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e groups and financial institutions in developing a unified position on commu- nity credit needs. Mr. Sullivan suggested that Eugene work cooperatively with the City of Springfield in developing a single program. The final step of the model involves the presentation of all findings and recommendation to the Eugene City Council for revision and final approval. Mr. MacDonald noted that implementing a CRA will become more important in the community as the result of Ballot Measure 5 becomes more clear. He also noted that such a program provides a good way for the public sector to reward financial institutions that are willing to invest in the community. Ms. Bascom suggested that the City ensure that it does not duplicate the efforts of the Housing Policy Board, particularly with respect to the deter- mination of community credit needs. Ms. Ehrman suggested that the Loan Advisory Committee might be the most ap- propriate body to develop a CRA program. Mr. Boles pointed out the importance of promoting CRA activities in the com- munity without increasing competition between banks, which might ultimately increase loan costs. e Mr. Gleason commented on the importance of cooperation between the City and the financial institutions in developing a CRA program and said that the community should assist financial institutions in determining community cred- it needs. Responding to a question from Mr. Green, Mr. Sullivan noted that the struc- ture of this process will help prioritize community credit needs, thus pro- tecting institutions from being burdened by an unreasonable list of credit needs. Responding to a question from Mr. Nicholson, Mr. Sullivan noted that under the typical CRA program, financial institutions do not receive rewards for complying with the criteria. Ms. Bascom asked how instituting a CRA program would assist the City in ac- quiring funds for housing construction. In response, Mr. Sullivan said that affordable housing would be specifically identified in the analysis of commu- nity credit needs. A bank that was involved in affordable housing loans would be recognized within the community. Its participation would be noted in its regular performance evaluation. Mr. Gleason said that if the council is interested in moving forward with this program, staff would bring a recommendation for the composition of the task team and a work plan back to the council. Mr. Boles asked that the Citizen Involvement Committee (CIC) be involved in the development of a task team. e MINUTES--Eugene City Council May 8, 1991 Page 6