Yoder Is Targeted By Special Interests!

By David Losey

I have uncovered some additional information that is not readily available through the usual media sources. Kevin Yoder has become the favorite of a special interest group that wishes to secure his election. It has more money than you and I and, thereby, places us at a disadvantage. The reason this is important is that when the time comes to consider legislation which effects you and me will Yoder consider our wishes and what is best for Kansans or will he be influenced by big money, choosing to ignore us like our current Congressman, Dennis Moore?

I have previously reported,

“According to recent campaign contribution data posted on opensecrets.org QC Holdings has contributed $7,400 to Yoder's campaign. QC Holdings was the top contributor to Moore's campaign in the 2008 election cycle with over $25,000 contributed.”

New research indicates that neither QC Holdings PAC nor any of its corporate officers (or their spouses) have previously contributed to any of Yoder's campaigns. However, now that he is running for Congress QC Holdings PAC has contributed $5,000 to his campaign. This is the second highest amount given to any candidate to date in the 2010 election cycle. Heath Schuler (D-NC) is #1 with $6,000. (Lynn Jenkins is tied with Yoder at #2 with $5,000 and James Barnett, candidate for Congress in the Kansas 1st District, received $1,000.)) Three officers/board members who contributed to the PAC, in fact, live in Yoder's House District and they never contributed a single penny to any of his campaigns for State office. Why the sudden interest in supporting Yoder now?

Darrin Andersen, President and COO of QC Holdings, has made personal contributions to Dennis Moore and to Kevin Yoder. He contributed $4,600 to Moore in both 2007 and 2008. In addition, in 2008, he contributed $2,000 to Kay (Barnes) for Congress, $4,600 to Senator Tim Johnson from S.D., $2,200 to Luis Gutierrez Congressman from Illinois, and $2,200 to Claire McCaskill Senator from Missouri. He also contributed $2,000 in 2009 to Senator Harry Reid. Note all are Democrats. Then, in 2010, he changed his pattern and gave $2,400 to Yoder, a Republican . His spouse, Jill, also gave $2,400 to Yoder in 2010. Why the sudden interest in supporting Yoder in 2010?

In order to give a possible answer to this question I will need to set the background. QC Holdings is the holding company for QC Cash Loans. It is a leading provider of short-term loans with 556 branches in 24 states. Its typical customer does not have easy access to a bank account or credit card. He is more likely than not a low-income and minority or immigrant consumer. Short-term loans are convenient and, although the average transaction fee is low the annual percentage rate is exorbitant.

As one would expect government laws and regulations have a dramatic impact on this industry. For example, in the last year Virginia and North Carolina have banned short-term loans altogether. The risk to the industry revolves around changing laws/regulations and/or the interpretation of existing laws. For example, the Obama administration is pushing for a Consumer Protection Agency and a cap on interest rates. In addition, the media portrayal of the industry impacts both the public perception and the perception of State and Federal legislators which influences current legislation.

With an income of $21.0 million dollars and an increase in their stock price of 40% in 2009 one can see that QC Holdings has a great deal to protect. And it certainly cannot afford to spend money casually. Therefore, it donates money where it will be most effective. It desperately needs to have “a friend in high places” to help mitigate the current industry risks. Enter Kevin Yoder!

With Moore retiring, it is clear that QC Holdings intends to continue to have access and influence by supporting the election of Kevin Yoder. Management is clearly banking on Yoder winning the election. Why else would they contribute so heavily to his campaign?

It looks like Moore of the same.

We must not elect another Moore. Yoder or Stephene!