The Federal Election Commission fined Sen. Ted Cruz's Senate campaign $35,000 on Friday for failing to adequately disclose $1 million in bank loans from Goldman Sachs and Citibank during his 2012 Senate campaign.

The nonpartisan Campaign Legal Center filed a complaint with the FEC in 2016 about the loans, arguing that the failure to properly disclose them caused "informational injury" to voters.

The Cruz campaign didn't immediately respond to CBS News' request for comment but said in a statement to The Hill, "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."

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"This agreed settlement resolves that filing mistake once and for all," the statement said.

Cruz was first elected to the Senate in 2012 and was re-elected in 2018.