A CRJ200 CAS alerted FLAPS FAIL approaching the localizer FAF so the crew requested vectors to complete the QRH procedure.

Narrative

After being vectored on the Localizer for Runway 28; we were told to maintain 180 KTS until the FAF. The Captain called for and I selected Flaps 8. The Flaps Fail caution message displayed on ED 1 and the associated single caution chime was heard. The Captain assumed command of the radios and flight controls and we ran the checklist for the Flaps Fail Caution message. Midway through the checklist; we determined that not enough time was available for thorough completion of the checklist before reaching the final approach fix; so we asked ATC for vectors off the approach for additional time to run the checklist. They vectored us around for another approach; we completed the checklist and required performance calculations and landed without incident. The flaps failed at a crucial point on the approach; and insufficient time remained to thoroughly run the checklist. Returning the flaps speeds to their original limitations would allow a wider range of operation and prevent the initial flap deployment from occurring so close to the final approach fix at busy airports.