Washington (CNN) Texas Sen. Ted Cruz's campaign is paying a $35,000 fine to the Federal Election Commission for failing to accurately report more than $1 million in loans that helped underwrite his first Senate bid.

The federal election watchdog found that Cruz used a line of credit from Citibank and borrowed against the Goldman Sachs brokerage account he held with his wife to come up with $1.06 million for his 2012 campaign. Campaign officials inaccurately described the money in Federal Election Commission filings as coming from Cruz's personal funds, according to an agreement between federal regulators and the Cruz campaign posted online Friday by the nonprofit Campaign Legal Center.

"Candidates should take seriously their legal requirement to disclose where their campaign money comes from," said Tara Malloy, a top lawyer for the Campaign Legal Center, in a statement. "Today's announcement is an acknowledgment that Cruz's campaign deprived voters of that critical information."

The fine disclosed Friday stems from a complaint filed by the Campaign Legal Center and another watchdog group, Democracy 21.

Aides to Cruz did not immediately respond to CNN's requests for comment.

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