This bill requires educational institutions to notify state approving agencies or the Department of Veterans Affairs (VA) within 30 days of becoming subject to certain unfavorable actions as a condition of approval for VA educational assistance purposes. For example, a reportable event would include punitive action taken against an educational institution by a state or federal agency. Institutions that are applying to have nonaccredited courses of education approved for purposes of VA educational assistance must also agree to notify the state approving agency or the VA within 30 days of the institution becoming subject to an unfavorable action. The state approving agency or the VA must take specified disciplinary action (e.g., revocation of the approval of courses and programs by an institution) if an institution does not comply with the notification requirements prescribed by this bill. The VA must establish a database within 180 days of the enactment of this bill for risk-based surveys, which deal with the oversight of educational institutions with courses and programs of education approved for purposes of VA educational assistance.