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Check out your battery & alternator.
Most TFS messages (but not all) are caused by low batteries.
 

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+1 SB740

Also, have you driven through any puddles lately? It seems a good splash of water going up over the transmission has caused quite a few problems for people this spring (I read a lot on E46 and E39 as well as here).
 

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Finally after 3 weeks I got my car back. New transmission with 69k and toque converter, all for $2064.51;) drives perfect
 

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The transmission failure safe mode indicates lost or low fluid. I had this happen on my 01 twice. When this happens pullover turn the car off and wait a few seconds to start up to clear the code. I found out my transmission oil cooler was going bad and I was losing fluid.
 
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