After appearing certain to win passage, the broad revamp of financial regulation hit an unexpected bump on Thursday when House Financial Services Committee Chairman Barney Frank, D-Mass., put off a final vote until after the Thanksgiving break.

The legislation shepherded by Rep. Frank was iced after members of the Congressional Black Caucus made it clear they weren't going to vote for the measure unless other concerns having to do with matters outside the legislation were addressed.

Rep. Maxine Waters, D-Calif., issued a statement that explained why caucus members want special attention paid to how the financial crisis has hit minorities.

“The recession has created a unique systemic risk that threatens all parts of the African-American community, including the poor and the middle class," said Waters.

Waters, a powerful player on the committee, is the subject of a widening Ethics Committee investigation into whether she improperly intervened to seek federal funds for a local bank, OneUnited Bank, on which her husband once served on the board of directors. He reportedly owns a $250,000 worth of stock in the bank too.

With little Republican support, Frank is having to pull together Democrats, a task akin to herding cats. Frank did expect the effort to be derailed, just delayed by a few weeks. He still hopes to win passage on the floor of the House of Representatives before the Christmas break.

The unexpected delay wasn't the only drama Thursday. Members of the House Financial Services Committee voted 43-26 to allow the Government Accountability Office to audit the Federal Reserve. That's a shocking development that speaks to how much disdain lawmakers have for the independent central bank that has for decades been outside the reach of Congress.

Fed Chairman Ben Bernanke has warned this audit could be the camel's nose under the tent, fearing that greater reach by Congress could interfere in, or at least cause the perception of interference, in the conduct of monetary policy.

Under the amendment, offered by Texas Republican Rep. Ron Paul, who has crusaded for this for more than a decade, the GAO would look at interest rate policy, agreements with foreign governments and a host of emergency lending programs to boot. It's the first time in 95 years that the Fed has been subjected to such government review.

"This is a major victory for Federal Reserve transparency and government accountability," Paul said in a statement after the vote.

Details of audits wouldn't be revealed for at least six months to minimize the chance of such details influencing events in financial markets.