Wall Street, especially as corporate America reconsiders diversity initiatives and cultural alignments.
Despite these successes, critics argue that the so-called MAGA economy remains niche, with companies like GrabAGun experiencing stock volatility after their public debuts. Still, Trump Jr. and Malik maintain that they are laying the groundwork for a lasting ideological and financial infrastructure that extends beyond electoral cycles — a sentiment that resonates with their supporters.
The closure of the CFPB investigation has also reignited debate about the boundaries of government oversight, the role of regulatory agencies, and the intersection of politics with business. For some, the Bureau’s findings confirm long-held suspicions that certain industries — particularly those linked to firearms and conservative values — face disproportionate scrutiny. For others, the episode raises questions about the politicization of regulatory bodies and the need for impartiality in consumer protection.
Amid the broader political landscape, the story of Credova and PublicSquare highlights the growing tensions between regulatory action and constitutional freedoms. As the dust settles, the company’s executives are quick to point out that their mission remains unchanged. “PublicSquare remains committed to scaling responsibly, delivering long-term value to our shareholders, and advancing our mission to build an economy rooted in liberty,” Seifert affirmed.
For merchants and consumers relying on Credova’s services — and for those watching the evolution of the parallel economy — the closure of the CFPB probe marks both an end and a beginning. It’s a decisive chapter in a larger story about the future of business, politics, and the enduring tug-of-war over American freedoms.
