The Consumer Financial Protection Bureau (CFPB) is expected to issue a proposal Thursday that would limit the use of arbitration clauses on millions of financial contracts, including cell phones, credit cards, and checking accounts.

Five questions to bear in mind when the proposed rules are unveiled are:

• Are consumers likely to choose arbitration or class action lawsuits when given a choice?

• Which companies will be affected?

• When will the rules take effect?

• How will the CFPB interpret the data it collected on arbitration?

• Will there be a likely legal challenge?