"After careful consideration, the commission determines that none of these arguments has merit," the commissioners wrote in the document, dated Tuesday.
Lawyers for Edwards' campaign committee maintained it was wrongly denied its full share of public funding during the campaign, but they won't contest the commission's decision.
"While the committee disagrees with the commission's determination, it will not pursue this matter further," said Patricia Fiori, one of the lawyers representing Edwards' campaign committee in the case.
Edwards, who as Sen. John Kerry's running mate in 2004 narrowly lost that election to the Republican ticket, saw his political career collapse in 2008 after revelations of an extramarital affair with a campaign videographer.
The FEC case is separate from a pending criminal trial. Edwards has pleaded not guilty to charges of violating campaign-finance laws in a bid to cover up that affair with Rielle Hunter, who later gave birth to Edwards' child.
Even though the campaign ended more than four years ago, it has kept spending money, reporting $836,712 in 2011 expenses that went to airfare, hotel rooms, and other bills.
During the year or so from the time his campaign was registered with the FEC till he bowed out of the race, Edwards received more than $12.8 million in public matching funds, which the commission determined in July was an overpayment of more than $2.1 million. The Edwards campaign reported that it had roughly $2.1 million in cash as of the end of last year.