Mutual fund companies including BlackRock Inc are asking the U.S. Securities and Exchange Commission to review rules for participating in the Federal Reserve's TALF program to boost lending, the New York Post said, citing sources.

TALF (Term Asset-Backed Securities Loan Facility) aims to thaw the securities markets backed by credit card, small business, student and auto loans, but leverage ratios in TALF of as much as 20-to-1 effectively shut out mutual funds, which face leverage restrictions, the paper said.

We are trying to address this issue proactively, Curtis Arledge, co-head of BlackRock's U.S. fixed-income group, told the paper.

The firm has so far had one discussion with the SEC about the issue, Arledge told the paper.

The SEC did not immediately respond to a Reuters email seeking comment that was sent outside its normal business hours.

(Reporting by Jennifer Robin Raj in Bangalore, editing by Will Waterman)