Libraries and library consortia are adopting controlled digital lending (CDL) as a strategy, accelerated by the ongoing COVID-19 pandemic, to facilitate equitable access to print collections. While advocates of CDL contend that digitize-and-lend practices reflect an incremental, technology-assisted adjustment to traditional library circulation, lending, and resource-sharing practices, opponents of CDL in the United States and Canada argue that the practice contravenes well-established copyright protections. This paper discusses current controversies surrounding CDL, its potential promise and perils, and concludes that a reasonable, equitable, and forward-looking application of copyright laws ought to insulate libraries and library consortia from exposure to liability for engaging in CDL.