Lattice QCD calculations of hadronic matrix elements allow one to draw inferences about quark flavor interactions from measurements of hadron decays. Within the context of the Standard Model, the magnitude of the charm-bottom quark coupling $V_{cb}$ can be determined from semileptonic decays such as $B\to D^{(*)}\ell\nu$. This brief review summarizes the present status and short-term outlook for determining $|V_{cb}|$ using lattice QCD.