tweet from the official Borderlands account, “including how some text is displaying and console players being stuck loading the game.”
The update was intended to change the in-game newsfeed in each game, presumably to remove the now out-of-date messages advertising the release of Tiny Tina's Wonderlands, but has instead resulted in a variety of issues. Some players report getting stuck on an infinite loading screen, experiencing crashes and seeing textures fail to load, and after installing the update on my copy of Borderlands 2 the mission log displays gibberish between where the numbers should be. (Though it's fine in the HUD and missions seem to be progressing OK.)
Gearbox has asked players to create a ticket on the 2K support site to let them know if you're having issues with any of the Borderlands games. “We're aware some users are still experiencing this issue”, says the latest tweet. “We are hard at work to rectify the problem ASAP.”
If you're experiencing the infinite loading bug, one suggestion from Reddit has been to launch the game while offline.