Who took away our ability to change font color in this version?
Very long story.
You may use the TinyMCE editor by selecting it from the user profile page.
Wendi
You can also set TinyMCE as the site default editor:
Site administration ... Plugins ... Text editors ... Manage editors
Move TinyMCE to the top of the list and it will be the default editor.
Also look at the list of plugins in the Atto toolbar settings area:
Site administration ... Plugins ... Text editors ... Atto HTML editor ... Atto toolbar settings
Floyd
Also there is a plugin you can add to get colours -https://moodle.org/plugins/view.php?plugin=atto_morefontcolors and as Floyd says you can add 'fontcolor' to the toolbar config table - see Text editor