The Federal Reserve is an independent government agency accountable to the public and the U.S. Congress. The Fed has long viewed transparency as a fundamental principle of central banking that supports accountability. While the 12 regional Reserve Banks are not publicly traded companies, each one’s financial statements are made available to the public by the Federal Reserve’s Board of Governors. Below are links to the Federal Reserve Bank of Chicago’s audited financial statements reflecting balances as of December 31, 2014 and income and expenses for 2014, Management’s Report on Internal Controls over Financial Reporting, and the Independent Auditors’ Report.

Auditor Independence

The Federal Reserve Board engaged Deloitte & Touche LLP (D&T) to audit the 2014 combined and individual financial statements of the Reserve Banks and Maiden Lane LLC. [1]

In 2014, D&T also conducted audits of internal controls over financial reporting for each of the Reserve Banks. Fees for D&T’s services totaled $7 million, of which $0.4 million was for the audit of Maiden Lane LLC. To ensure auditor independence, the Board requires that D&T be independent in all matters relating to the audits. Specifically, D&T may not perform services for the Reserve Banks or others that would place it in a position of auditing its own work, making management decisions on behalf of the Reserve Banks, or in any other way impairing its audit independence. In 2014, the Bank did not engage D&T for any non-audit services.

Management's Report on Internal Control Over Financial Reporting 

Independent Auditors' Report 

The Federal Reserve Bank of Chicago -- Financial Statements as of and for the Years Ended December 31, 2014 and 2013

[1] In addition, D&T audited the Office of Employee Benefits of the Federal Reserve System (OEB), the Retirement Plan for Employees of the Federal Reserve System (System Plan), and the Thrift Plan for Employees of the Federal Reserve System (Thrift Plan). The System Plan and the Thrift Plan provide retirement benefits to employees of the Board, the Federal Reserve Banks, the OEB, and the Consumer Financial Protection Bureau.

Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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