Accreditation Reform Act of 2020 This bill modifies provisions related to federal oversight of the postsecondary accreditation system. Specifically, the bill requires the Department of Education (ED) to review additional data during the process of recognizing an accrediting agency or association. This review must include, among other elements, data related to student achievement at institutions of higher education (IHEs), a record of IHEs that fail to meet certain financial responsibility requirements, and an annual enhanced review of the standards of any accrediting agency or association that accredited an IHE that was the subject of an investigation or settlement for violations related to students (e.g., deceptive practices). ED must make publicly available on its website (1) each petition made by an accrediting agency or association, including a record of student complaints for each IHE accredited by the agency or association and a record of investigations and lawsuits related to students at each IHE; and (2) all final documents produced during the accreditation review process. ED must also promulgate regulations that provide procedures for limitations on accrediting agencies or associations. The bill also revises the functions of the National Advisory Committee on Institutional Quality and Integrity, which advises ED on the accreditation process and the eligibility of IHEs to participate in federal student-aid programs. Specifically, the bill requires the committee to participate in federal recognition reviews of accrediting agencies or associations, such as by participating in on-site inspections and reviews of IHEs.