; ; (4) in paragraph (3)— (A) by amending subparagraph (A) to read as follows: (A) subparagraph (A), (C), or (D) of paragraph (2), then such agency or association is— (i) distinctly incorporated or organized; and (ii) both administratively and financially separate from, and independent of, any related, associated, or affiliated trade association or membership organization, by ensuring that— (I) the members of the board or governing body of the accrediting agency or association are not elected or selected by the board or chief executive officer (or the representative of such board or officer) of any related, associated, or affiliated trade association or membership organization; (II) among the membership of the board or governing body of the accrediting agency or association— (aa) if such board or body is comprised of 5 or fewer members, there is a minimum of one public member who represents business and who is not a member of any related, associated, or affiliated trade association or membership organization; and (bb) if such board or body is comprised of 6 or more members, there is a minimum of 1 such public member for every 6 members; (III) guidelines are established for such members to avoid conflicts of interest, including specific guidelines to ensure that no such member is an employee of any institution accredited by the agency or association or has a financial interest in any such institution; (IV) dues to the accrediting agency or association are paid separately from any dues paid to any related, associated, or affiliated trade association or membership organization; and (V) the budget of the accrediting agency or association is developed, decided, and maintained by the accrediting agency or association without any review by, consultation with, or approval by any related, associated, or affiliated trade association or membership organization; ; (B) by striking or at the end of subparagraph (B); and (C) by striking subparagraph (C)