This is a well-known issue with the seat switch module, which also controls the movement of the steering column. The relays on the circuit board go bad, and the circuitry will no longer drive the motors for adjustment of the steering column. Replace the seat switch module, and your issue with the steering column will be fixed. I had the same issue with mine earlier this year.

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2003 E53 3.0i
DOB 10/15/2002
Sienna red, Savannah Beige Dakota leather
Type FA53, Engine M54B30

2018 G02 30i
DOB 4/21/18
Black Sapphire Metallic / Canberra Beige Vermasca leather
Engine B46O