The Consumer Financial Protection Bureau is expected to unveil a final rule proposal on May 5 that would limit arbitration clauses, increasing consumers’ ability to sue banks and other providers of financial products and services.

In October, the agency had announced an outline of its proposed rule, setting off strong opposition from financial companies. The rule under consideration wouldn’t ban arbitration, but would bar companies from including in consumer contracts any arbitration clause that blocks class-action lawsuits. Such clauses are commonly used for a broad range of financial products, including credit cards, certain auto loans, payday loans and private student loans.

“I’d be surprised if the proposed regulation looks any different than the outline of the proposal they issued last year,” said Alan Kaplinsky, an attorney for Ballard Spahr, adding that the agency appears to have “prejudged” what the rule should look like before the public comment period. Mr. Kaplinsky advises financial firms on regulations and other matters, and defends firms facing lawsuits from consumers and in enforcement matters.