During the last few years, the title industry, its customers and regulators have been attempting to find a way to curb the increasingly visible problem of defalcation. One of the weapons in that fight is the closing protection letter (CPL) — something that is a fairly widespread practice in the industry. States have latched onto this solution, putting forth legislation to oversee and extend the use of this protection. But are CPLs a silver bullet for solving the defalcation problem?