I have the same problem and I think you are getting closer to the cause.
It works fine on my personal laptop but does not on my company laptop in which FORCEPOINT is embeded.
Additionally, I found it has something to do with the desktop background. It's picture mode. With Fences enabled, I can't even change it to solid color. When I try to change, Explorer.exe crashes and background stays picture mode. With Fences disabled, I can change background at will. FYI, my company IT policy restricts background change. Even if I changed it, it will go back to picture mode after restart. So I guess the issue may lie on the tangled relationship among FORCEPOINT, background and Fences.
Really hope you can pinpoint and fix it ASAP. Thx
Here is the one of my countless problem details:
Faulting Application Path: C:\Windows\explorer.exe
Problem Event Name: APPCRASH
Application Name: explorer.exe
Application Version: 10.0.14393.2068
Application Timestamp: 5a7e6f98
Fault Module Name: ntdll.dll
Fault Module Version: 10.0.14393.1715
Fault Module Timestamp: 59b0d03e
Exception Code: c0000005
Exception Offset: 00000000000495fc
OS Version: 10.0.143126.96.36.199.256.4
Locale ID: 2052
Additional Information 1: 4e03
Additional Information 2: 4e032704824033c46fe123856bfad105
Additional Information 3: 1d97
Additional Information 4: 1d970b542f10c7f456ef1bda50cdc515
Extra information about the problem
Bucket ID: 66be2a5ca9ba9df1a577ffe76e9f50ba (1546986366483517626)