Cruz fined $35K by FEC for not adequately disclosing loans from banks

The Federal Election Commission (FEC) fined Sen. Ted CruzRafael (Ted) Edward CruzCNN town halls put network at center of Dem primary The Memo: Trump can't let go of McCain grudge Michael Bennet is close to deciding on possible presidential bid MORE (R-Texas) $35,000 for failing to adequately disclose loans he had obtained for his 2012 Senate bid.

The fine stems from a 2016 complaint filed by the nonpartisan Campaign Legal Center (CLC) over loans he had received from Goldman Sachs and Citibank, a bulk of which he injected into his campaign as personal funds.

Overall Cruz injected more than $1 million in personal funds into his campaign.

The FEC found that Cruz had violated a campaign finance statute.

The FEC said in a letter to the CLC that it accepted a conciliatory agreement from the Cruz campaign.

“As has repeatedly been reported, the loans were public at the time and fully disclosed on Senate ethics disclosures, but they weren’t reported correctly on the FEC forms. This agreed settlement resolves that filing mistake once and for all,” the Cruz campaign said in a statement to The Hill. 

Federal election law allows candidates to take out loans from commercial banks as long as they properly disclose the funding sources, the interest rates paid and the loans' terms. Candidates can also lend unlimited amounts of their own funds to their campaigns.

Updated at 4:01 p.m.