We are aware of an issue where some files will fail to be downloaded when updating to the latest version on Steam. This can cause an issue where the Colorblind mode text in the menu may not appear correctly.
If you are having issues with text displayed for colorblind mode not showing up properly in game, exit from the game and right click on "Borderlands 2" in Steam, select 'Properties', click the 'LOCAL FILES' tab and click the "Verify Integrity of Game Cache..." button to let it check if any files are missing or corrupt and Steam should update files to the latest version.
Something else that might cause a problem is if you have any of the .int files in your "My Documents" Borderlands 2 folder.
In Windows Explorer, look in "My Documents\My Games\borderlands 2\willowgame\Localizaiton\INT" and if there are any files in there, try deleting them to see if that corrects the problem.