...what Chris is talking about is the practice of counting a repo transaction as "cash." Well, it only is cash if the asset is known to be good at face value at any point up to maturity.
Which is a problem, you see, because as it turned out, the actual US banks' counterparty exposure (in the 2008 fiasco) was TWENTY TIMES the initially-reported number.
See, the US investment and commercial banks used "off-balance-sheet" vehicles (principally offshore entities) to bury the bones.
So, while OCC says there's 'de minimis' exposure, remember that the OCC was off by 95% in 2008.