* CIT says in talks with gov't for federal support

* Cannot assure FDIC approval

* Stock falls 39.2 percent to record low

By Sweta Singh

NEW YORK, July 10 (Reuters) - CIT Group Inc CIT.N said it is in active talks with the U.S. government to gain access to a key lending program, as the commercial lender's stock fell to a record low on Friday on concerns that it would be excluded.

The shares fell as much as 39.2 percent on reports the Federal Deposit Insurance Corp will reject the New York-based company's effort to join its Temporary Liquidity Guarantee Program because CIT's credit quality is worsening.

The program has allowed dozens of financial services companies, many of which are suffering big losses, to sell "triple-A" rated debt at low cost. Through May 31, about $345.8 billion of debt issued under the program was outstanding, according to the FDIC website.

CIT said it is having an "active dialogue" with the government, but that there is no guarantee the FDIC will approve its application.

The lender to small- and mid-sized businesses became a banking company in December and obtained $2.33 billion of funds from the federal Troubled Asset Relief Program.