What is the gramm-leach-bliley act?

The Gramm-Leach-Bliley Act (GLBA), formally known as Public Law 106-102 and codified at 15 U.S.C. §§ 6801-6809, is a federal law that requires financial institutions — including tax preparation and advisory firms like Ascendance Consulting — to protect the privacy and security of their clients' personal financial information.

Enacted in 1999 and enforced by the Federal Trade Commission (FTC), the GLBA establishes three core obligations for financial service providers:

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The Financial Privacy Rule Requires financial institutions to provide clients with clear, written notice explaining what personal financial information is collected, how it is used, and with whom it may be shared. Clients must be given the opportunity to opt out of certain disclosures to unaffiliated third parties before any such sharing occurs.

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The Safeguards Rule Requires financial institutions to implement a written information security program with administrative, technical, and physical safeguards designed to protect client data. This is not optional — it is a legal requirement enforced by the FTC.

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The Pretexting Protection Rule Prohibits obtaining customer information of a financial institution by false pretenses. This means that no one — including other businesses, marketers, or bad actors — may use deceptive means to obtain your personal financial information from us or from you on our behalf.

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WHY DOES THIS MATTER TO YOU?

When you work with Ascendance Consulting, you share some of the most sensitive information in your life — your income, your business finances, your tax history, your Social Security Number. You deserve to know that this information is protected by more than just goodwill. The GLBA creates a legal obligation for us to handle your data responsibly, and we take that obligation seriously.

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Here's what it means in plain terms:

• We are required to tell you what information we collect and how we use it — which we do through our Privacy Policy and client intake process

• We cannot share your personal financial information with unaffiliated third parties for marketing purposes — and we never do

• We are required to maintain a formal information security program to protect your data — which we do through our technology stack, security protocols, and staff practices

• You have the right to ask us how your information is handled at any time — and we will always answer

HOW ASCENDANCE CONSULTING COMPLIES

Compliance with the GLBA isn't a checkbox for us — it's foundational to how we operate. Here's how we fulfill our obligations:

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Privacy Notice Every new client receives our GLBA Privacy Notice as part of the onboarding process, which describes what information we collect, how we use it, and how we protect it. This notice is included in our New Client Intake & Authorization Form.

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Information Security We maintain physical, electronic, and procedural safeguards across our entire technology stack. Our software platforms are selected and vetted with data security as a primary consideration. Access to your information is restricted to authorized Ascendance Consulting personnel only.

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No Sale of Your Data We do not sell, rent, or share your personal financial information with unaffiliated third parties for marketing purposes — ever. Period.

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Software Transparency We are transparent about every software platform that may interact with your data. Our intake form requires individual consent for each tool we use — because you deserve to know exactly where your information goes.

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Your Right to Ask If you ever have questions about how your personal financial information is collected, stored, used, or protected, you have the right to ask and we have the obligation to answer. Reach out any time at jacki@ascendance-consulting.com.

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YOUR RIGHTS UNDER THE GLBA

As a client of Ascendance Consulting, you have the right to:

• Receive a clear privacy notice explaining how your information is used

• Opt out of certain disclosures to unaffiliated third parties

• Request access to the personal information we hold about you

• Request correction of any inaccuracies in your information

• Ask questions about our privacy and data security practices at any time

OFFICIAL RESOURCES

For more information about the Gramm-Leach-Bliley Act and your rights as a consumer, visit the following official government resources:

• Federal Trade Commission — GLBA Overview: ftc.gov/legal-library/browse/statutes/gramm-leach-bliley-act

• FTC Financial Privacy Rule Information: ftc.gov/business-guidance/privacy-security

• FTC Safeguards Rule Information: ftc.gov/business-guidance/privacy-security/gramm-leach-bliley-act

This page is provided for informational purposes only and is updated periodically as regulations evolve. It does not constitute legal advice. For questions specific to your engagement with Ascendance Consulting, please contact jacki@ascendance-consulting.com.

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