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The University of Phoenix's regional accreditor has placed the for-profit institution "on notice," a lesser sanction than the probation recommended by a site team earlier this year, the university's holding company said Wednesday. The Higher Learning Commission of the North Central Association of Colleges and Schools determined that governance and administrative problems could lead to the university being out of compliance within two years. The university said it had submitted updated information to the commission about changes it made after receiving the site team's report.