“The problem, however, is that even if Rep. Broun’s new version of events is true, failing to tell the FEC you are financing your campaign in part with bank loans is illegal,” CREW Director Melanie Sloan said in a statement.

Candidates must report “collateral put to secure any loan” and “which bank lent the money, how much was lent, and when” to the FEC, the release states.

The watchdog specifically pushed for the commission to look into whether Broun received the money from a bank he was, at the time, a “part owner” of. The Carrollton, Ga., bank failed in 2010, according to CREW.

Broun's staff did not immediately respond to requests for comment.