With the help of the opensuse community I solved this problem, but the original thread title was not fitting the exact problem. I post the solution here for others.
After updating my OS to Leap 42.1, my old version of VM wouldn’t start. I uninstalled it and installed the opensuse version provided through Yast, VM 5.0.01. I noticed I couldn’t start the Windows OS unless I switched my USB controller from 2.0 to 1.0. However after doing so, the Windows OS couldn’t recognize the USB inserted in my computer.
***The solution was to install matching Extensions and Guest Additions. ***
The most up to date Extensions at this time are 5.0.14, so I had to search for the older ones to fit the 5.0.01 version. To install I went to the VirtualBox website and navigated to the Downloads section, found the matching version, downloaded and saved to my computer. Then I opened the VM GUI > File > Preferences > Extensions. There is a small icon to the far right with a triangle. If you hover it, it says “Adds New Package”. I click there and then search for the location I saved my Extension and add. I had to remove my old Extension as well, there is another icon for that.
For the Guest Additions, I had to start the Windows OS. Once running, I went to the control panel, found the old Guest Addition program, right clicked and unistalled. Then I went to the Devices tab on the VM toolbar at the top of the Windows OS. Select “Insert Guest Additions CD Image”. I chose to download the iso from the web and it did walked me through everything after that.
I rebooted, making sure the USB 2.0 controller was selected. (VM GUI > Settings > USB > select 2.0 controller). All works well again.