‘‘(I) mergers and acquisitions; 
‘‘(II) changes of ownership; 
‘‘(III) changes of leadership and board 
membership; 
‘‘(IV) school or campus closings; 
‘‘(V) civil lawsuits; 
‘‘(VI) law enforcement actions, investiga-
tions, subpoenas, and demand letters; and 
‘‘(VII) material change in financial status; 
and 
‘‘(ii) in the case of an institution that is not re-
quired to make disclosures to the Securities and Ex-
change Commission, notifications regarding matters 
that affect students similar to the filings described 
in clause (i), in a form and manner determined by 
the Secretary. 
‘‘(B) The Secretary shall promptly make all informa-
tion received under subparagraph (A) available on the 
website of the Department.’’. 
SEC. 402. TRANSPARENCY OF OVERSIGHT ACTIVITIES. 
(a) BORROWER DEFENSE CLAIMS AND DISCHARGES 
DATA.—Section 455(h) (20 U.S.C. 1087e(h)), as amend-
ed by section 102(a), is further amended— 
(1) by redesignating paragraph (8) as para-
graph (9); and 
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(2) by inserting after paragraph (7) the fol-
lowing: 
‘‘(8) TRANSPARENCY.—The Secretary shall 
make publicly available, and keep regularly updated, 
information regarding the number of borrower de-
fense 
claims 
filed 
and 
discharges 
granted, 
disaggregated by institution of attendance, State of 
residence as of the date of the claim, student loan 
servicer, and the amount of discharge and reim-
bursement, based on increments of not less than 
$10,000.’’. 
(b) 90/10 RULE TRANSPARENCY.—Paragraph (3) of 
section 487(d) (20 U.S.C. 1094(d)(3)) is amended— 
(1) by redesignating subparagraphs (A) and 
(B) as clauses (i) and (ii), respectively, and adjust-
ing the margins appropriately; 
(2) by striking ‘‘The Secretary’’ and inserting 
the following: 
‘‘(A) PUBLIC DISCLOSURE OF FAILURE TO 
MEET REQUIREMENTS.—The Secretary’’; and 
(3) by adding at the end the following: 
‘‘(B) 
PUBLIC
DISCLOSURE
OF
90/10 
DATA.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall publicly disclose on the website of the 
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Department the data provided by propri-
etary institutions for purposes of this sub-
section (referred to in this subparagraph 
as the ‘90/10 database’) in a prompt, com-
prehensive, and user-friendly manner. 
‘‘(ii) TEMPORARY OMISSIONS.—If any 
data for a proprietary of institution re-
quired to be disclosed under clause (i) is 
omitted because of issues unresolved at a 
given deadline of the Secretary, the Sec-
retary shall— 
‘‘(I) include, in the 90/10 data-
base on the College Navigator website, 
a notice that the information is omit-
ted for such proprietary institution 
and a clear explanation of the reason 
for the delay; and 
‘‘(II) timely amend the 90/10 
database to include the information 
required to be disclosed for the rel-
evant reporting period.’’. 
(c) CHANGE
OF
OWNERSHIP
AND
CONVERSION 
TRANSPARENCY.—Section 498(j) (20 U.S.C. 1099c(j)), as 
redesignated by section 304(b)(2), is further amended by 
adding at the end the following: 
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‘‘(5) The Secretary shall promptly disclose on the 
website of the Department— 
‘‘(A) any application for a change of ownership 
of an institution or for a conversion of an institution 
from proprietary to nonprofit status; and 
‘‘(B) any decision by the Secretary regarding 
approval or disapproval of a change of ownership ap-
plication, or an application for conversion from pro-
prietary to nonprofit status, and all external commu-
nications describing or explaining those decisions.’’. 
(d) TRANSPARENCY IN FINANCIAL STANDING OF IN-
STITUTIONS.—Section 498(c) (20 U.S.C. 1099c(c)), as 
amended by section 401(d), is further amended by adding 
at the end the following: 
‘‘(9) The Secretary shall promptly post on the De-
partment website, for all institutions participating in a 
program under this title— 
‘‘(A) the annual audited financial statements 
submitted by each institution under this section and 
a list of any institutions that have failed to timely 
submit audited financial statements; 
‘‘(B)(i) the terms, amounts, and withdrawals 
for letters of credit and other sureties required of in-
stitutions of higher education under paragraph (3), 
including by providing updates as new financial 
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guarantees are required and as changes are made to 
existing agreements; and 
‘‘(ii) all external communications between insti-
tutions of higher education and the Department de-
scribing or implementing the Secretary’s require-
ments or determinations regarding financial guaran-
tees under paragraph (3); and 
‘‘(C)(i) each decision of the Secretary as to the 
imposition or removal of heightened cash monitoring 
status and other financial protections regarding an 
institution; and 
‘‘(ii) all external communications between insti-
tutions of higher education and the Department de-
scribing or implementing such decisions.’’. 
(e) INSTITUTIONAL PARTICIPATION IN THE TITLE IV 
PROGRAMS.—Section 498 (20 U.S.C. 1099c) is amended 
by adding at the end the following: 
‘‘(m) TRANSPARENCY.—The Secretary shall post on 
the Department website the full program participation 
agreement under section 487 for each institution that en-
ters into such an agreement and shall indicate if the insti-
tution is on provisional, temporary provisional, or expired 
certification status.’’. 
(f) ACCREDITING AGENCY TRANSPARENCY.—Section 
496 (20 U.S.C. 1099b) is amended— 
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(1) in subsection (o)— 
(A) by inserting after ‘‘REGULATIONS.—’’ 
the following: 
‘‘(1) IN GENERAL.—’’; and 
(B) by adding at the end the following: 
‘‘(2) DISCLOSURES.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
publicly disclose on the Department’s website— 
‘‘(i) all of the Department’s draft and 
final accrediting agency or association rec-
ognition reports, and monitoring reports 
and investigations of any accrediting agen-
cy or association, under this section; and 
‘‘(ii) the reports and accompanying 
exhibits that each accreditation agency or 
association submits to the Department in 
the course of recognition and re-recogni-
tion reviews under this section. 
‘‘(B) DISCLOSURE
REQUIREMENTS.—The 
Secretary shall disclose the information re-
quired under subparagraph (A) promptly, so 
that members of the public may thoroughly and 
timely respond via public comment in the 
course of Department reviews of accrediting 
agencies and associations.’’; and 
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(2) by adding at the end the following: 
‘‘(r) TRANSPARENCY OF ACCREDITING AGENCY OR 
ASSOCIATION ACTIONS.— 
‘‘(1) IN GENERAL.—An accrediting agency or 
association recognized by the Secretary under this 
section shall promptly post on the website of the ac-
crediting agency or association and shall submit to 
the Department, all communications sent from the 
accrediting agency or association to an institution 
explaining, or informing an institution of, an action 
taken by the agency with respect to the institution, 
including— 
‘‘(A) to impose or remove a status of pro-
bation, warning, concern, stipulation, or report-
ing, or similar status; 
‘‘(B) to impose or revoke a show cause 
order; or 
‘‘(C) to impose or revoke a limitation, sus-
pension, or termination action. 
‘‘(2) NO
REDACTION.—The communication 
posted and submitted under paragraph (1) shall be 
without redaction, except for personally identifiable 
information. 
‘‘(3) DISCLOSURE
BY
THE
SECRETARY.—The 
Secretary shall promptly publicly disclose on the 
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website of the Department all communications sub-
mitted pursuant to paragraph (1).’’. 
Æ 
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