Library datasource not updating in reports

This may be a bug, but hoping I'm just not doing something correctly... I searched Bugzilla and didn't see anything.

I have a set of reports using a common datasource which is stored in a library. When I changed the password of the database, I assumed I could just update the datasource in the library and the reports that used that dataset would "see" the change.

My steps....
Change datasource password in library, save library
Open report, refresh library
Run report - errors
Inspect datasource, still has the old password
Confirm that the datasource shows it's linked to the library - it is

Anyone else run into this problem?