Federal officials have begun questioning Gov. Andrew Cuomo’s plan to use $511 million in loans from a clean water fund to help finance the new Tappan Zee Bridge.
The Atlantic City Council must get approval from the state Community Affairs Department’s Local Finance Board in order to borrow the money.
The nation’s financial regulators are looking to prevent another housing boom and bust by encouraging safer home loan lending and borrowing practices.
In its single biggest repayment of bailout loans so far, American International Group Inc. said Monday it is paying back nearly $4 billion in taxpayer aid with proceeds from a recent debt sale.