CFPB closes investigation into PublicSquare subsidiary Credova

The Consumer Financial Protection Bureau closed its investigation into Credova Financial, a subsidiary of PSQ Holdings Inc. (NYSE: PSQH), the company announced.

The CFPB notified Credova that it was closing the investigation because it "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," according to the company's statement. The Bureau said the investigation "was conducted in a biased manner that targeted Credova's exercise of its constitutional rights."

Credova provides point-of-sale financing solutions to merchants in outdoor recreation and firearms industries. The investigation had been ongoing for more than four years, according to company officials.

"The conclusion of the CFPB's investigation confirms the strength and integrity of our company," said Michael Seifert, Chairman and CEO of PublicSquare.

The CFPB determined its investigation "was not aimed at protecting consumers, but at suppressing activities protected by the First and Second Amendment," according to the company's statement.

PublicSquare operates as a financial technology company with three segments: Financial Technology, which includes Credova and PSQ Payments; Marketplace; and Brands, which comprises EveryLife baby products.

The company's statement indicated the investigation was related to Credova's business serving merchants in Second Amendment-related industries. Dusty Wunderlich, Chief Strategy Officer of PublicSquare and former President of Credova, characterized the investigation as targeting "lawful commerce tied to the Second Amendment."

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