Yes, the TeamRaiser Registration field labels can be edited in the Message Catalog. If you are in a group with the Advanced Administrator permissions, then you should have access to the Message Catalog Editor where you will find this text. Follow the steps below to find it.
  1. Navigate to Setup > Product Configuration
  2. You'll land on the Message Catalog Editor tab
  3. Canadian clients, please choose English (CA) from the Language drop down menu on the left hand side of the screen and click Refresh List >>. French labels are not searchable here. If you need to find a French entry, search for the English version first to determine what the Key name is
  4. Search for the label 
  5. Under the Actions column, click Edit Custom
  6. Enter your desired text
  7. Click Submit
You can also edit the Section Headers, such as the Contact Information Label, but the individual field labels cannot be changed.  To edit the Section Headers:

1. Navigate to Fundraising > TeamRaiser
2. Click Edit next to the TeamRaiser in question
3. Go to step 13. Customize Pages
4. Click configure next to page you would like to edit