Karen Wallace, CEO of Right Way Credit Union, provided the following update on the credit union’s context of the cost of living crisis: • Right Way Credit Union is a community-based credit union, currently in a ‘growth period’, with 5000 members across West Scotland, £4.5m in member savings and £3.2m in loans to members • Responded strategically to the Pandemic • Noted that the credit union is facing the following challenges due to the cost of living crisis: o Loan applicants not meeting lending criteria and increase in loan application declines by 300% in 2022– as responsible lenders credit unions need to ensure borrowers can afford to pay their loans back o Existing borrowers struggling to repay and contacting...