Amends 12 U.S.C. 3311 to (1) replace referenced agency terminology with the defined term "Federal financial institutions regulatory agency/ies," (2) change the statutory review frequency from once every 10 years to once every 5 years, (3) redesignate and revise subsection (b) provisions (including solicitation wording) and add a new internal review requirement for each Federal financial institutions regulatory agency to assess cumulative regulatory impacts, (4) modify subsection (c) to reflect the new 5-year frequency and cross-references, (5) amend subsection (e) reporting requirements to require inclusion of summaries of agencies' internal reviews and to account for burdens identified by those reviews, and (6) add a new subsection (f) defining the term by reference to 12 U.S.C. 3302.