Presidential candidate Ted Cruz was placed on a hot seat after news broke out that he did not declare his loan from Goldman Sachs during his federal fundraising reports as per Fox News. It was stated that his failure to include Goldman Sachs (a company where his wife, Heidi, worked for) was an honest mistake on their end, as told by his campaign spokeswoman, Catherine Frazier.

Last Wednesday, Frazier stated that Cruz and his team are being guided by the federal regulators in terms of updating old reports.  

In addition to Fox News' report, it was stated that Cruz didn't declare the $1 million loans which helped him with his 2012 campaign while running for senate. This being said, Cruz and his team took note of their error and realized that he should have included the Goldman Sachs and Citibank loans after a New York Times reporter touched the issue on their report that was released Wednesday.

The New York Times reported that Cruz made a loan with Citibank and Goldman Sachs which summed up to a total of $1 million. It was then added that the Cruz and his team did not include the loan details on their federal fundraising reports that they submitted to the Federal Election Commission.

In addition to the report, NY Times added that Cruz and his wife paid off the loan by the end of 2012. Though the reason on why they borrowed such amount was not stated.

The Federal Election Commission requires all candidates to make a report of where they got the money that they used for their campaign.

Cruz's spokeswoman, Frazier, on the other hand did not deny the speculations; she did however acknowledge the fact that Cruz used the Goldman Sachs loan for his Senate campaign, but did not disclose any information regarding the Citibank loan.

During a press conference, Frazier stated that Cruz and his team already filed the reports being asked for by the F.E.C, "These transactions have been reported in one way or another on his many public financial disclosures and the Senate campaign's F.E.C. filings."

NY Times then reported that a former election commission lawyer, Kenneth A. Gross, stated that it is a protocol for candidates to list down their all their bank loans for their annual "Senate ethics report."

"They're two different reporting regimes, the law says if you get a loan for the purpose of funding a campaign, you have to show the original source of the loan, the terms of the loan and you even have to provide a copy of the loan document to the Federal Election Commission," Gross said.