Did you activate some extra extension? ezmbpaex has by default the pwd expiration to 1 day, so if you activate it after one day you cannot log in anymore!
This is my first post on the boards after months of trying to get the registration to actually send me an authentication email so i can use these boards, im just glad my first post is to offer help rather than ask for it.
I was having the same problem with one of my sites and remebered the only changes i had made were activate some extensions so i decided to deactivatethem and everything worked. As Sandra stated, in my case, the culprit was ezmbpaex. If you are experiencing this issue try disabling it buy doing the following,
go to settings/override/site.ini.append.php.
under [ExtensionsSettings] remove the extention ActiveExtensions[]=ezmbpaex.
save the file, if working with dreamweaver like me be sure to "put" back the file to the server.