I've been working on this problem for about 2 weeks and we have finally traced it down to a failing LM2940IMP-5.0 regulator. Looking at the data sheet it seems like it's almost impossible to kill this part. It has output short circuit protection, thermal protection and input reverse voltage protection and also mirror image installation protection. The parts almost always fail open circuit on the output but in some no load tests there is a very small voltage of about 100 mV that seems to follow the input voltage. We did have one part that failed shorted so the input voltage appears on the output.
The part provides clean 5V power to some analog circuitry on the board. Typically the current draw is less than 50 mA. This part is rated at 1A so there should be plenty of head room.
The problem was hard to troubleshoot because another component on the board was connected to the 5V digital and 5V analog supply. This component then sourced the 5V analog when the regulator wasn't working through the 5V digital supply. The board appears to work but the part that was sourcing the 5V analog was functioning intermittently with very strange behavior.
This is a very old design at 7+ years and many units have been shipped. This is the first time my client has seen the LM2940 part failing.
I would like to get some idea of how this part can fail. I also have 4 failed units if they are needed for failure analysis. Back of part is labeled MALAY 9534. All parts are labeled with LM2940IMP-5.0 on front.