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Was wondering the same thing. Picked this code up on the way to the Keys after driving 8 hours in the rain. Cleared it and picked it up again driving home, no rain this time. Guess I will check it in the morning.
Same post from another C5'er earlier. The P1416 relates to -
An AIR pump is used on this vehicle in order to lower the tail pipe emissions on start-up. The PCM supplies a ground to the AIR pump relay, which energizes the AIR pump.
The PCM monitors the HO2S voltages to diagnose the AIR system.
During the AIR test, the PCM activates the AIR pump during closed loop operation. When the AIR is activated, the PCM monitors the HO2S voltages and short term fuel trim values for both banks of the engine. If the AIR system is operating properly, the HO2S voltages should go low and the short term fuel trim should go high.
If the PCM determines that the HO2S voltages for both banks did not respond as expected during the tests, DTC P0410 sets. If only one sensor responded, the PCM sets either a DTC P1415 or P1416 to indicate on which bank the AIR system is inoperative.
I had both sensors replaced. Apparantly, moisture can get to them and they rust and won't work properly. You will continue to get the code until the sensor is replaced. Usually they replace both banks.