By Stefan Yablonski
Cyber Security, Regulatory Compliance, Workforce Are Some of the Concerns for 2025
The banking industry has myriad challenges in 2025.
Some of those include a fragile economy, unpredictable interest rates and a burdensome regulatory environment.
A recent study shows that despite the uncertainties, 80% of surveyed bankers are optimistic about 2025.
The study collected insights from more than 300 senior executives from community banks and credit unions nationwide.
Some of the highlights of the report include:
• Cost of funds top bank execs’ list of concerns for 2025.
• New member growth is the greatest concern for credit unions.
• In 2025, nearly 30% of banks and credit unions plan to implement generative AI tools for the first time.
Pamela D. Caraccioli, president & CEO of Fulton Savings Bank, cites other concerns as well.
• Recruitment and retention of employees
That is a strategic focus of any business, but particularly since COVID in 2020 when a significant retraction of available workers in Central New York took place, Caraccioli said. Business and industry have stepped up efforts to recruit and just as important, to retain their workforce. “Fulton Savings Bank is continuously working to remain an employer of choice in Oswego County and this includes providing a great work culture, competitive wages and benefits and opportunities for growth including education. We strive to promote from within and this is a contributing factor to the longevity and stability of our workforce,” she added.
• Fraud and other threats to cyber security
This has escalated as new technology and third-party applications and vendors are pursued by the general public, according to Caraccioli. “Safeguarding our customer accounts is a 24/7 effort and Fulton Savings Bank is continually making investments in both technology and staff education, to ensure safety and security for our customers,” she said.
• Regulatory compliance
It has been a moving target for the financial services industry and while the agencies are mostly deemed independent, their leadership is certainly aligned with political forces at the top, she said. “This is true for both federal and state level agencies. On the federal level alone, we’ve had four administrations since the Dodd-Frank Act passed and each seem to have different policy goals, including examination and enforcement priorities,” Caraccioli said. “For Fulton Savings Bank, this uncertainty certainly impacts the need for ongoing education and training of our workforce. But in the end, I believe our goals are consistent with respect to consumer protection and fraud prevention.”
• Fluctuation in interest rates
“It affects us all and factors that primarily play into this include the inflation rate, labor market including unemployment and the housing market,” she said. “Global markets are also a factor, as we’ve seen more recently with trade disputes and global tensions. The underlying goals are promoting maximum employment while also promoting price stability — both of which affect us all including Fulton Savings Bank and other businesses as we make decisions about how many workers we need to employ and what investments we need to make to remain competitive.”
Sector Faces Funding, Workforce Challenges
Nonprofits are more important than ever, especially in light of the recent freeze on federal aid under president Trump, according to Sheila Dion, founder and director of Erin’s Angels of Central New York.
Many people have outdated views that limit nonprofits’ ability to create lasting impact, she said.
“I believe that nonprofits should be allowed to invest in growth, marketing and competitive salaries — just like businesses — so they can effectively solve big problems rather than just scrape by,” she added. “With Trump’s freeze on federal aid, many vulnerable communities will lose access to essential government support. This puts an even greater burden on nonprofits to step in and fill the gaps in food security, housing, education and healthcare.”
Without strong, well-funded nonprofits, countless individuals will be left without safety nets. Dion said.
“Nonprofits often see budget cuts and even the elimination of funds from state and federal budgets,” agreed Linda Eagan, founder of the Fulton Block Builders.
“Nonprofits in Oswego County are fortunate to have the support of the Richard Shineman Foundation. They often help start-ups, fill in when cuts take place and support critical issues, such as food insecurity.”
The challenges nonprofits face are mounting, according online sources:
• Funding restrictions and outdated perceptions — Donors often expect nonprofits to operate on minimal overhead, making it hard to invest in long-term sustainability.
• Increased demand and limited resources — With federal aid frozen, nonprofits will see more people in need while struggling with tight budgets.
• Burnout and workforce challenges — Many nonprofit workers and volunteers, despite their passion, face exhaustion from being overworked and underpaid.
• Competitive fundraising — As more organizations fight for the same limited donor pool, raising money becomes even harder.
• Policy and political barriers — Changes in government policies create uncertainty and make it harder to plan for the future.
“Nonprofits are stepping up to meet needs that government policies ignore,” Dion continued. “But without proper support and a shift in mindset, they’ll continue to struggle.
“It’s time to embrace the message that investing in nonprofits isn’t charity; it’s the best way to create real change. Charity is often seen as a kind gesture — a donation here, a meal provided there. But what if I told you that giving to nonprofits isn’t just about temporary relief? It’s about building a future where that relief is no longer needed. When you invest in a nonprofit, you’re not just feeding a child today — you’re making sure they have the stability to thrive tomorrow. You’re not just providing shelter — you’re helping create pathways out of poverty. You’re not just funding a program — you’re fueling a movement.”
Too often, nonprofits are expected to work miracles on shoestring budgets, she said, adding, “But imagine what could happen if we gave them the same tools, investment and support that for-profit businesses receive. Imagine a world where we stop seeing nonprofits as charities that survive on scraps and instead as powerful drivers of change that deserve to grow, innovate and scale. The truth is solving big problems requires big investments. If we want to end hunger, break cycles of poverty and create real, lasting change — we have to stop seeing nonprofit funding as charity. It’s not a handout. It’s the most important investment we can make!”
There are major opportunities for nonprofits to evolve, grow and make an even greater impact, she said.
Nonprofits need to break free from outdated restrictions and educate donors on the importance of investing in infrastructure, marketing and staff, according to Dion.
“This is an opportunity to shift the conversation — encouraging funders to see overhead as an essential part of maximizing impact rather than something to minimize. Businesses are increasingly looking for ways to align with meaningful causes. By forming strategic partnerships, nonprofits can secure funding, in-kind donations and volunteer support while giving companies a way to demonstrate their social responsibility,” she said.
There is also a growing opportunity for nonprofits to engage in advocacy.
“By using their collective voices, they can push for policy changes that restore funding, expand social programs and create more sustainable solutions for long-term impact. This is a moment for nonprofits to step into leadership roles, influence business practices and reshape the way society views charitable work,” she said.
Higher Wages Pose Challenges to Agribusinesses
David Sorbello of Sorbello and Sons Farm said increase in wages among agriculture workers poses a challenge for local farmers.
“It’s difficult to keep pace with the inflated cost of living for employees and rising cost, especially for workers we get from the federal government’s H2A visa program,” he said. “Once these workers arrive and their pay rate is higher than it was last year, by law we are required to raise all workers pay rates the same percentage to match them.”
Also, New York state has one of the highest minimum wage rates of pay at $15 per hour whereas in 2024, some states pay at $5.15 per hour. Although, employers covered by the Fair Labor Standards Act must pay the federal minimum wage of $7.25 per hour.”
Rane Sorbello added, “Recently, New York state started a phasing in of worker overtime pay — which hurts —because we have no choice but to automate to stay in business. A group of New York Farm Bureau members went to Albany to oppose the new overtime law, but their pleas fell on deaf ears. The threshold will be reduced by four hours each year until it reaches 40 hours per week in 2032.”
“Heavily subsidized Canadian farmers can dump their crop every fall over the border into New York at a 31% discount due to the exchange rate. It would be great if there was an even playing field. But life isn’t fair is it?” Dylan Sorbello said.
Significant Industry
Agriculture is a significant part of Oswego County’s economy, according to Joshua Vrooman, agriculture community educator at Cornell Cooperative Extension in Mexico.
“The county’s multi-million-dollar agriculture industry creates jobs, tax revenue and investment in the community,” he said. “It also allows supporting industries like feed, fertilizer, equipment and other input dealerships to thrive.”
Oswego County is home to 612 farms, 1,038 producers and 86,167 acres of farmland, Vrooman added.
Agriculture is a $3.6 billion industry in the state. With nearly 31,000 farms, New York is a leading producer of numerous products, ranking first in cottage cheese, sour cream and yogurt, second in cabbage and maple syrup, third in apples and fifth in milk production.
County farms produce a wide variety of products — including field crops, honey, maple syrup, Christmas trees, vegetables, fruits, nuts and berries.
Dairy farms in Oswego County manage more than 4,000 dairy cows combined. They generate roughly $15.5 million annually from the sale of milk.
Livestock production is another important sector of agriculture in the county. Beef cattle, sheep, sows and feeder pigs, goats, elk, alpacas and poultry are all raised on Oswego County farms — their annual combined sales value is more than $3 million, the brochure added.
Manufacturing Remains Strong in Oswego County
“Manufacturing is still strong, it’s one of our best industry clusters,” said Austin Wheelock, executive director of Operation Oswego County.
“It is a problem, but it is a good thing,” he added. “There are unfilled jobs. There is more demand than we have people. Some of our manufactures are now considering automation, robots, to try to fill some of these unfilled positions that have been out therefore a couple years.”
There is a strong need currently in the market for new space and there are programs at CiTi BOCES, Cayuga Community College and even SUNY Oswego and some of the school districts to try to help expand the pipeline of workforce, Wheelock noted.
Some of that is the anticipation of Micron coming.
“But I think that there is a need right now with our existing manufacturers in the region,” he said. “I think things are good there. We see a strong demand for both buildings and for people. If you don’t have sites, you’re not really open for business. That is why we want to get that industrial park project moving. Even once it starts, it still takes a couple years to get completed.”
He pointed to Daldrop — “that is related to industrial park’s expansion,” he said. “Projects like that are going on, taking up some of the existing space in the park. We need the room.”
“Manufacturing remains strong for EJ Made in USA access products used in the construction sector,” said Tim McKernan, facility manager.
EJ continues to invest in their people, facilities and equipment.
They recently purchased a new robotic welding system which is dedicated to their various high-volume drainage grating.
“Staffing continues to be a struggle and is a problem across all sectors in our county,” McKernan said.
EJ remains active with the Oswego Workforce Development Board, CiTi P-TECH and all the local school districts working to develop our future workforce.
“We are thankful for all those in our community who work so hard to create opportunities for next generation of skilled workers,” he said.
Dan Phelan, CEO, HealthWay, cited the area’s workers.
“Oswego County is where we’ve found a great balance of skilled craftsmanship, community support and a strong manufacturing heritage,” Phelan said.
The region’s hardworking people and collaborative spirit have helped HealthWay thrive, while the area’s commitment to innovation and sustainability continues to shape its approach to building high-quality products, he added.
“Our success reflects the dedication of this community and the solid manufacturing foundation that defines upstate New York,” he said.
Low Inventory Means It’s Still a Seller’s Market
It’s still a seller’s market.
Home sales inched upwards in December despite housing inventory reaching its lowest point in recorded history, according to the housing report released Jan. 24 by the New York State Association of Realtors.
Existing-home sales rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million. That’s the strongest pace since February 2024 (4.38 million), the association reported. Sales grew 9.3% from one year ago. It was the largest year-over-year gain since June 2021 (+23.0%).
“Overall, last year saw strong sales, but not to the level of the two previous years,” said Noelle Beckwith Salmonsen of Freedom Real Estate. “January is off to a slow start. Inventory remains low and most listings are staying on the market longer before selling than in the previous year.”
“Buyer demand is moderate, down right now from last year. I anticipate the market to trend up as the temperatures warm up and for spring to be a busy time for both sellers and buyers,” she added. “Now that the election is over I believe people will be ready to get back to business with a positive outlook.”
Active market
The real estate market is still active, with the year ending with more sales than 2023.
“However, there is still a lack of homes for sale in our area as well as the whole real estate market,” said Bill Galloway, of Century 21 Galloway Realty. “With the positive outlook with Micron and possibly a new nuclear plant planned for our area, this will be one of the hottest and most active real estate markets in the country.”
Several key factors have contributed to the current state of the CNY real estate market:
Economic growth in Syracuse and the surrounding areas has kept the market active recently. It is attracting more people to the CNY area.
New housing construction hasn’t kept up with the demand and there is a shortage of inventory. That has driven up prices, Galloway noted.
The median home sold price in Syracuse was $185,921 in January 2025. That is up 8.4% from last year and the median price per square foot was $128.
Experts anticipate modest price gains in 2025. For example, real estate data provider CoreLogic predicts home prices will grow at a modest annual rate of 2.3% through September 2025.
The 30-year fixed-rate mortgage decreased, averaging 6.89%,”Freddie Mac reported in early February. Mortgage rates were stable over the last month and incoming data suggested the economy remains on firm footing.
Events, Festivals, Fishing, Snowmobiling: Region Offers Many Reasons for People to Visit
Tourism is alive and well in Oswego County, according to legislator Mary Ellen “Mel” Chesbro.
In fact, “it is bursting at the seams and growing in leaps and bounds!” the chairwoman of the Economic Development and Planning committee added.
Oswego County’s tourism encompasses destinations for all four seasons.
Whether it is salmon fishing in the spring, baseball tournaments and ATVs in the summer, hunting in the fall or snowmobiling in the winter and multiple historical museums which are open all year, they entice thousands of tourists to choose Oswego County over and over again, she said.
“Tourism in our area is doing very well, especially when it comes to special events and youth sports,” said Chris Waldron, Fulton’s director of parks and recreation.
Events like The Great Eastern Whiteout, Big Truck Day, Fulton Downtown Market, Memorial Day Salute, JazzFest, Fulton Fall Festival and the Christmas Tree Lighting regularly draw hundreds — sometimes thousands — of visitors, he said.
For example, at Big Truck Day, he met attendees from Watertown, Auburn, Buffalo, Scranton, Pennsylvania and Rochester.
“The Fulton Fall Festival had several thousand attendees and local business Mr. Mike’s Seafood saw significant success, selling out of food and was forced to close early due to overwhelming sales,” he said.
Chesbro agreed. “Tourism is an economic and environmental powerhouse for our county. Not only does it provide activities to draw tourists to visit, but it also provides important amenities for Oswego County residents to enjoy,” she added. “Tourism also provides opportunities for businesses to open and grow, as it raises awareness of the importance of protecting our environment.
“Oswego County is home to the historical Fort Ontario New York State Park (which is currently under consideration for a National Park status), as well as several other museums that boast of our rich history. But it is the future that is ringing the bell for potential tourists to visit our county right now, with the recent announcement that Oswego was chosen to be home to the 16th Marine Sanctuary, which means we now have a National Park akin to Yellowstone right here in Oswego County.”
“We work well with local nonprofits such as CNY Arts, Fulton Library and Catholic Charities to promote events coming up,” Waldron said. “Oswego County Tourism is also doing a great job promoting our events on social media. Our partnership with Fulton Speedway has been invaluable — we even promote it during the winter season through our iRacing program, which kicks off in February.”“In regards to tourism, our team has been working on increasing our marketing efforts over the last several months and into this year. We want the city residents to be well informed with what is being offered to them,” said Amy Murphy, director of economic development for the city of Oswego.
“Additionally, it’s a priority to make the major events as accessible as possible; so we’re working on plans for better parking and shuttle services.”
Oswego has become a destination for families, young people, retired individuals — so many demographics can find something to do in Oswego.
“We’re incredibly proud of what has been built. Now we intend to fill these wonderful spaces with things to do,” she said. “This year, we’ll have the annual Independence Day celebration which includes the parade, block party and fireworks. Our summer concert series will continue on Thursday nights at Veterans’ Stage and Friday evenings at Market Street Square.”
In October, they’ll host the Creepy Crawl and in November the 38th annual tree lighting ceremony and fireworks.
“These events are just a small sampling of all that the city has to offer,” she said. “So many organizations host events for the community and are supported by the city.”
PorchFest, PumpkinFest, the Garrett Dunsmoor Foundation Basketball Tournament, ProAm Fishing Tournament and the Reindeer Run are just a few.
The city assists with more than 50 events every year that use public property or need city services of some kind.
It is an honor and privilege to be able to serve the local community.
